A two decade look at the commodity that heats, cools and feeds the world – OIL – Biden’s Net Zero by 2030 policies will at least double the US cost of gas from 3 bucks a gallon to 6 bucks

I cross-posted this a few days ago,

(100) HUGE - Sweden SCRAPPING Agenda 2030 goals (substack.com)

It had this:

"In 2022 when the Socialist democrats were in power, the diesel price reached a whopping 28 SEK per litre. After the right-wing government removed climate taxes, prices in the new year reached almost as low as 17 SEK per litre. That is around 39% lower diesel prices.”

I pointed out that rather than the price drop of 39%, it would be better to express the socialist “green” price of 28.5 SEK to 17 SEK – a 68% higher price because of “green” policies. Not entirely fair I know as this is probably some sort of peak to some sort of trough, Nonetheless, there is no doubt that the “greens” imposed punitive taxes on diesel to pursue a political agenda – which is based on a Cult mind set, rather than science, evidence and facts about CO2 emissions – which they risibly label “carbon” emissions. CO2 is the gas of life, carbon is a solid – one has a “footprint” if trodden on, the other doesn’t!

Here's a reminder of the complete BS that is the basis for all that “Net Zero”, “2030 Agenda”.

(100) A Compilation of a Few Key Articles that Completely Debunk the Myth of a “Climate Emergency” (substack.com)

The UN IPCC does not include the impact of clouds on the climate, nor does it “model” the impact of the cycles of the sun. Here’s a few (competing) articles on the very large impact of the Sun on the Earth’s climate.

(100) ICYMI - Grand Solar Minimum hitting our planet in two years – the interaction of the magnetic fields of the Sun and the Earth -leading to seismic shifts and plummetting temperatutes (substack.com)

(100) The Problem Of Model Lock-in - by The Science Analyst (substack.com)

One way or another, the impact of the Sun and clouds are the dominant impactors on the climate of the Earth, not some silly notion that moving between 300 and 500 parts per million is some sort of temperature dial that can be adjusted to suit some arbitrary level. Ask the “greens” what the ideal global average temperature is and what the concomitant CO2 level should be. Then ask them what happens if the level of CO2 is reduced by global cooling?

Anyway, that’s a related but not focus of this article.

David Blackmon is out with a SubStack article about oil production:

(100) Washington Update From the U.S. Oil and Gas Association - 1.19.2024 (substack.com)

In it he makes these points:

”It snowed three inches in Washington D.C. on Tuesday, closing the federal government for the day and postponing votes in Congress. By contrast – the weather at the USOGA country office was 12 inches of new snow and -15 degrees. School started on time. “

No surprises there. The swamp treats kids as property of the state and lives by its own standards of cognitive dissonance and a complete lack of self-awareness.

David also states:

“From 2012 through 2022, global oil production increased by 7.6 million barrels a day. Over the same time period, U.S. production increased by 8.8 million barrels a day.”

So much for the resident squatter in the White House and the policy of eliminating hydrocarbons – again, risibly labelled “fossil fuels”.

David referenced the latest report from the “energy institute” (no capital letters!) – here is a link to the report titled “2023Statistical Review of World Energy “

Home | Statistical Review of World Energy (energyinst.org)

Prompted by Peter Sweden and David Blackmon’s articles, I thought I would look for some context around gas (petrol) prices In the US over the last few decades.

Before I do that, here is a chart on CO2 emissions in the “energy institute” report:

 ”Emissions from energy continued to rebound strongly reaching a record high of 39.3 billion tonnes of carbon dioxide equivalent representing a 0.8% increase over 2021. Emissions from energy consumption contributed 87% of total global emissions.

"Global greenhouse gas emissions continue to rise reaching record levels in 2022."

Imagine that, even if the actions of governments around the world to reduce CO2 emissions were required – which they aren’t – global emissions continue to rise – because all efforts of European, North Americans and Brits are dwarfed by the burgeoning economic activity of the Asia=Pacific region. This reflects the decline in relevance and significance of these “westernized” regions compared to Asian tigers, China and India.

Note also that the bandwagon that the WEF jumped on for a “great reset” during the first year of the C19 scamdemic has itself been subject to a “great reset” of a complete rebound in emissions as the world returned to more “normal” economic activity – as measured by CO2 emissions. This must be ripping the nighties of the mental prostitutes of the WEF as the entertain their “clients” (or johns) seeking to have their virtue signalling egos stroked by the WEF mental hookers,

Last piece of context, from here: in April 2021

Timeline of U.S. climate change pledges made, and discarded - Los Angeles Times (latimes.com)

“President Biden is announcing an ambitious new pledge to cut U.S. greenhouse gas emissions by at least 50% by 2030 as part of a global climate summit that begins today.”

That was a pledge to cut CO2 emissions for the following 9 years – the clock has run down to just six years – to GHG by 50%. Just like all “pledges” it has the value of a BTC dividend – ZERO.

Ok, back to the point!

How has the price of oil fluctuated over the last 25 years?

From here:

Crude Oil - Price - Chart - Historical Data - News (tradingeconomics.com)

Eyeballing the chart, you might be forgiven for thinking that the price of a barrel of oil has fluctuated around a long term average of around 72 bucks a barrel – that is, since its meteoric rise from around 25 bucks a barrel in 2003 to a peak of 130 bucks in 2008 – a rise that played a large part in causing the financial crisis of 2009.

Ok, so how has this rough average oil price with sizeable volatility compared with prices at the pump I the US?

Using gas prices from here:

Gas Price History: List of Prices by Year (creditdonkey.com)

With a selection of gas prices in other countries here:

France energy prices | GlobalPetrolPrices.com

and the mid-year points of the price of oil from the above oil price graph, we can construct this table – I show the last ten years of oil and gasoline prices and ratios for reference:

The use of July as a reference month for the yearly price of oi is arbitrary – as is the price of gas for each year. There are dozens of different “blends” of oil traded in dozens of different countries. Brent is one blend that is used as a benchmark for reference.

The spot prices for gas (petrol) on the right-hand side of the table may also not be relevant to long term prices – though they are an indication of “green” policy and taxation in each country.

It is easy to spot those countries with “green” polices which the White House resident wants to emulate. They are all large European countries. Norway is rich in oil and natural gas and yet it has the most expensive price for gas (petrol).

Fifty-four per cent or thereabouts (depending if even more corporate tax is included) of the price of petrol (gas) in the UK is taxation – which makes the entire fuel industry a subsidiary of the UK government )on the same taxation of profits basis, the UK government is a 90% owner of the tobacco market).

The revolution in shale production has made the US the largest owner of oil reserves in the world.

From here:

U.S. has more untapped oil than Saudi Arabia or Russia (cnn.com)

“Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.

That's according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves. It includes oil in existing fields, new projects, recent discoveries as well as projections in undiscovered fields.

More than half of America's untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers.”

The US consumes 20 million barrels of il a day – meaning that the US can supply its own oil for at least the next three decades - and allow technology to develop to replace that at an achievable pace.

Interesting that the price of oil does not perfectly correlate with economic well-being. Prices for gas are under a nickel a litre in Iran and Venezuela. The prices of gas in Europe compared to those in India, China and Japan are the first benchmark for the amount that the green policies and regulations are costing the people in those countries. That is, British and European residents are paying around 60% to 100% more for gas than they should be.

The next benchmark is the US, where the people of the UK, Germany and France more than double the price of people in the US – because of regulations, taxations and subsidies pouring taxes into bogus, ugly and already obsolete “green” technologies.

Onwards!

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