Drilling restriction and crude bans lead to higher oil prices

 Washington Examiner:

Oil prices soared on Tuesday following news that European Union leaders had reached a consensus on a plan to ban nearly all Russian oil imports by the end of the year, seeking to punish Moscow for its war in Ukraine, even as the bloc scrambles to secure alternative supplies.

News of the embargo, which is slated to be finalized this week, sent crude oil futures rising Tuesday morning to the highest levels in more than a decade. International benchmark Brent Crude saw a 1.90% increase, rising to $123.98 a barrel in the early hours of trading, near the highest price since 2012.

Meanwhile, futures for the U.S.-based West Texas Intermediate climbed to their highest levels in more than a decade, rising as high as $119.10 a barrel Tuesday morning — a roughly 3.50% spike. The last time prices were close to this high was mid-March.

Leaders said on Tuesday that the planned oil embargo would immediately hit 75% of Russian oil imports to the bloc. It will halt all Russian seaborne oil imports by the end of the year, though it includes a temporary exemption for pipeline crude. The exemption is part of an eleventh-hour scramble to appease holdout nations such as Hungary, a landlocked country that remains deeply dependent on Russian crude.

...

This is happening at the same time Biden is blocking drilling on federally controlled sites and is wasting the strategic petroleum reserve at the same time.  It is probably going to take an election to reverse his restrictions on drilling American oil.

See, also:

Every Time Biden Drained Strategic Oil Reserves, Prices Ended Up Higher. Here’s The Proof

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more

Bin Laden's concern about Zarqawi's remains

James Robbins: ... Bin Laden suggests that President Bush should allow Zarqawi’s body to be returned to his family in Jordan, but this is a matter that is up to the Jordanian government, which so far has not shown much interest in facilitating a homecoming. Bin Laden mocks King Abdullah II, calling him a Coalition minion, and asking “w hat scares you about Abu Musab after he’s dead? You know that his funeral, if allowed to happen, would be a huge funeral showing the extent of sympathy with the mujahedin.” A large crowd would definitely turn out, though most people would be on hand to demonstrate their anger and disgust. Last November’s hotel bombings in Amman , masterminded by Zarqawi, are still fresh in people’s memory, and mentioning them to Jordanians has the same visceral impact as memory of the 9/11 attacks does here. Jordan has adopted a zero-tolerance policy towards those who choose to mourn the country’s least favorite son, and four opposition members of parliament who paid con
Read more