Connect with us

Politics

Top investor says prepare for $100+ oil price, $5+ gas this winter

Published

on

A motorist fills up at a Shell station on Monday, Nov. 22, 2021, in San Francisco, where regular unleaded gasoline was selling for $5.85 per gallon. President Joe Biden on Tuesday, Nov. 23, 2021, ordered 50 million barrels of oil released from America's strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China. (AP Photo/Noah Berger)

A motorist fills up at a Shell station on Monday, Nov. 22, 2021, in San Francisco, where regular unleaded gasoline was selling for $5.85 per gallon. President Joe Biden on Tuesday, Nov. 23, 2021, ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China. (AP Photo/Noah Berger)

OAN Newsroom
UPDATED 8:45 AM PT – Wednesday, November 24, 2021

A prominent investment manager said global oil prices will likely exceed $100 per barrel due to Joe Biden’s policies. Chief investment officer at Hayman Capital, Kyle Bass said Tuesday that Biden’s release of 50 million barrels from the Strategic Petroleum Reserve is “a quick shot of morphine for a major infection.”

He pointed out the energy industry has been “under-invested” for the past seven-years and excessive regulations further restrain the supply of oil. Bass also said the world consumes some 100 million barrels per day and Biden’s release of 50 million does nothing at all.

Advertisement

“You see Biden at OPEC, begging them for more production,” explained the investment officer. “At the same time, he’s saying no more interstate pipelines, no more drilling federal lands. I get what he’s saying…but you can’t turn something off in an absolutist fashion overnight and flip a switch and think you can change energy sources because you believe it’s a good idea.”

Bass said average U.S. gas prices could double this winter, up to $6 a gallon, while oil prices could exceed $150 per barrel.

MORE NEWS: Biden Taps Into Strategic Petroleum Reserve To Release 50 Million Barrels Of Oil To Lower Gas Prices

Continue Reading
Advertisement

Politics

Gottlieb: Vaccines against specific COVID variants may not work with others

Published

on

WASHINGTON, DC - OCTOBER 25: Dr. Scott Gottlieb, commissioner of the Food and Drug Administration (FDA), testifies during a House Energy and Commerce Committee hearing concerning federal efforts to combat the opioid crisis, October 25, 2017 in Washington, DC. Lawmakers on the committee threatened to subpoena information from the Drug Enforcement Agency (DEA) regarding their delayed responses about drug distributors that poured in millions of pain pills into West Virginia. (Photo by Drew Angerer/Getty Images)

Dr. Scott Gottlieb, then-commissioner of the Food and Drug Administration (FDA), testifies during a House Energy and Commerce Committee hearing concerning federal efforts to combat the opioid crisis, October 25, 2017 in Washington, DC. (Photo by Drew Angerer/Getty Images)

OAN Newsroom
UPDATED 9:30 AM PT – Monday, December 6, 2021

According to former FDA commissioner Scott Gottlieb, variant-specific vaccines may not work against new variations of COVID. During an interview Sunday, he said there’s reason to believe developed vaccines won’t work well against the full component of different variants.

“While Omicron may become a threat in U.S., the absolute risk from it right now is very low,” Gottlieb noted. “Many people will still become infected by Delta and may find that delta natural immunity doesn’t protect well against Omicron.”

This comes as Omicron cases have reached at least 15 states in the U.S. and the CDC announced FDA officials are in talks of rushing to authorize a Omicron-specific vaccine.

“So, the question right now is whether or not this is re-infecting people who have Delta immunity and haven’t been vaccinated, or whether it’s going to also infect people who have who have been vaccinated,” Gottlieb stated. “There’s some reason to believe that vaccines could be more protective than just immunity acquired through natural infection from Delta. That’s going to be a critical question we need to figure out in the coming weeks because we have some important policy decisions that we need to make, depending on the answer.”

Meanwhile, CDC Director Rachelle Walensky said conversations remain ongoing and the number of probable Omicron cases will likely rise.

