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Friday News Roundup: Pelosi Toadies for Iran and the Media Toadying for Biden is Nothing New

Here is the genius of President Donald Trump and his administration: They now have the Democrats sticking up for Iran. – No kidding, take a look at what San Fran Nan had to say yesterday in response to the joint press conference by DNI John Ratcliffe and worthless FBI Director Christopher Wray that both Iran and Russia are trying to interfere in this election:

“Iran is a bad actor, but in no way equivalent [to Russia].”

How pathetically un-American is that? But that is where the Democrats feel they need to go in order to keep pushing their “Russia Russia Russia” attack narrative against the President of the United States.

Genius.

And speaking of pathetic Democrats… – In case you missed it due to the media blackout, the Senate Judiciary Committee approved the nomination of Amy Coney Barrett yesterday in a vote that was both along party lines and unanimous. That’s because the petulant Democrat members of the committee all boycotted the committee meeting.

It just don’t get any more pathetic than that, folks.

And now, a bit of wonderful trivia from our “HO-LEE-CRAP” file… – Rasmussen reports tweets out the fact that Black voters’ approval of President Trump rose to…wait for it… 46%[!!!!] in its latest daily survey:

My goodness. Obviously, job approval doesn’t necessarily translate into outright votes, but if the President’s share of the Black vote amounts to 1/3rd of that in this election, it will produce an unprecedented Red Wave election on November 3.

Hey, maybe this has something to do with it. – The Washington Examiner reports this morning that the rate of imprisonment for the Black community under Donald Trump’s presidency is the lowest it has been in 31 years. Equally as compelling, the rate of Hispanic incarceration is down by 24%.

Here’s an excerpt from that story:

America’s imprisonment rate has dropped to its lowest level since 1995, led by a dive in the percentage of blacks and Hispanics sent to jail during the Trump administration, according to a new Justice tally.

For minorities, the focus of President Trump’s First Step Act prison and criminal reform plan, the rate is the lowest in years.

For blacks, the imprisonment rate in state and federal prisons is the lowest in 31 years and for Hispanics it is down 24%.

“Across the decade from 2009 to 2019, the imprisonment rate fell 29% among black residents, 24% among Hispanic residents and 12% among white residents. In 2019, the imprisonment rate of black residents was the lowest it has been in 30 years, since 1989,” said the report.

Screen Shot 2020-10-23 at 8.10.45 AM.png

Bureau of Justice Statistics

 

Explaining the rate, Justice said, “At year-end 2019, there were 1,096 sentenced black prisoners per 100,000 black residents, 525 sentenced Hispanic prisoners per 100,000 Hispanic residents and 214 sentenced white prisoners per 100,000 white residents in the U.S. Among sentenced state prisoners at year-end 2018 (the most recent data available), a larger percentage of black (62%) and Hispanic (62%) prisoners than white prisoners (48%) were serving time for a violent offense.”

[End]

Oh. That’s some news you will never, never, ever see reported on CNN or MSNBC.

What if you give a press conference and the “press” refuses to show? – Former Hunter Biden/Joe Biden “business” partner Tony Bobulinski found out the hard way when he held a presser right before last night’s debate. Very predictably, almost nobody other than OANN and Fox News showed up.

Here is Ted Cruz excoriating the corrupt news media for its latest bit of malfeasance:

“It’s part of a pattern that we saw last week when the New York Post broke this story, and Big Tech – Twitter and Facebook – censored it, and essentially determined that the American people could not even hear the facts. I think the degree to which the media and Big Tech are shilling for Joe Biden, are protecting him, are covering him up and not even asking these questions, I think it’s really shameful.”

Yep, it really is, Senator.

But, while this current episode of the media shilling for the Democrats seems fresh and new to us in real-time, we should all remember that this really is not new behavior by our corrupt, worthless national news media. They’ve been doing this stuff for Democrats forever.

Go back to October 1919, and Woodrow Wilson’s stroke that left him incapacitated. Wilson’s wife essentially ran the government from then all the way through early 1921, and the pubic didn’t find out the truth for decades. Same with Franklin Roosevelt and his wheelchair. The media covered up that disability for decades. Same with John F. Kennedy’s massive drug abuse and affairs with the girlfriends of mob bosses and Russian spies, not to mention Marilyn Monroe. We didn’t find out about any of that stuff until 20-30 years later.

Remember how the Washington Post and Newsweek sat on the Bill Clinton/Monica Lewinsky story for months, and would have buried it altogether were it not for the fact that Matt Drudge decided to run with it on his then-fledgling website. And let’s not forget the solid wall of Omerta the media put up on behalf of the utterly despicable John Edwards and his fathering of an illegitimate child during the early phase 2008 presidential campaign.

This has been going on forever, folks. Our national news media has been rank, smelly, lying garbage for decades. It just seems new now because the fresh layer of rank, smelly garbage consisting of Twitter and Facebook has been layered over the top of it.

Look who thought President Trump won the debate last night:

Megyn Kelly is right: Trump won the debate handily. I explain my reasoning fully in another piece this morning. Go read it. Now.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is the only real conservative alternative to Drudge, and deserves to become everyone’s go-to source for keeping up with all the latest events in real time.

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The Atlantic Rolls out the Next Anti-Trump Hoax

As the election approaches, we’re back to the system of media outlets taking turns rolling out stories supporting the various Democrat narratives. Yesterday, the news-fakers at ABC turned out this little ditty:

Yes, friends, this rehash of the Democrat/Media “it’s all Russia all the time” narrative is that you should not believe your lyin’ eyes and ears when it comes to Joe Biden’s obvious advancing dementia, because it’s all just the Russians. Or something. Honestly, I don’t even know what it is – the headline was so utterly absurd and without any merit at all that I refused to even click on the link.

