RE: I think Union Jack7 Apr 2023 22:54
Jim Rickards' April 05, 2023An About-Face By Joe Biden?
What’s going on with Joe Biden’s climate initiatives?
It seems like the president is having second thoughts about the viability of the Green New Scam I have been describing over the past few years.
First, on March 13, the Biden administration approved the controversial Willow Project in Alaska. This $8 billion drilling project on Alaska’s North Slope had drawn fierce opposition from climate alarmists who say it will “speed up the climate warming breakdown”.
(What the scammers don’t tell you is that the hard data shows the earth is cooling today after a mild warming trend from 1985 to 2005. Neither the cooling nor warming trends are historically unusual. There’s no evidence that CO2 causes global warming. It does have certain heat retention properties, but those properties are dominated by the true causes of climate change including solar cycles, ocean currents, and volcanic eruptions.)
The ConocoPhillips Willow project will be one of the largest of its kind on U.S. soil, involving drilling for oil and gas at three sites for multiple decades on the 23m-acre National Petroleum Reserve, which is owned by the federal government and is the largest tract of undisturbed public land in the U.S.
A few weeks after allowing the Willow project to go forward, the Biden administration is now auctioning off more than 73 million acres of waters in the Gulf of Mexico to offshore oil and gas drilling.
It could be the first Gulf of Mexico lease sale under the Biden administration that actually results in new drilling after previous auctions were embroiled in legal challenges and delays.
What’s going on?
Perhaps someone in the Biden administration has finally brought rational thinking back to policy initiatives. This includes realizing that despite the climate change investment scam going on, oil and gas are the lifeblood of economies. They are not going anywhere anytime soon.
Renewable energy sources like solar and wind will be part of the energy mix, as will hydropower and geothermal, where available.
Nuclear reactors are another option, though objections to nuclear power are even more strident than objections to hydroelectric.
In the end, however, it will become clear to everyone that oil and gas are not going away. They are too important, have too many embedded structural advantages, and have huge economies of scale.
Once politicians and the media become more aware of the real science of climate change, they will distance themselves from the false science of climate alarmists.
Then the oil and gas industries will regain their footing.
The debate between lower or higher oil prices will be resolved in favor of the latter. Oil companies will prosper in this environment not only because of new output or higher volumes but because of much higher prices on existing levels of production.
Sign In
Follow the stocks
