Tag: gasoline prices

BASF seeks ‘permanent’ cost cuts at European operations

Tina Marie (Ms. Cat)

FRANKFURT – BASF said costs at its European sites must be cut to a “permanently” smaller size because of a triple burden of sluggish growth, high energy costs and over-regulation, with the German industrial giant’s boss throwing his weight behind a planned expansion in China.

BASF seeks ‘permanent’ cost cuts at European operations

Brandon’s handlers are going to be disappointed! Businesses are supposed to move to the US! Time to twist Olaf’s arm (again)! Maybe tell him that Germany needs to decouple from China, as well?! /s

U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.

Tina Marie (Ms. Cat)

After Saudi leaders pushed to slash oil production despite a visit by President Biden, administration officials have been left fuming that they were duped.

…

“I keep listening to, ‘Are you with us or against us?’ Is there any room for, ‘We are for Saudi Arabia and the people of Saudi Arabia’?” he said. “We will have to deliver our ambitions.”

U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.

U.S. Accelerates Three-Tier Plan To Reduce Oil Prices

Tina Marie (Ms. Cat)

U.S. President Biden has three key strategies in place to lower oil prices.

– The first and foremost strategy is the implementation of the NOPEC bill.

– The second pillar of the plan is to release more crude from the U.S. SPR.

– The third element of the plan to bring oil prices down is to be a concerted effort to encourage U.S. oil firms, shale or otherwise, to increase their production.

U.S. Accelerates Three-Tier Plan To Reduce Oil Prices

Lawmakers Looking to Pass $50 Billion in New Ukraine Aid Before Next Congress

Tina Marie (Ms. Cat)

Lawmakers Looking to Pass $50 Billion in New Ukraine Aid Before Next Congress

NBC News reported Thursday that the bipartisan idea under consideration would be to pass a bill for Ukraine aid that could cover an entire year during the lame-duck period. The bill is expected to be worth roughly $50 billion, which would bring total US spending on the war to over $115 billion.

Biden Is Running U.S. Energy Security Into The Ground

Tina Marie (Ms. Cat)

The White House divulged late on Tuesday its plan to release 15 million barrels of crude oil from the strategic petroleum reserve to be delivered in December, as the last tranche of the emergency 180 million barrel release that the Biden Administration announced in March.

Biden Is Running U.S. Energy Security Into The Ground

Related:

Biden Manipulates Oil Price To Buy More Votes

Since its inauguration the Biden administration has sold more than 220 million barrels from the 650+ reserve. Refilling it at $70/bl, nearly $50 per barrel more than Trump was going to pay, will be quite costly.

Neo-liberal Macron government in France pushes 2023 budget without parliamentary vote + French Labor Unrest Illustrates Worsening Economic Crisis Within the EU

Tina Marie (Ms. Cat)

The austerity-ridden budget was approved without a vote on after the government involved a controversial provision of the constitution. Earlier, left-wing MPs had passed several amendments to the government’s proposals

Neo-liberal Macron government in France pushes 2023 budget without parliamentary vote

Related:

French Labor Unrest Illustrates Worsening Economic Crisis Within the EU

Payback For OPEC+ Cuts? Biden May Press U.S. Companies To Limit Saudi Business, Report Says

Tina Marie (Ms. Cat)

Payback For OPEC+ Cuts? Biden May Press U.S. Companies To Limit Saudi Business, Report Says (archived)

The Biden administration wants to leverage U.S. companies with ties to Saudi Arabia but without sacrificing regional security efforts, according to the report.

…

The Biden administration will immediately begin scaling back its diplomatic and military activities in Saudi Arabia, at least until OPEC+’s next meeting on December 4, NBC reports, citing an unnamed senior administration official who said the meeting will “be a key test” of how OPEC+ will respond to European Union sanctions that ban Russian oil imports, effective December 5.

…

The OPEC+ conglomerate–a Saudi-led alliance of oil-producing countries, including Russia–plans to curb oil production by 2 million barrels a day beginning in November. The move, characterized by the Saudi government as an effort to stabilize energy markets, is expected to increase global oil prices and raise gas prices. The Biden administration has vowed “consequences” for Saudi Arabia over the announcement, and Democratic lawmakers have urged the president to halt arms sales to the kingdom, but the White House has yet to announce how, exactly, it will retaliate and is not expected to do so until Congress returns from recess after the November midterms.

Strikes & protests in France (and demonstrations in the US)

Tina Marie (Ms. Cat)

Strikes grow as Macron postpones threat to crush French refinery strike

Related:

French left-wing parties gather protesters to march in Paris, as refinery strikes persist

The French call for NATO exit

MSM was all over the cost of living protests but nothing about the Anti-NATO protests. Videos have emerged of police repression in Paris (at which protest, I’m unsure). Meanwhile, in the US, the Poor People’s Campaign, and allies, held multiple demonstrations to get out the vote (which were mainly covered by local news).

Saudis say US sought 1 month delay of OPEC+ production cuts

Tina Marie (Ms. Cat)

DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.

Saudis say US sought 1 month delay of OPEC+ production cuts

Related:

Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut

The one-month delay requested by Washington would have meant a production cut made in the days before the election, too late to have much effect on consumers’ wallets ahead of the vote.

…

To entice the Saudis to delay their decision, U.S. officials told the kingdom they would buy oil on the market to replenish Washington’s strategic stockpiles if the price of Brent, the main international benchmark, fell to $75 a barrel, according to U.S. officials and people inside the Saudi government.

Quid pro quo, huh?! 🧐💭

White House Leaves Door Open For Additional SPR Releases + It’s Implications

Tina Marie (Ms. Cat)

The White House said on Tuesday that it has many options to counteract OPEC+’s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves.

White House Leaves Door Open For Additional SPR Releases

Related:

The Implications Of U.S. SPR Withdrawals

Implications of OPEC-+ Production Cut 

I think OPEC has not learned from its past mistakes, as it is not a good time to cut oil production by 2 million bpd in November 2022, especially at a time when global economies are under pressure. While higher oil prices at this juncture may bring much needed oil revenues to (national) oil companies and OPEC members, this will come at the cost of accelerating a global recession, bringing more misery to consumers. Consequently, it will weaken global oil demand and oil prices. Oil prices in the range of $70-$80/bbls at this difficult time could be a win-win situation for both producers and consumers, and shield global economies from collapsing. Consequently, the U.S. should take its own measures to enhance its domestic oil production, encourage EVs and halt further releases of the SPR. Running down the SPR will allow OPEC+ more flexibility to play around with production.

Meanwhile:

U.S. Rig Count Slides Amid Jump In Crude Prices