Encouraged left-wing activists to pressure financiers to defund oil companies.
And how is this multi-front war on oil working out? As predicted. ... To escape the political hell of what it considers high-gas-price heaven, Biden begs OPEC and the Kremlin to increase oil output. This is like the Anti-Saloon League beseeching Scotland to boost whiskey production after Prohibition shuttered U.S. distilleries. ... Biden’s own environmental objectives. At the margin, Biden’s approach would generate more carbon dioxide. North American crude cleanly crosses U.S. territory (and, to a degree, the Canadian border) via carbon-neutral pipelines. Conversely, Arab and Russian oil must traverse oceans and approach U.S. ports on fuel-burning, emissions-generating supertankers.
"It's not the business of the U.S. federal government to 'stockpile' anything. But as usual with government, the 'emergency' and "fear" cards are used as excuses for it to stockpile oil. However, we know not only from theory, but from practical experience, that in any emergency, the very last people that you want allocating resources are people in the federal government."
Fifty million barrels of oil sounds like a lot, right? It’s not — at all. In 2020, when consumption hit its lowest level in a quarter-century, the US consumed 18 million barrels of oil a day. Don’t take my word for it; the US Energy Information Administration has this data easily available. And that was after the largest single-year decline in consumption in US history to boot. Demand is higher now, while futures for production are signaling lower production.
Essentially, Biden has supplied enough oil to bootstrap consumers for the weekend. Gas up!
Bjorn Lomborg: "Hurricanes in 2021 were unprecedented — as in unprecedentedly few. Globally, 2021 had the fewest hurricanes ever in the satellite era (1980-2021). Globally, 2021 had some of the fewest strong hurricanes in the satellite era (1980-2021). With 16 strong (Cat 3+) hurricanes, 2021 was the second-lowest strong hurricane year since 1980. Globally, 2021 was a weak hurricane year. When measured by total energy (Accumulated Cyclone Energy), 2021 was the 9th weakest year. Did you see that reported anywhere?
Hurricanes in 2021 were weak and exceptionally few. But we heard lots about North Atlantic hurricanes. Conveniently, North Atlantic is the only basin where hurricanes are stronger. Does this leave us well-informed?. But we hear lots about names storms (hurricanes + weaker storms). Ever-easier to detect, so numbers keep climbing (4 of 2020s 30 named storms wouldn't have been named in 2000!). Not as relevant, but hey, scary numbers."