Holy mackerel! Right on cue. Just a couple of hours ago I posted this:
How bad might the global crude oil deficit be? Generally, residents and presidents in the White House don't use the bully pulpit for things they are not concerned about. Prior to the debacle known as the "Great Evacuation," the lead story was Resident Biden asking OPEC to open the taps. That story disappeared when the Afghan evacuation began and Hurricane Ida hit. That speaks volumes. When a situation rises to the level that gets the resident's attention, it has to be serious.
Just moments ago, turning on Hulu to watch Perry Mason, I happened to catch headline news on CNBC. Top story: Resident Biden is releasing oil from the SPR and releasing gasoline from "emergency" reserves.
I do believe Resident Biden has had more press conferences on the price of gasoline than on the "Great Evacuation." And he's probably even willing to take questions.
This is the guy that killed the Keystone XL which has led Russia to being the number two supplier of crude oil for the US. Amazing.
But, the president would not be using the bully pulpit if he truly wasn't scared. It is very, very possible we will see shortages of gasoline in some locations this Labor Day weekend.
And, oh by the way, this is Thursday. Labor Day weekend has already started for many. The government's efforts are way too late to make a difference. But it makes Resident Biden look presidential. Not really.
Speaking of which, what was gasoline demand this past week? Link here. Unremarkable.
What is remarkable is this graph, especially taken in context that the Keystone XL was killed:
This is almost as good as this graph. These folks are earning nothing on their cash. In a bull market.
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Perry Mason
The case of the fraudulent foto.
Without question, the best music ever.
Best part of every Perry Mason episode: when Perry Mason takes Della Street out for dinner. Or lunch.
And just like that WTI is up over $70.
ReplyDeleteMy dad used to watch Perry before going to work evenings at local factory. Spent many a summer afternoon watching with him, both of us trying to figure out who dunnit.
This whole thing (energy) is getting very, very interesting, very, very quickly.
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