As the saying goes, you can’t judge a book by its cover, and so it seems like not a meeting if it’s just a cover!
It looks to me like the COP26 has so far become nothing more than… PHOTO OP 26 with various levels of world leaders’ priorities being who can stand next to whom for the group photo.
Then it’s off to the airport and homeward bound.
U.S. President Joe Biden’s Air Force One was on Scottish soil long enough to refuel it’s 290,000-liter wing tanks and set off back to New York burning through fossil fuel at the rate of 4.5 litres PER MINUTE.
Meanwhile, Prime Minister Justin Trudeau thumped the table and told all assembled that he will cap emissions on our oil and gas industry.
Then he insisted that the rest of the world should follow his lead and institute a global carbon tax, and then he would stop deforestation in this Canada.
If I were him, I would have slammed the gavel down even harder and bragged that the effect of this would immediately increase the carbon tax in Canada from the measly $40/tonne to $500/tonne.
This would increase the pump price overnight by $1.50/L. Now that’s leadership.
Are you on board with me Mr. President?
Hmmm, must have lost my email address.
Back in the real world, the price of energy is already almost out of reach Mr. Trudeau, because Canada has little or no say in stalling the upward movement of gasoline pump and diesel rack prices.
These prices are now moving with the tidal waves of change in geopolitical temperatures or is it temperaments?
What is being watched closely is what is determining next day, week, or month prices?
Right now, crude inventories and demand numbers are the critical ones.
The sudden 4 cent a litre drop at the pumps tomorrow is a result of an unpredicted 3.3million bbl increase in U.S. crude inventories and rumours of the Iranians returning to nuclear negotiations with the U.S. “soon,” which will increase crude supply.
This will be a relief to the U.S. president as pump prices are now making him squirm as we approach their Thanksgiving holiday, which is the heaviest travel period of the year.
His efforts to gain an increase of supply from OPEC. has fallen on deaf ears.
Needless to say, this would not be the ideal time for our PM to impress his ideals on the president.
Bad time to start telling the U.S. consumer that a carbon tax is on the way, which will boost prices even further.
Politicians can suffer from delusions of grandeur while consumers express to them contusions of anger.
– Roger McKnight – B.Sc., Senior Petroleum Analyst
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