For the duration of his fake, first and only presidential term, Joe Biden did everything in his power to avoid a rise in oil prices, knowing nothing would seal his fate as America’s worst president than a gas price spike in the twilight days of his life and career. He would court dictators (from a persona non grata, Venezuela’s Nicolas Maduro quietly became one of Biden’s BFFs), he would prevent sanctions against Iran from being fully enforced (allowing China to buy up Iranian oil at pennies on the dollar and keep overall oil prices subdued), and most importantly, he would water down sanctions against Russian oil for the past two years, realizing that crippling Russian oil exports would be a mutually assured destruction move, crushing both Putin and his own administration by sharply reducing oil output and sending oil prices sharply higher, even as it was those oil exports that kept Russia war machine humming and enabling the Kremlin to play cat and mouse with Zelensky, now that the Russian army is in full advance across Ukraine.
But now that Biden is out of the White House (having easily won the “worst US president” designation many times over), the Democrats are in disarray, and the world looking with some semblance of hope toward Trump’s second term, Biden has decided that it is finally time to do the “right thing” and send oil prices surging by announcing the most sweeping and aggressive sanctions yet on Russia’s oil trade, making life for his successor hell as gas prices are about to soar following closely the spike in oil.
Indeed, it was last Friday, with less than 2 weeks to go until Biden is kicked to the curb, when we got the shocking news that the US Treasury would enforce sanctions against Russian oil giants, Surgutneftgas and Gazprom Neft, while also dramatically expanding a highly effective program of targeting individual oil tankers expanding the list to some 270 total tankers sanctioned for carrying Russian oil, listing traders organizing hundreds of illicit shipments, naming pivotal insurance companies, and telling two US oil service providers to exit.
In short, an unprecedented crackdown on Russian oil exports, one which should have taken place the day after the Ukraine war, but didn’t because Biden knew it would send oil prices surging.
https://twitter.com/zerohedge/status/1877738187327467889
Biden’s surprise move, could reduce what the International Energy Agency predicts will be a supply surplus of almost 1 million barrels a day this year to zero (between them, Surgutneftgas and Gazprom Neft shipped about 970,000 barrels a day of oil by sea in 2024 and they are main source of commodity product for refiners in China and India) if not push it negative for another year, only this time Cushing is at “tank bottoms” meaning commercial inventory levels are at record low and the US Strategic Petroleum Reserve is… well, everyone knows where that is. […]
— Read More: www.zerohedge.com
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