Can Biden Make Things Even Worse?

His Latest Anti-Energy Scheme [The Daily Reckoning] November 07, 2022 [WEBSITE]( | [UNSUBSCRIBE]( Can Biden Make Things Even Worse? - The U.S. is running out of diesel… - How Biden could make the energy situation even worse… - Natural gas prices are skyrocketing… [BOMBSHELL: The Briefing That Shook Our Business]( Last night Jim Rickards dropped an absolute bombshell on our readers. That’s why I am sending you a personal rebroadcast link to the briefing that cause quite the stir in our office. With some saying this could be the biggest scandal since Watergate... And with our phones ringing off the hook... I’m urging you to get caught up immediately — there isn’t much time left… [Click Here ASAP]( Portsmouth, New Hampshire November 7, 2022 [Jim Rickards] JIM RICKARDS Dear Reader , Americans know that gasoline prices are higher, home heating fuel prices are higher and that there’s an emerging diesel fuel shortage in the United States. Higher fuel costs translate into higher costs for everything because trucks, trains, planes and cargo vessels all run on fuel (mostly diesel) so those higher fuel costs get passed along as higher prices for the goods being shipped including food. The diesel shortage is especially alarming… Unless you drive an old Volkswagen or Mercedes you’ve probably never put diesel fuel in your car. Cars are powered with gasoline, another distillate of crude oil. But practically everything else runs on diesel. This includes trains, trucks and cargo vessels. That’s the backbone of the entire global transportation network. When Chinese manufactured goods get to your local convenience store, they’ve arrived via container cargo ships that depart Ningbo (near Shanghai) and sail to the Port of Los Angeles. From there the containers are loaded onto special flatcars for trains or truck chassis. They’re then carried by train or truck to distribution centers where they are placed on other trucks for the final journey to your local store. In a nutshell, diesel fuel powers the transportation lanes that connect the global supply chain. Diesel powers a lot else including generators, heavy equipment, fishing fleets, recreational boats and more. Without diesel the world would quickly grind to a halt more devastating than the worst of the pandemic panic in March 2020. And right now, the U.S. is running out of diesel fuel. The Best-Case Scenario — and the Worst Case The U.S. typically has a 30-day supply of diesel that is continually topped up by new deliveries from oil refineries. Today that supply is under 25 days. Critically, the refineries can’t keep up with demand so the supply is dwindling by the day and cannot easily be replenished. The refineries can’t increase output. Worse yet, some portion of U.S. refinery output is being shipped abroad by major oil companies in order to avoid shortages in Europe that are even worse than what’s emerging in the U.S. Government officials are yelling at refinery operators to produce more but they cannot. The U.S. has not added any refinery capacity since 1977. Some refineries have even been closed recently. There’s no inclination to invest in new refinery capacity because the Biden administration has threatened to destroy the U.S. oil and gas industry. Why invest in an industry that’s targeted for destruction by the White House? [Attention! Before You Read Any Further…]( Before you read any further in today’s issue, an urgent situation needs your immediate attention. If you don’t plan on claiming this new upgrade to your Strategic Intelligence subscription, you’re missing out on a huge opportunity. Right now is your chance to grab one of the biggest (and most valuable) upgrades our company has ever made to a newsletter. I’m taking Strategic Intelligence to an entirely new level and I’d hate to see you left behind… [Click Here To Learn More]( This diesel shortage is coming to a head fast. The best case is prices will skyrocket. That means the prices of all the goods carried on trains, trucks and vessels will skyrocket too because those higher transportation costs get passed along in the form of higher prices for the goods being exported. The worst case is a gradual shutdown of transportation lanes, bare shelves in stores, food shortages and social unrest. (That's why my latest election prediction is so urgent, just one day ahead of the midterms. I break everything down for you and show you why the U.S. may have the WORST winter in decades... all thanks to a "cover-up" by Joe Biden. [Go here now]( for the critical details, including what you can do to protect yourself). I Hate to Get Into Politics, But… I don’t like to get into politics in this newsletter, but when they impact markets, I have no choice. And let’s face it: From his first day on the job, Joe Biden has done everything possible to destroy the U.S. oil and natural gas industry including closing the Keystone XL pipeline, ending new oil and gas exploration leases on federal land, handicapping the fracking industry with new regulations and subsidizing inefficient alternative energy sources such as solar and wind turbines. Just yesterday, Biden reaffirmed that he’s for “no more drilling.” Biden has also drained the U.S. Strategic Petroleum Reserve of 130 million barrels of oil in recent months out of total capacity of 700 million barrels. The reserve is now at the lowest level since 1984. All of that is in the books. The question is whether Biden can make things even worse. Of course, the answer is yes. Biden is now blaming the oil industry for high prices caused by his policies and is threatening a so-called excess profits tax on oil company profits. Of course, Biden blames everyone for everything and never accepts responsibility for his disastrous policies. This is just one more example. [Over 62 And Collect Social Security? Take Action Immediately!]