Tag: Oil

Join Jim and Greg as they wonder if Supreme Court Nominee Ketanji Brown Jackson’s inability to define “woman” disqualifies her from the high court. They cover Fed Chairman Jerome Powell’s announcement that many more interest rate hikes are coming and that inflation may last for three more years. And Russian Climate Envoy Anatoly Chubais steps down, citing his opposition to the invasion of Ukraine.

Mark explores the role of robots and artificial intelligence in boosting the supply of (cheaper) oil and gas critical to economies. He is joined by two leading “imagineers” who are inventing the future: Nic Radford, founder and CEO of Nauticus Robotics, and Jon Ludwig, founder and President of Novi Labs.

Join Jim and Greg as they break down the economic, military, and political consequences of the Biden administration’s suspension of Russian oil imports. They also discuss the NFL suspending Atlanta Falcons wide receiver Calvin Ridley for gambling but also note how the NFL and other leagues have enthusiastically embraced the recent expansion of sports gaming.  And they weigh in on a new Quinnipiac poll showing that Republicans are far more likely than Democrats to defend their nation from an invasion.

Join Jim and Greg as they cover the causes of skyrocketing prices at the pump and the Biden administration’s failure to take necessary measures to bring them down. They also wonder if President Biden regrets picking Kamala Harris to be his Vice President as she continues to embarrass herself on the national stage – this time by comparing Bloody Selma to recent voting law changes in some states. And despite attending a church service, a Brooklyn congregation was treated to a 20 minute speech by disgraced former New York Governor Andrew Cuomo on things that should be cancelled before him.

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While Royal Dutch Shell’s purchase of deeply discounted Russian Ural oil this week is most likely headed to Europe, I now can eliminate one source of retail gasoline for my vehicles. Shell is the most significant controller of retail gasoline sales in the U.S. – some 13% of our nation’s 105,000 retail outlets. B.P. and […]

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In this edition, Mark Mills’ monologue addresses the long-term energy implications of the horrific Ukrainian invasion, and the likelihood, and tech realities, of a Great Energy Reset.

Join Jim and Greg as they cover President Biden’s State of the Union address, its contradictions, and Biden’s insistence on doubling down on failed policies. They also discuss the problems at the pump many Americans are facing and how the White House’s current strategy to bring down costs doesn’t work. And Ukrainian forces have eliminated an elite Chechen assassination unit, keeping President Volodymyr Zelenesky alive in the face of the imminent Russian siege of Kiev.

Join Jim and Greg as they cover the rapid collapse of the Russian economy in the face of sanctions from the West. Due to the severity and rapid success of these sanctions, they also wonder if elongating them may provoke animosity toward the West within the Russian people. And despite the obvious benefits of American energy independence, White House officials like Press Secretary Jen Psaki and Special Envoy for Climate John Kerry continue to peddle “green energy”.

 

Join Jim and Chad as they welcome the halting of certification for Russia’s Nord Stream 2 pipeline. They also discuss Russian President Vladimir Putin’s ability to ignore American sanctions and what it means for Ukraine. And American televisions have tuned out the 2022 Winter Olympic Games in Beijing, handing NBC terrible ratings.

Join Jim and Greg as they analyze the sinking support for President Biden among Democrats and what it means for his re-election chances. They also cover a new report that suggests Russia may not be ready to invade Ukraine. And a new filing by Special Counsel John Durham raises questions about the Clinton campaign’s culpability for spying on Donald Trump – even in the White House.

Witch Hunt Targets the Oil Companies

 

President Biden has issued firm instructions to FTC Chair Lina Khan to investigate whether big oil should be held legally accountable for the recent runup in oil prices. The fact of some price increase seems beyond dispute. The average monthly Brent crude price dropped as low as $18.38 in April 2020, at the onset of the COVID crisis, but had risen to $83.54 in October 2020. But look just a little bit further and matters are not so simple, for by November 19, 2021, that price had dropped to $78.60. Indeed, this nineteen-month period witnessed wide fluctuations in price. Nonetheless, without referring to any price data, Biden broadly claimed that the “mounting evidence of anti-consumer behavior by oil and gas companies” should trigger an investigation into potential collusive behavior.

Given that “gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” such alleged behavior, Biden assumes, has allowed big oil companies to double their profits since 2019, thereby allowing for stock buybacks and dividends in the coming year. “Hard-working Americans”—a tried and true appeal to populist instincts—should not be “paying more for gas because of anti-competitive or otherwise potentially illegal conduct,” he said, which is why he has urged the FTC to bring “tools to bear” to ferret out and punish any possible wrongdoing.

It should be apparent that it does not take much in Biden’s eyes to instigate a lengthy and hostile investigation. Rising profits are no antitrust violation when they generate dividends, many of which end up in the pension funds of those hard-working Americans. And buybacks and dividends free up capital for either consumption or further investment. Unfortunately, in Lina Khan’s new age of antitrust enforcement, it appears unnecessary to allege anything that would make the price-fixing claim credible, for just how are the oil companies able to conspire to keep prices artificially high? OPEC finds that task difficult even with its formal agreements and enforcement powers. But the number of potential participants for any effective covert oil and gas price-fixing scheme must be few in order to deter individual companies from deviating from the cartel price by offering hidden concessions to its preferred customers. That does not seem possible when the roster of the ten largest oil companies reads as follows:

Daniel Yergin, vice chairman of IHS Markit and Pulitzer Prize winning author of The New Map: Energy, Climate and the Clash of Nations, joins “Plugged In” hosts Josh Siegel and Neil Chatterjee to discuss the energy crisis occurring in Europe and Asia and how that should inform discussions at the U.N. climate summit in Glasgow.

