Imagine being so beholden to an extreme wing of your party that you have to beg your "buddy" Xi for oil instead of encouraging more production at home.
South China Morning Post (11/17/21) reports: "The issue of China joining the United States in releasing crude oil reserves was raised during virtual the meeting between Xi Jinping and Joe Biden. The United States has asked China to release oil reserves to help stabilise soaring international crude oil prices as part of ongoing discussions on economic cooperation between the two countries. The US wants China to join it in releasing crude oil reserves and the issue was raised during the virtual meeting between Chinese President Xi Jinping and US President Joe Biden on Tuesday, according to a person familiar with the matter. The issue was also broached during a phone conversation between Chinese foreign minister Wang Yi and US Secretary of State Antony Blinken two days earlier."
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Imagine being so beholden to an extreme wing of your party that you pull the old "the oil companies are illegally colluding to profit off the pandemic" trick instead of encouraging more production at home.
USA Today (11/17/21) reports: "President Joe Biden on Wednesday called for federal regulators to examine whether oil and gas companies are engaging in "illegal conduct" by profiting from high gas prices at the pump that have skyrocketed during the pandemic. Biden, facing increasing pressure politically as inflation has soared to a 31-year high, requested the probe in a letter to Federal Trade Commission chair Lina Khan, claiming 'mounting evidence of anti-consumer behavior by oil and gas companies.' 'The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies' costs are declining," Biden said in the letter. 'The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.' The national average price for a gallon of regular gasoline is $3.41 – $1.29 more than a year ago, according to the American Automobile Association. Although the national average dropped a penny last week, gas prices in California broke a new record Tuesday with an average price tag of $4.687 for a regular gallon. Biden said gas prices at the pump typically respond to changes in the prices of unfinished gasoline, which he noted is down more than 5% over the last month while gas prices are up 3% over the same period. "
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"At this point, the biggest risk is that Biden and the Democratic Congress together put through enough of a “Green New Deal” to effectively destroy the U.S. energy sector and leave the world with no clear shining example of energy success. It’s getting less and less likely, but could still happen."
– Francis Menton,
Manhattan Contraian
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