Crisis! Oh, crises! There are so many, we’re all asking, which one?
We have hop-scotched from the climate crisis to the energy crisis, and now, with the fallout of the Silicon Valley Bank failure – banks are once again creaking on their foundations, and we have a consumer confidence crisis.
And it’s only Thursday!
If I were to package this all together, I would call it a consumer confusion crisis. And if you and I are looking for some calming guidance from our bank of politicians, we need to look elsewhere because that’s where their minds are.
On the energy front, we may actually be in a surplus position with U.S. crude inventories now 7% above the five-year average.
The demand for U.S. gasoline is down, combine this with the lack of any sign of a rebound in Chinese demand, then over the short term, there is no current fossil fueled energy crisis.
If this is not the case, can someone explain to me why the leading advocate for the demise of crude oil and its refined products beamed with pride recently while announcing the deal that the Saudis have ordered 78 Boeing Dreamliners, each of which has a capacity of 127,000 L and a burn rate of 5 gallons (19L) per minute? The U.S. Commerce Secretary boasted, “this deal is a fitting tribute to an economic partnership between our two countries now in its eighth decade.”
What was not mentioned is that this deal will secure 140,000 jobs across the U.S. airline feeder industries to fulfill these orders.
But this is nothing compared to Air India that placed the largest order in aviation history for 470 jetliners from you guessed it – Boeing. Not a peep from President Biden who, on his first day in office you’ll remember, cancelled the Keystone XL pipeline supposedly to ensure climate purity in the U.S.
Cancel that thought though because this same ‘climate troubadour’ just approved the drilling for 600 million barrels of oil across 13 million acres of land in the northern reaches of Alaska. The Biden administration justified this, based on, “energy security.”
Any reaction from our Prime Minister? Any word from his band of environmental employees on any of these developments?
You can almost overhear the conversations, “Developments? What developments?”
“I wasn’t told of these matters, so they don’t matter.”
“I’ll appoint a committee to look into these allegations and get back to you.”
“Sorry got to go… I have a plane to catch.”
– Roger McKnight – B.Sc., Senior Petroleum Analyst