Debt..

 

Yellen..

 

Administration is in Desiree.  Covering up on the well known inflation and call it transitional.

Then a year later it is a full blown inflation which is difficult to control and it will cause tremendous pain and suffering to most of the American people.

Add to this our Sanctions against the Russian people, weaponizing the economic activities,  that is fueling the shortage of food, and energy around the globe including Baby formula.

While most of these problems are man made by executive orders, no is responsible for it.  

Yellen from the mountaintop. "Till us the truth"

"IS" is..

 

Some countries have Dictatorship leaders and others have Democratically elected officials. But what they do to get elected, in this case  "Is" 

 Some mix and match. 

Backfire...

 

European Union leaders agreed to cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago.

In addition to retaining some European markets, Russia could sell some of the oil previously bound to Europe to China, India and other customers in Asia, even though it will have to offer discounts.

Matteo Villa, an analyst at the ISPI think tank in Milan, said Russia will take a pretty significant hit now but cautioned that the move could eventually backfire.

“The risk is that the price of oil in general goes up because of the European sanctions. And if the price goes up a lot, the risk is that Russia starts to earn more, and Europe loses the bet,” he said.

Moscow seized on the new sanctions to try to rally public support against the West, describing it as bent on destroying Russia.

Rescinded..

 

When Joe Biden took office, the average cost for a gallon of gasoline was $2.46 – the price was $3.44 on December 6; a 40% increase. The president and Democrats in Congress should recognize that their policies are damaging our economy and causing pain for American families. They need to reverse course immediately.

On his first day in office, President Biden rescinded the presidential permit for the Keystone XL pipeline, which would have moved 830,000 barrels of crude oil each day. Days later, he banned new oil and gas leases on public lands and federal waters, saying the program needed review.

The Department of the Interior subsequently concluded that fees on American energy producers should be raised to “deliver a fair and equitable return to American taxpayers.” These fee increases are designed to lower interest in the leases, thus depressing supply and causing consumer prices to rise even higher. If energy companies decide to pursue leases and pay the rate increases, the higher costs will just get passed on to American families.

Prices of a gallon of gas now is $5.  Just a thought.

Smog..

 

The U.S. Environmental Protection Agency (EPA) issued an emergency air-quality waiver through June 6 to boost supplies of gasoline in East Texas after production was cut at a regional refinery.

The waiver allows the sale in 34 Texas counties of higher-volatility, winter-grade gasoline. The Biden administration has released emergency oil stocks and is considering lifting smog rules nationwide to combat rising fuel prices.

Waivers typically are issued after hurricanes or other disasters that broadly cut fuel supplies and not for outages at a single refinery as in the Texas case.

Sanctions on Russia or Lifting smog rules nationwide to combat rising fuel prices?  Just a lost cause.

Blackout..

 

[By Irina Slav for Oilprice.com]

As many as six million British households could face blackouts this winter in case of a gas shortage, per a Sky News report citing government modeling of energy fundamentals next heating season.

The blackouts fall under a worst-case scenario with gas supply shortages, which would also involve limits being placed on industrial gas consumption, the report noted. The blackouts would be the result of gas supply rationing to gas-fired power plants.

The cost of living crisis "is going to get truly horrific" in October, when the twice-yearly-adjusted price cap is set to spike again, Keith Anderson, chief executive at one of the largest providers, ScottishPower, told a Parliament committee last month.  

"Thanks to a massive £90bn investment in renewable energy in the last decade, we have one of the most reliable and diverse energy systems in the world, and unlike Europe, we are not dependent on Russian energy imports," the spokesperson also said. But then a major problem here. Just a thought.  

Loss..

 

When gas prices exceed $5 per gallon, the economy tends to experience what's called demand destruction, whereby consumers and businesses reduce spending because of the higher prices. The prices continue to rise.

 Each 10 percent increase in gas and oil prices means consumers will have to spend an additional $23 billion a year to keep up with earlier spending patterns. So here is 500 billion Dollars loss to the economy.

Peace..

 

French President Emmanuel Macron and German Chancellor Olaf Scholz spoke via phone with Russian President Vladimir Putin on Saturday, calling for a ceasefire and direct talks with Ukrainian President Volodymyr Zelensky amid Moscow’s continued invasion of Ukraine.

The European leaders also pressed Putin to release roughly 2,5000 “defenders of Azovstal held as prisoners of war by Russian forces,” according to a press release from the French embassy. Azovstal was the final holdout of Ukrainian forces before Russia fully seized the port city of Mariupol.

Putin reportedly conveyed “the openness of the Russian side to the resumption of dialogue” during the 80-minute call.

Macron and Scholtz also voiced an “urgent need for the blockade of Odessa to be lifted” in order to resume the export of Ukrainian grain, the release added. The Russian blockade is exacerbating food shortages and inflation across the world. 

Can Macron brokers a deal to this area?  Just a thought.

Sanctions..

 

Crude prices will likely go even higher still after already surging following Russia's invasion of Ukraine.

Europe is hugely dependent on Russian oil imports. It gets about a quarter of its oil from Russia, by far the biggest single source of oil imports into the continent.

Ultimately, it's expected that an EU ban on Russian oil imports will result in a loss of 2 million barrels a day from Russia.

 Russia could make up the loss of revenue from sales to the EU through higher crude prices.

European citizens will be hit hard for sure, but even in the U.S., it's hard to see any relief in sight to gas prices.

The U.S. is also approaching the summer season, and the Hurricane season, so higher prices are coming. Just a thought.