Advertisement

MORE NEWS: Biden’s Political Deception On Ports

Continue Reading

Politics

EIA: Coal-fired power generation surges 22% in past year

Published

on

(Matthew Brown | AP File Photo) In this April 4, 2013 photo, a truck carrying 250 tons of coal hauls the fuel to the surface of the Spring Creek mine near Decker, Mont. The mine has been indefinitely shuttered by its new owners from the Navajo Nation in a dispute over whether it should be immune from some environmental regulations.

File – A truck carrying 250 tons of coal hauls the fuel to the surface of the Spring Creek mine near Decker, Mont. (Matthew Brown / AP File Photo)

OAN Newsroom
UPDATED 9:30 AM PT – Monday, December 6, 2021

The share of coal in U.S. power-generation is rising for the first time since 2014 amid Joe Biden’s crackdown on oil drilling and pipelines.

The Energy Information Administration found coal-fired power generation has increased by 22 percent over the past year amid surging prices of natural gas and oil. The cost of coal power stands at nearly $2 per million of British Thermal Units. Meanwhile, natural gas costs almost $5 for the same amount of energy.

The coal comeback comes despite Biden’s calls to eradicate the use of fossil fuels and a Democrat push for electric cars, which end up being powered by coal-fired power plants.

“Whether you’re looking at natural gas on a global basis or you’re looking at coal a global basis, there’s no give in the system,” explained Dan Yergin, Vice Chairman of IHS Markit. “In a sense we are seeing a consequence on a global basis of a constrained investment going into the energy sector…and the replacements isn’t really there, so there is an imbalance between what the policies and directions are.”

Last year, coal accounted for some 20 percent of U.S. power generation, but its share is expected to go up in coming years due to a shortage of reliable sources of energy.

MORE NEWS: Senate Candidate Eric Greitens Discusses Policies, 2A

Advertisement
Continue Reading

Politics

Critics blame Los Angeles public safety issues on liberal groups

Published

on

This undated image released by the California Attorney General's Office shows stolen items from Bay Area retailers, recovered in a warehouse in Concord, Calif., where a search warrant was executed by California law enforcement authorities in the San Francisco Bay Area. Spurred by a recent run of large-scale smash-and-grab robberies, prosecutors and retailers are pushing back on assertions by California's governor and attorney general that they have enough tools to combat retail theft in the wake of a voter-approved easing of related laws. (California Attorney General's Office via AP)

This undated image released by the California Attorney General’s Office shows stolen items from Bay Area retailers, recovered in a warehouse in Concord, Calif., where a search warrant was executed by California law enforcement authorities in the San Francisco Bay Area. Spurred by a recent run of large-scale smash-and-grab robberies, prosecutors and retailers are pushing back on assertions by California’s governor and attorney general that they have enough tools to combat retail theft in the wake of a voter-approved easing of related laws. (California Attorney General’s Office via AP)

OAN Newsroom
UPDATED 9:06 AM PT – Monday, December 6, 2021

Liberal lawmakers and activists are facing criticism over the rise of crime in Los Angeles. Current and retired police officers are writing op-eds and speaking to media about their frustration over Proposition 47 and justice reforms in the city.

The officers suggested the spike in smash-and-grab robberies and the murder of Jacqueline Avant could have been potentially prevented if lax sentencing was addressed. Many have pointed to the wrap sheet of the suspect in Avant’s murder as evidence that violent crimes should carry longer sentences.

Democrat Governor Gavin Newsom has defended Proposition 47. He even blamed police and prosecutors by saying the threat of arrest is deterrent enough.

Advertisement

“It seems to me that there is deterrence when people are arrested for breaking the law and are prosecuted, so we needs arrests and we need prosecutions,” he stated. “We need people held to account. No one condones that behavior, quite the contrary.”

Dozens of law enforcement officers have asked for help, saying criminals are being released on little to no bail and are often times re-offending.

MORE NEWS: Rep. Bilirakis: Biden Out Of Touch On Supply Chain Issues

Advertisement
Continue Reading
Advertisement

Trending