Russia is about to make a killing and they have Joe Biden to thank for it. After he cancelled the Keystone Pipeline, he then lifted all sanctions on the Russian Nord Stream 2 pipeline that runs from Russia to Germany. They will soon be able to sell their excess gas to Europe at a time when gas prices have increased 250%. Someone check to see if Hunter Biden sits on the board of the Russian energy company. Or perhaps there will be a large cash payment to The Big Guy.
During the Trump administration, we achieved energy independence and we were selling the surplus overseas. Joe Biden has drug us back to the dependency on foreign oil, where we buy oil from countries that hate us. Gasoline prices in the United States have increased by about 50%. Thank you, Sleepy Joe.
As prices surge, the British government is considering state-backed loans to large utilities that take on customers from smaller energy companies that have collapsed and it may subsidize fertilizer production, according to a U.K. official, following the temporary closure in the U.K. of two fertilizer plants, which use gas as a feedstock,
Kwasi Kwarteng, the country’s business minister, met with senior figures from Britain’s energy suppliers, including Électricité de France SA and Royal Dutch Shell PLC, over the weekend and on Monday, a spokeswoman said.
The higher prices have already led to four British energy suppliers, which buy wholesale and supply consumers, going out of business, according to Ofgem, the country’s energy regulator.
British Business Secretary Kwasi Kwarteng warned the British Parliament:
“There is absolutely no question of the lights going out or people being unable to heat their homes. There will be no three-day working weeks or a throwback to the 1970s. Such thinking is alarmist, unhelpful and completely misguided.”
Four British energy companies have already folded and Parliament is considering subsidizing energy companies to help pick up the slack and to reopen two fertilizer factories that went under from the high price of gas.
“I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” Barkindo told CNBC’s Dan Murphy at the Gastech conference in Dubai.
The long-time head of the oil cartel criticized what he believed was an overly emotional approach to energy policies and climate change, though he did not point a finger at specifically who was to blame for what he described as a “misrepresentation of facts.”
Barkindo contended that there was “distortion of facts and the science, and the misrepresentation of these facts in the conversation, which is not healthy, because climate change and the energy transition are supposed to be guided by the science.”