( [Click here for more...]( If you’re over the age of 62 and currently collect Social Security, you need to prepare now. Because Biden has given our country the worst inflation in decades – and many warn things will only get worse from here. Worse yet, the Social Security check you receive now may not keep pace with inflation… Which is why, if you don’t act now, you could fall behind in the months ahead. Is your retirement at immediate risk?… [Click Here To Find Out]( Again, one reason gas and diesel shortages are emerging is scarce refining capacity in the United States. Remember, no new refineries have been built in the U.S. since 1977 and some existing ones have been shut down recently. Why should any major oil company invest anything in their own industry when Biden threatens to destroy the oil and gas industry on a regular basis? Windfall profits taxes are nothing new. Jimmy Carter tried one in the late 1970s. Oil prices doubled. (That was after oil prices had already quadrupled in the mid-1970s). When you tax something you get less of it. It’s that simple. Biden’s windfall profits tax proposal will result in less oil and higher prices starting now. Get ready. Energy Rationing Is Already Underway Meanwhile, parts of the country are facing a heating crisis this winter, as dwindling supplies are forcing rationing in several northeast states. As Bloomberg reports: Heating oil delivered to New York is the priciest ever. Retailers in Connecticut are rationing it to prevent panic buying. New England’s stockpiles of diesel and heating oil — the same product, taxed differently — are a third of normal levels. Natural gas inventories are also below average. A Massachusetts-based utility is imploring President Joe Biden to prepare emergency measures to prevent a gas shortage. Add some cold to the mix, and in the best-case scenario, Northeast consumers will shoulder the highest energy bills in decades this winter. The Biden administration, under pressure to tame prices ahead of the midterm elections, is considering ways to stash more diesel and gasoline in New England. In the worst-case scenario, a cluster of states with a combined economy bigger than Japan’s will run out of fuel to keep the lights on and heat homes and businesses... The Northeast will compete with countries across the Atlantic and around the world for fuel to generate power, fill up trucks and keep the cold at bay. “Let’s All Pray for a Mild Winter” But don’t think you’re exempt if you live outside the Northeast. Estimates are that Americans in general may spend the most on heating in at least 25 years this winter. Natural gas prices are up a shocking 49% alone in the last 11 trading sessions. Meanwhile, after mild October temperatures that have extended into the first week of November, much colder weather is forecast to sweep across the U.S. When your heating bill is through the roof this winter, when the price of gas is skyrocketing and you can’t buy baby food for your children you can thank the Green New Scam ideologues and Joe Biden for the dismal economic state of affairs. Let’s all pray for a mild winter. Regards, Jim Rickards for The Daily Reckoning P.S. Tomorrow is the big day, the day I’ve been helping my readers prepare for — the critical midterm elections. And last night I issued an [urgent midterm election warning for all Americans.]( I discussed how President Biden has been [covering up a MASSIVE economic issue for months now in order to secure the midterm elections.]( Did you catch the broadcast? I hope so. But in case you couldn’t make it, you can see it in its entirety by going [here.]( But I have to warn you. The material is controversial and may be offensive to some audiences (especially for those who are fans of President Biden). Time is running short. [Go here now to view my urgent election warning.]( Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) [James G. Rickards] [James G. Rickards]( is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is the author of The New York Times bestsellers Currency Wars and The Death of Money. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2022 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your The Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@dailyreckoning.com. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. The Daily Reckoning is committed to protecting and respecting your privacy. We do not rent or share your email address. Please read our [Privacy Statement.]( If you are having trouble receiving your The Daily Reckoning subscription, you can ensure its arrival in your mailbox by [whitelisting The Daily Reckoning.](