 

Join Jim and Greg as they cheer William Shatner for going to space and the private sector space industry for their amazing innovation. They also have plenty to say as House Speaker Nancy Pelosi suggests the media needs to do more to sell the reconciliation bill to the public. And they’re a bit puzzled as GOP California Rep. Michelle Steel reacts to the Pacific Ocean oil leak and the gridlock at our ports by proposing a ban on ships idling off the southern California coast.

 

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Click here to listen to the podcast! As Venezuela falls into the abyss of economic collapse – the economy has halved in five years, a contraction worse than the Great Depression or the Spanish Civil War – a simplistic narrative in the American press has formed, which starts with the Chavez regime seizing control of the […]

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Greg and guest host Rob Long celebrate a federal court in Louisiana ending President Biden’s oil and gas lease ban on federal land. They also cringe as the Biden administration considers lifting sanctions on top Iranian institutions which finance terrorism. Lastly, they roll their eyes at California Gov. Gavin Newsom for failing to relinquish his state of emergency powers despite COVID-19 numbers being at all time lows in his state.

Deep (Freeze) in the Heart of Texas

 

The recent dramatic events in Texas are an early warning sign of the disasters that are likely to occur if the Biden administration continues its relentless effort to demonize the use of fossil fuels in the effort to combat climate change.

Assessing whether the climate is really changing requires looking at two numbers. The first is mean global temperatures across time. While that figure is increasing overall, it shows a complex up-down pattern that cannot be explained solely by the steady increase in carbon dioxide emissions. The higher the mean temperatures, the worse the supposed problem.

The second measure, though often neglected, is every bit as important: the variance in temperatures, whether measured in days, seasons, or years. A lower variance over a relevant time period means less stress on the power grid and other systems, even when the mean temperature increases. The general trend is that the variance in the temperature has gone down over time. Even today, for example, a large fraction of the record high temperatures in the United States took place in the 1930s—when carbon dioxide levels were far lower than they are today—with only three record highs after 2000.

Biden Goes Deep Green

 

It is amazing the difference that four years can make in environmental policy. On January 24, 2017, at the outset of his presidency, Donald Trump issued an executive order that salvaged the Dakota Access Pipeline (DAPL) from the Obama administration’s planned obstructionism. Obama had sought to upset the string of administrative approvals that the project obtained at both the federal and state levels. DAPL runs about 1,100 miles from the Bakken and Three Forks oil fields in North Dakota to Patoka, Illinois, where it is able to carry, far below ground, about 500,000 barrels of crude oil per day. Trump’s action allowed Congress to vote on whether to grant the last federal easement needed for the pipeline to proceed.

DAPL is now in service, even as litigation to shut it down continues. Environmental groups continue to allege attenuated theories of adverse effects under the National Environmental Policy Act (NEPA). Their efforts are consistent with the common practice among environmentalists of paying inordinate attention to highly remote contingencies while completely ignoring the large and immediate safety and efficiency advantages of getting crude oil to both domestic and foreign markets via DAPL. More concretely, the chances that any crude oil shipped by DAPL will escape in sufficient quantities to damage the fishing or water rights of the Standing Rock Sioux have always been infinitesimal, which is why the pipeline operations have caused no such harm for the past three years. The overall soundness of the pipeline grid will become truly dire if DAPL is shut down while Keystone is left incomplete.

For the moment, however, the immediate threat is to the Keystone pipeline. On January 20, President Biden issued an executive order aimed at “Restoring Science to Tackle the Climate Crisis.” One component of his major order was to revoke the permit for the Keystone XL pipeline. The pipeline started some twelve years ago, but since that time it has been beset with legal challenges, including one in May 2020 in which a Montana judge yanked the pipeline’s permit on the grounds that the Army Corps of Engineers had not consulted sufficiently with the US Fish and Wildlife Service on the alleged risks that the pipeline posed to endangered species and their habitat. Such orders overlook the benefits from that pipeline, which include its ability to ship up to 830,000 barrels per day of crude oil from the Alberta sands to American refineries along the Gulf Coast.

Join Jim and Greg as they discuss how the final debate was much more pleasant to watch and far more substantive than the first one. They also dissect Joe Biden’s many lies in the debate – from saying he never promised to ban fracking to suggesting that the Hunter Biden laptop story is just Russian disinformation to inexplicably contending no one lost their private health insurance plans because of Obamacare. And they appreciate many lefties revealing just how little they know about immigration policy by misunderstanding and mocking Trump’s reference to “coyotes” smuggling kids across the border.

Join Jim and Greg as they slam AOC’s economic lunacy and callously partisan response to Monday’s plummeting oil futures. They also shake their heads as CNN says Kim Jong Un is in grave condition and NBC has him brain dead, while Reuters has him fine just hours later. And they gag as Gayle King of CBS gushes that “everyone know” Stacey Abrams is “extremely qualified” to be Joe Biden’s running mate.

Join Jim and Greg for three crazy martinis that could easily be all bad.  First, they comment on oil prices plummeting faster than we can keep up with them and discuss why our economy suffers if prices are too low for too long. They also recoil as one vaccine expert says the public should brace for the possibility that it may be very difficult or impossible to develop a coronavirus vaccine – although he is from the WHO. And they hammer New York City Mayor Bill de Blasio for urging New Yorkers to rat on their neighbors for not properly social distancing.