“I think we’ve gone from scarcity to abundance — from the green gospel of scarcity and its Trinitarian ESG god — to the promised land of abundance guided by the values of affordability and reliability,” David DesRosiers, conference co-chair of the RealClear Energy Future Forum, said.
“No US government official has ever thrown up their hands and cackled at Americans being gouged at the pump,” he continued. “Of course, no American President has purposefully gone out of his way to empower OPEC either.”
Corporate litigation rarely counts as a public service, but the lawsuit Exxon Mobil recently filed against the European Union is an exception. If it succeeds, the oil major’s challenge to a windfall profits tax could spare Brussels a big policy mistake and force it to honor its own rules.
A recent study by the Committee to Unleash Prosperity found that President Biden’s anti-fossil fuel policies have cost Americans dearly.
Once again illustrating his lack of knowledge of how economics works, Biden instructed oil and gas companies not to use the hurricane as an excuse to “gouge the American people,” as Ian approached.
The company reported a net profit of 2.5tn roubles (£35.8bn) for the first six months of this year. Oil and gas prices soared during that period, pushed higher by concerns over supplies after Russia’s invasion of Ukraine.
Tech entrepreneur Elon Musk told reporters in Norway on Aug. 29 that, while sustainable energy sources should be developed, the world must continue to extract oil and gas in order to sustain civilization.
A key Russian gas pipeline is to close at the end of August for three days, further reducing supplies as European countries struggle with high energy prices.
Western countries are trying to cut the amount of Russian oil and gas they import following the invasion of Ukraine in February.
European governments have eased back on efforts to curb trade in Russian oil, delaying a plan to shut Moscow out of the vital Lloyd’s of London maritime insurance market and allowing some international shipments amid fears of rising crude prices and tighter global energy supplies.
A joint UK-EU prohibition on maritime insurance would constitute the most comprehensive restriction to date on Russian oil, ending access to much of the global tanker fleet for Moscow’s exports.
But US officials have expressed concern that an immediate global ban on maritime insurance would push up prices by pulling millions of barrels of Russian crude and petroleum products off the market.
RISHI Sunak and Liz Truss have both suddenly decided that fracking for gas could restart if communities support it.
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