Quite a lot of folks from the chatterati crowd have their drawers and bucktas in knots, after Reuters blared that the International Energy Agency (IEA) predicts there’s gonna be a 1 mbpd global surplus in oil production next year – and for the decade. But it’s been months since the IRA came out with their report, so your Eyewitness wonders why Reuters is now so hot and sweaty!!
IEA, of course, was launched by the “developed” OECD economies after the 1973 OPEC oil prices’ hikes had thrown their economies into a tailspin!! Its job is to keep its funders apprised about the crucial energy sector, so whenever it comes out with its reports, those of us in the rest of the world gotta parse its pages closely in order to find what’s really going down.
Now, we know the OECD are the greatest contributors to global warming, by burning fossil fuels like coal and oil to fuel their early industrialization. But they want to pretend this problem only just happened, and we all must work equally towards mitigating its effects!! And we see this even in their report of the supposed oil glut. After all, haven’t the US been a major contributor to that glut, by developing their production of shale oil that’s really subsidized by their financial legerdemain?? They’re now the largest oil EXPORTING nation – having been producing from shale FIVE MILLION BARRELS OF OIL PER DAY between 2014 and 2019!! So, how come they aren’t being called on the carpet to be dressed down for their profligate production??
But what is most important is that their cost of production in shale oil is much higher than even our extra-deep underwater oil, and since they’re investing in additional production, they clearly know something that they’re not saying.
What they ARE saying is that, with China’s production slowing down, so is their consumption of oil that fuels all those factories that supply the world!! So, are they saying that the Chinese are in for a Great Depression, and will take decades to come out of it??
Well, the US came out of the Great Depression by producing all the war materiel to sustain the Allies in WWII. Maybe China would solve their downturn through WWIII? Be that as it may, IEA’s perspective is shaped by the premises of its OECD sponsors: to wit, the rest of the world doesn’t have the agency to grow on its own. This miscalculation caused the US, after 1972, to throw all their manufacturing into China, with their factories forming Rust Belts.
Right now, the US higher tariffs on China’s production won’t do squat to reduce anything, as China is creating new markets with its B&I, and other countries, like India, are starting their manufacturing upswing!!
Oil prices will keep heading upwards!!
…of Trump
Most people think that Trump suddenly burst on the political scene out of thin air just before the 2016 elections – just because he hasn’t run for office as a graduate of the American political system that divides the world into Democrats and Republicans!! Guyanese can be forgiven, since we’re so far away in time and space. But what about Americans, and even New Yorkers, where he was born??
The fact of the matter is that Trump was working on his political brand as far back as the 1980s, when he was the brash wonderkid who was shaking up New York and further afield with his outsize – and outrageous – investments in New York and Atlantic City real estate.
The Trump Tower might’ve looked gaudy to the old guard, but it certainly got the attention of the rich and famous!! He created new fans when he dabbled in the new US football league by owning the Jersey Generals.
Trump’s spent the last four decades developing his brand; and a brand it is!!
…of police overreach
News that the state would pay Quindon Bacchus’s mother $24 million for his wrongful death at the hands of a rogue policeman is an important milestone in the necessary reconstruction of the operations of the GPF.
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