The emergency has only just begun

[Bill Bonner’s Diary]( The Emergency Has Only Just Begun By Bill Bonner Wednesday, November 24, 2021 [Bill Bonner] BALTIMORE, MARYLAND - A news flash. You’ll recall that it was only 18 months ago that the world had so much oil, its price fell below zero. CNN Business: US crude finished April 20, 2020, at minus-$37 a barrel, blowing past the zero mark that few imagined would ever be crossed. Negative oil is the equivalent of getting paid by your local Starbucks to take coffee off its hands. Since then, governments and private companies, so covered with greenwash that they look like giant vegetables, have worked tirelessly to lower supplies of the dreadful fossil fuel. There are subsidies for electric cars… for windmills and solar panels – and penalties for producing oil. England just announced that new houses will have to be equipped with a charging station for electric vehicles. Internal combustion engines are to be banned from new autos by 2030. The European Union says it will put speed governors on autos so they won’t go so fast, kill so many people, or use so much oil. Recommended Link [Millionaire’s Big Prediction From Living Room Couch]( [image]( Teeka Tiwari – America’s No. 1 Investor – just made an outrageous prediction. Recorded live from his living room couch… He blasts Congress, reveals nasty truths about America… And reveals one technology set to radically change our nation. Already, 400,000+ viewers have checked it out. WARNING: This video may make you furious. [Watch His Urgent Video Now.]( -- Oil Industry Takes the Hint Also in Europe, thanks to U.S. meddling, the gas pipeline from Russia to Germany ran into more trouble this week. U.S. Secretary of State Anthony Blinken announced new restrictions on Russian gas sales to Europe, suggesting that there was something underhanded about it. The pipeline is completed. But it is still not in service. [Featured: Retired yet? You can be, just watch this]( Meanwhile, Treasury Secretary Janet Yellen says the “transition” to a green economy will cost as much as $150 trillion over the next three decades. Naturally, oil companies have taken the hint. They’re not about to invest a lot of money drilling new holes when the feds are trying so hard to put them out of business. Biden’s pick for Comptroller of the Currency, [Saule Omarova]( made it clear where this is headed. The New York Post reports: President Biden’s controversial, Soviet-born pick to lead a key branch of the Treasury Department admitted in a newly unearthed video that she “wants” traditional fuel industries “to go bankrupt.” And here’s Oilprice.com: Reinvestment rates among US shale oil producers hit an all-time low in the third quarter of 2021, resulting in a record free cash flow for the quarter, and are projected to fall even lower by year-end according to a Rystad Energy analysis. The analysis focused on a peer group of 21 public US shale oil producers, excluding majors, that together account for 40% of the expected 2021 output. The peer group’s combined reinvestment rate in the third quarter of 2021 was 46%, down from 53% over the same period in 2020 and way lower than the historical average of above 130%. And the disinvestment is not just in shale oil. Total, BP, Chevron, Exxon, and Shell – the biggest producers in the world – have been reducing investment for almost 10 years. Recommended Link [Reclusive Best-Selling Author Issues Final Warning]( The Founder of the largest “underground” financial research firm in the world… Has one last warning to readers. [image]( Bill Bonner founded The Agora in 1978. Today – after 40+ years in the publishing business – he’s coming forward with his final warning. And not a moment too soon… With offices in 11 countries… millions of daily readers… and two New York Times best-sellers to his name already… Bill’s latest – and last – warning may be the most important of his career. [Go here for details – and to get a personal message from Bill.]( -- Bad Move What would you expect to happen? Faced with so many discouraging words, the oil industry has backed off… output has gone down… and the price of oil has gone back up… Brent crude is now $82 a barrel. [Featured: Jeff Brown says “This new technology is Ripping through the financial world”]( And since oil is critical to modern economies… and crucial to the standard of living of most voters… and since the Biden team is getting worried about winning the next election… …suddenly, there’s an emergency. Here’s the headline story: Biden Announces 50 Million Barrels SPR Release To Lower Oil Prices US President Joe Biden announced on Tuesday that the Department of Energy would release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in a bid to lower high gasoline prices in a coordinated effort with other major oil-consuming nations. The U.S. Department of Energy will make available releases of 50 million barrels from the SPR, of which 32 million barrels will be in the form of an exchange over the next several months, releasing oil that must be returned to the Strategic Petroleum Reserve in the years ahead. Another 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized, the White House said on Tuesday. Oh my. Oil supplies getting tight? Prices going up? Future availability in doubt? What is the very worst thing you could do? Drain the strategic reserve! Recommended Link [Trump Buys Walled-Off Island Complex (What Is He Planning?)]( [image]( In case you haven’t seen [this disturbing story]( Trump now owns a barricaded compound just off the U.S. coastline. It’s critical you hear this breaking report now – before it’s too late. [Click here to find out more]( -- Consequences of Feds’ Actions There are knowns, unknowns, and things about which we haven’t a damn clue. Here at the Diary, we are reasonably sure that given a choice of two alternatives, the feds will always choose the worst one. But the consequences vary. Biden’s “Build Back Better” Boondoggle will make us poorer. And we’re reasonably sure that it won’t make life more agreeable for most people. As for their energy policies, the fire the feds are playing with will almost certainly burn somebody’s fingers. Fossil fuels don’t just allow us to watch Netflix. They make it possible to feed seven billion people. Our guess is that the emergency has scarcely begun. Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=The emergency has only just begun). --------------------------------------------------------------- FEATURED READS [Joe Biden Could Risk an Oil Price War]( countries want higher prices to maximize profits after the COVID-19 pandemic. But Joe Biden wants lower gas prices for Americans… which could lead to conflict over the next few months… [Shipping Traffic Drops in China Seas, Causing Supply Chain Concerns]( to supply chain concerns are ships going missing in Chinese waters… the global shipping tracking system has detected significantly less activity, potentially because of a new Chinese law… MAILBAG Dear Readers respond to [Bill’s essay]( on Biden’s “infrastructure” bill and the state of the economy and spending… though not all readers agree that the government’s spending is frivolous… We can put our garbage in the trash can. Not toss cigarettes onto the sidewalk. Not litter the roadways. The 20 percent or less do not care about our immediate environment, so how can they see or care to take care of anything bigger? How can anyone who uses that bridge not support replacing that bridge, a bridge that is needed but dangerous? Yes, we are using a portion of the federal and state taxes we have already paid. We do not want another viaduct or bridge collapse like what happened in San Francisco. Avoid spending lives because repair and replacement are costly but not squandered funds. – Margaret W. I couldn’t agree with you more about the foolishness and wastefulness of government “investments,” but I might consider adding these two to the very few that have paid dividends: The GI Bill and the Marshall Plan. (Of course, both were over 70 years ago…) – Charles E. Spot on the money. Did you ever notice government spending is now, invariably, described as “investment”? And the media lap it up, never questioning either definition. – Colin T. Yes, the “Build-Back-Better” mania is spreading everywhere. But no place like the States. George Carlin said: “If you live in the 20th century, you've got a ticket to the biggest circus in history. If you live in the USA, you’ve got a front row seat.” – Chuck F. As usual, the facts you present speak for themselves. Why don’t we take up a collection and start a company (U.S.A. made) that makes those old spinning tops we grew up with as kids? And we can give them to the politicians, the media, scientists, economists, and anyone else who, after being given the 2+2 test, answers anything other than 4. At least sitting around just spinning tops would make them good at something, and won’t harm the people in this great country. – Richard S. And the contentious conversations regarding [climate change]( and the [COVID-19 vaccination]( continue … the fight between personal freedom and “solidarity” are on the table… I can’t believe that you guys are so against a coherent vaccination campaign in this country! It has been proven by now that billions of injections across the world work very well against becoming very sick. And what about some solidarity amongst people in the U.S.? A huge public health problem! Why should all the people who did the right thing to get vaccinated, have to pay the price for the 25% that refuses? Look at Europe, where a “green pass” has been the norm for a while now… America has a real problem with that ridiculous notion of “personal freedom”… in a pandemic, c’mon. We have to wear seatbelts in order to protect ourselves, but a vaccination to protect against grave sickness? Get real. – Jolanda W. You are close to a lot of quiet people’s thoughts. The expensive proposals voiced panicky by the global warmer fearmongers are unproven. The few degrees of warmth we are enjoying now may very well be the product of the warm side of the solar warm/cool cycle. That has never entered into the discussion. – Leonard H. …And this is one of the reasons why I carry on with my subscription. Without freedom, we have nothing. Without freedom, life is not worth living. Last year of COVID-19 should have given many people time to reflect. But still, I am not surprised that stupid masses are crawling on their knees seeking Big Brother protection. 1984 should have been a mandatory book to read for all ages. Little protection from a world of tyranny. This is a sorry state of our planet’s affairs. Thanks again, Bill, just keep on writing. – Kaz G. Does America have a problem with “personal freedom,” as Jolanda believes? Or has the country cowered to the “protection” of “Big Brother,” like Kaz says? Write us at [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=The emergency has only just begun). IN CASE YOU MISSED IT… [The World’s First Quadrillion-Dollar Technology? (And $25 Lets You Play It)]( Bombshell analysis reveals elites are hiding $1.0 Quadrillion in the LAST place you’d expect… Jeff Brown – one of the most accurate tech investors in the world – just sat down for an interview to unveil: - How these “Private Economies” work… - Why 1 corner of this economy already jumped 18X in 2021 - How anyone with just $25 can stake their claim today Brown declares: “Hesitating now could force your family to wait centuries for another investing opportunity this big.” [Don’t wait, Click here to learn more.]( [image]( --------------------------------------------------------------- Get Instant Access Click to read these free reports and automatically sign up for daily research. 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