ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the U.S. supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs…
The Perfect Storm in Oil Caught Markets Off Guard…
Just a couple of years ago, some of the biggest names in the oil market could have never imagined the current demand and supply situation…
Russia’s New Rules…
Russia is done with the West. The divorce is nearly complete. In the past few days we’ve heard from all major Russian leaders the same thing, “The West will play by our rules now.”…
Sunday Talks, NEC Director Brian Deese Explains Biden Inflation Solution, Raise Taxes, Take Over Drug Prices and Subsidize Energy Costs for Poor Americans…
NEC Director Brian Deese delivers a consistent blend of words, claimed to be economic policy, that make absolutely no sense. Deese is almost as bad at parse tongue gibberish as Pete Buttigieg and Kamala Harris, but not quite up to their level…
Putin: Unipolar Order Has Ended, West Headed for “Change Of Elites” As Russia Emerges Stronger…
Russian President Vladimir Putin stressed in further remarks given before the St. Petersburg International Economic Forum that anti-Russian sanctions have only come back to hurt the people of the EU and the West broadly, amid soaring gas and food prices, inflation fears, and severe supply chain shortages…
Joe Biden Read This: All You Need to Know About the U.S. Refining Industry…
President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15)….
Exxon Mobil Slams Biden in Fiery Letter…
”We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”…
There it is, Samsung Signal Flare, Demand Side Contraction, Inventories Too High, Request Suppliers Stall Shipments…
We have been waiting for the non-essential durable goods side of the manufacturing sector to start showing evidence of demand side contraction in consumer purchases. There have been subtle sector-by-sector indicators of consumer spending shifts for several months; however, today we get the direct evidence from Samsung…
Chevron Hits Back, Says Biden Trying to “Impose Obstacles” to Energy Delivery…
Chevron has hit back at the Biden administration, claiming that their policies since January 2021 have sent a message that it aims to “impose obstacles to our industry delivering energy resources the world needs,” according to Bloomberg’s Annmarie Hordern, citing a statement by the company…
Fed Hikes Rates By the Most in 28 Years, Signals Volcker-Era Is Back…
The Fed hiked rates by a stunning (but expected) 75bps – the biggest hike since 1994. Esther George dissented (preferring 50bps). Fed expresses that is “strongly committed” to fighting inflation…
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