Rambling -- June 27, 2022

If you have time to click on only one link in the next twenty-four hours, this is it. There is so much packed into this link, the video, but be sure to read the comments / replies. Same exact subject, different thread. 

There must be at least fifteen comments one could make, but the first? These guys still don't get it. 

"More oil" is not the answer.

If you have time to read only article in the next twelve hours, I doubt you could find a better one: US gulf coast crude exports are breaking records. By now, even President Biden should realize how downright ridiculous / crazy / ill-advised it was to release 180 million barrels of oil from the SPR, one million bopd between now and the midterms. 

The only reason -- well, there are two reasons -- the two reasons why we're not seeing $200 oil right now:

• "people" still don't get it -- why gasoline is so pricey; and, 
• fear of recession.

Isn't this a crazy thought: even if there is a recession, oil demand will butt up against supply. I think Macron of France gets it. And maybe Boris of the UK. I don't know who's the German chancellor, otherwise I would include him/her in the mix. 

By the way, speaking of recession, there are a few folks that argue we won't see a recession -- I posted a link / graphic early along that line. 

How about this one? Griffon Corporation? For the longest time, Griffon has paid a quarterly dividend of nine cents. A penny less than a dime. Today Griffin (GFF) announced a special dividend of $2.00 / share. 

Hardly sounds like something a publicly traded corporation would do facing an impending recession.

So, a link to twitter, a link to oilprice. What else? What other recommendations? A book recommendation? Read Zeihan, c. 2022.

By the way, did you all notice this, from the oilprice link above:

The government’s unprecedented support for the domestic crude system has accelerated US supply, with levels expected to hit 13 million bpd this summer for the first time since November 2019. But the unintended consequence of federal intervention is that more barrels than ever before are being sold to international buyers.

13 million bpd.

Just a month ago, an "analyst" over at my twitter energy feed was quibbling whether the US had reached twelve million bpd. LOL. Soon to be thirteen million bopd. 

*****************************

Most Narcissistic SOB Ever

Link to SD AG -- Jason Ravnsborg -- has asked state ethics board to investigate Republican governor Kristi Noem. 

Clinical diagnosis? Borderline, narcissistic personality. 

I can't wait until his fifteen minutes of fame are over. 

****************************

The New Yorker

Back to serious reading.

One new book a week.

I just subscribed to Science. 

Now, I'm going to try The New Yorker again. Twenty-six week cover price, $224.75, now being offered for $26 for twenty-six weeks. So, we'll see. I'll probably subscribe for one year, $52. I assume a lot of articles on the US Supreme Court. 

*************************

A Musical Interlude

Eileen, Dexys Midnight Runners