Oil and gas lease approved. Largest sale in history. Inflation Reduction Act reinstates sale spanning 80.8 million acres

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Biden approves largest oil, gas lease sale in US history, steamrolls eco review with inflation bill
  • The Inflation Reduction Act reinstates Lease Sale 257, an oil and gas sale spanning 80.8 million acres across the Gulf of Mexico
  • “Congress has acted, the leases must be issued, and the lawsuit must be dismissed,” he continued.
  • In November, the DOI held the lease sale which generated more than $191 million in bids for 308 tracts from fossil fuel companies despite criticism from several prominent Democratic lawmakers and environmental groups. However, a federal court blocked the sale in January ruling in favor of a coalition, led by Friends of the Earth and the Sierra Club, that argued the Biden administration failed to properly analyze the climate impacts of the sale.

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Athens Greece starts rationing sugar, after flour and sunflower oil

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Some Greek Supermarkets Will Start Rationing Sugar Now Too
  • ATHENS – After limiting the sale of some flours and sunflower oil online, Greek supermarkets are turning to rationing the sale of sugar as well, now including in their stores, over supply problems. [with a maximum of four packs]
  • The New Democracy government said it would require companies to declare their inventory in some food categories

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Biden’s big plan: Save Gas and Ride the Train to reduce oil consumption

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Joe Biden Plans to Take ‘Millions of Cars Off the Road’ to Reduce Oil Consumption
  • The president spoke about public transit during his speech on high gas prices
  • “We’re investing almost $100 billion in public transit and rail, for all the studies show that it will take millions of cars off the road and significantly reduce pollution if there’s a serious transportation system available,” he said.
  • “We will take literally millions of automobiles off the road — off the road — saving tens of millions of barrels of oil, dealing with cleaning up the air,” he boasted during an October event at an electric trolley museum in Scranton, Pennsylvania.
  • During the event, he admitted he was envious of China’s high-speed trains and wanted more of them in America.

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During record high gas prices Oil Refinery announces permanent shut down due to financial burden of aging infrastructure

2 Chronicles 7:14 “If my people who are called by my name humble themselves, and pray and seek my face and turn from their wicked ways, then I will hear from heaven and will forgive their sin and heal their land

Important Takeaways:

  • Massive U.S. oil refinery on track to shut down amid fuel shortages, record prices
  • The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters.
  • The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.
  • The company announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barron’s reported at the time.
  • Meanwhile, six refineries with a capacity of about 801,000 bpd of oil have shuttered over the last two years amid the pandemic, federal data showed. In addition, five refineries with a capacity of 408,100 bpd of oil are idle, the largest number of idle refineries since 2012.

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Department of Interior cans oil and gas production in Alaska and Gulf of Mexico

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Biden administration cancels Alaska oil and gas lease sale
  • The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.
  • The department also halted two leases under consideration for the Gulf of Mexico region because of “conflicting court rulings that impacted work on these proposed lease sales.”

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Biden orders release of 1 million barrels of oil per day for next 6 months but numbers don’t add up

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Biden tapping oil reserve for 6 months to control gas prices
  • President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices
  • The White House said Biden would also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing. He also intends to invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles.
  • Americans on average use about 21 million barrels of oil daily, with about 40% of the consumption devoted to gasoline, according to the U.S. Energy Information Administration.
  • The U.S. is producing on average 11.7 million barrels daily, down from 13 million barrels in early 2020.
  • The Biden administration in November announced the release of 50 million barrels from the strategic reserve in coordination with other countries. And after the Russia-Ukraine war began, the U.S. and 30 other countries agreed to an additional release of 60 million barrels from reserves, with half of the total coming from the U.S.
  • According to the Department of Energy, which manages it, more than 568 million barrels of oil were held in the reserve as of March 25.

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Inflation Highest in Four Decades. Surge in Oil, Gas Will Push Inflation Even Higher

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Inflation Reaches New High as Consumer Prices Jump 7.9%, Highest in Four Decades
  • The Department of Labor said that the consumer price index rose 7.9 percent compared with a year ago. Prices were up 0.8 compared with the prior month.
  • This is the ninth straight month of inflation above 5 percent. Prices rose at an annual rate of 7.5 percent in January, jumping 0.6 percent from December.
  • Compared with a year ago, core prices were up 6.4 percent, the fastest pace for this measure since August 1982.
  • Surge in oil and gasoline prices. Those are likely to push inflation even higher in March.

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Tesla CEO: “Sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports”

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Elon Musk calls for increase in US oil, gas production to combat Russia despite negative effect on Tesla
  • Musk’s tweet calling for more fossil fuel production was retweeted roughly 20,000 times in 30 minutes
  • “Hate to say it, but we need to increase oil & gas output immediately,” Musk tweeted Friday. “Extraordinary times demand extraordinary measures.”
  • Musk added, “Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.”
  • Additionally, reports have shown that the U.S. is buying 650,000 barrels a day from Russia, which some have argued is essentially financing Russian President Vladimir Putin’s war machine.

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Oil Giants Leaving Russia Energy Sector

Important Takeaways:

  • Energy Giant Shell Withdrawing From Russia, Will Stop Buying Moscow’s Oil And Gas
  • The company had already announced it intends to end its involvement in the Nord Stream 2 pipeline project and exit its equity partnerships with Russia’s Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development, and the Gydan energy venture.
  • Dozens of companies, including major oil sector firms such as BP and Exxon, have said they are exiting Russia as the West imposes tight sanctions on Russia as punishment for its aggression against Ukraine.

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1200 Contracts Already Out for $200 Per Barrel in Crude Futures

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Traders Are Now Betting On $200 Oil By The End Of The Month
  • The main U.S. price last week topped $110 a barrel for the first time in more than a decade and in off-hours trading late Sunday, they burst above $130 following fresh attacks, mounting civilian casualties and a push by U.S. lawmakers to ban Russian oil imports.[WSJ Reported]
  • Now that prices hit $130 early on Monday, $200 oil by the end of March is not so unthinkable, as even major investment banks predict that a Russian oil ban would easily send prices to $150 and possibly to $200.
  • Data compiled by Bloomberg, more than 1,200 contracts were traded on Monday for the option to buy Brent Crude future for May at $200 per barrel.
  • Bank of America says that if most of Russia’s oil exports were stopped, the market would find itself in at least a 5-million-bpd deficit, which could trigger an oil price move to $200 per barrel.

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