You go read it if you care to.

Then there’s the despicable news-fakers at The Atlantic, the dying magazine’s editor-in-chief Jeffrey Goldberg no less, who rolled out a classic pathetic hit piece Thursday. This one alleges that President Donald Trump hates the military – especially soldiers who are dead or wounded – and goes around every day finding excuses to make disparaging remarks about them.

For this obvious hoax, the Atlantic expects to you suspend disbelief, ignore what you see and hear from the President every day, and believe the “unnamed sources” upon whose alleged word the entire story is based.  These “sources” may or may not exist – you have no way of really knowing. The Atlantic, which has repeatedly been caught spreading the most heinous fake news over the last five years, expects you to trust its “journalistic ethics”, which is akin to a shark telling you to trust it not to eat you.

Within hours of the story’s breaking, at least three current and former close advisors to the President posted absolute, unqualified refutations of the allegations in it. They include General Keith Kellogg who serves as Mike Pence’s National Security Advisor:

Again we see a corrupt media outlet expecting you to ignore your lying eyes and ears and just believe them. This is just another example of how the utter abandonment by our corrupt national media of anything resembling journalistic integrity threatens our entire society.

It hasn’t been long ago that no reputable editor would have ever dreamed of going to print with an explosive story such as this based purely on cowards who refuse to reveal their names. But the media decided in 2016 that literally anything is “fair game” when going after Trump. And hey, we’re all out of “reputable editors,” and stuck with Democrat activist hacks like Jeffrey Goldberg instead.

Goldberg claims multiple sources, but the Atlantic’s track record is so sketchy that we’d be fools to believe any of them truly exist. If they do exist, can anyone doubt that, if their names were revealed, we would find loyalty to Barack Obama in their resume’? Of course we would, which is why their names will never be revealed. Again, that’s if they even exist.

This is the state of our entire news media today, and it is incredibly divisive. Struggling rags like the Atlantic, desperate for readers and web traffic, are willing to go to press with any story, no matter how absurd, if they think it could go viral.

This story did go viral, as the China bots and outrage mobs on Twitter and Facebook made sure to spread it as quickly as they could. So, the Atlantic made a little money from its advertisers for the day and may get a few new subscribers, although China bots don’t tend to buy subscriptions to dying fake news magazines.

But here’s our looming reality through November 3: We’re going to see a new fake story every day from one corrupt media outlet or another. It’s like they have a batting order that’s been written up by the DNC. This week we’ve seen the daily narrative booster story from Axios batting leadoff, the Washington Post hitting second and The Atlantic taking the batter’s box third. The ABC story mentioned above doesn’t count because it was just the 10,000th rehash of the “Russia, Russia, Russia” narrative.

Today we’ll find out which corrupt media outlet is batting cleanup. My money’s on the New York Times.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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Right on Cue, the New York Times Tries to Mount a new Russia Hoax

Meet the new Russia hoax, same as the old Russia hoax. – The Russia Collusion hoax was based entirely on a fraudulent dossier and lies told to reporters by anonymous sources. Well, and also by reporters just making crap up out of whole cloth in many instances, but that goes without saying. The Democrats and their corrupt media toadies managed to deceive the American public for three solid years and tilt the 2018 elections using that hoax, so it’s only natural they would repeat that same model in the runup to the 2020 elections.

Meet the new Russia hoax, this one claiming that President Trump was briefed on a plan by those evil Russians to bribe Afghanistan militants to murder U.S. and coalition forces in that sh*thole country (don’t even try to prove me wrong on that assessment), and that the President did nothing to stop them. The New York Times got the ball rolling on that doozy late last week with yet another fake report based on nothing but anonymous sources who may or may not even exist. You’re just supposed to trust that the New York Times, which has filed hundreds of completely false reports about President Trump since 2015, is finally telling you the truth this time, because of their journalistic “ethics” or something.

Even more, you’re supposed to believe the Times because other corrupt media outlets like the Wall Street Journal and Washington post “independently verified” the story – i.e., they talked to the same anonymous sources, who may well have been the reporter from the Times itself. Because that’s what these corrupt political operatives masquerading as journalists do.

As with this past week’s Bubba Wallace/NASCAR noose story, if you didn’t realize within about 10 seconds that both stories are clear hoaxes, then you just haven’t been paying enough attention to what’s been happening in our country for the past four years. But most Americans are too dense to figure it out, so the President and many of his people had to waste their time issuing outright denials of this false reporting on Saturday.

As reported by the Washington Examiner, former Director of National Intelligence Ric Grenell ended up in a back and forth on Twitter with despicable hack Ted Lieu:

Rep. Ted Lieu, a California Democrat, tweeted at Grenell daring him to confirm whether he did not tell Trump and Pence about a Russian military intelligence unit offering financial rewards to Taliban militants to kill U.S. troops or McEnany was lying.

“I never heard this,” Grenell shot back. “And it’s disgusting how you continue to politicize intelligence. You clearly don’t understand how raw intel gets verified. Leaks of partial information to reporters from anonymous sources is dangerous because people like you manipulate it for political gain.”

Lieu followed up by asking: “If you are telling the truth, why doesn’t White House deny bounty story instead of saying you didn’t brief @POTUS?”

Grenell replied: “All anonymous sources. And these same reporters gave us the Russian collusion hoax you still hold on to.”

Yep.

Current DNI John Ratcliffe issued this unambiguous statement on the matter:

Ok. Next!

The President of the United States tweeted this:

All true. Next!

Even Vladimir Putin and Russia accurately referred to the New York Times as “fake news”:

Header media

World news
Russia denies allegation that it offered bounties to militants in Afghanistan for killing American troops
According to The New York Times, American intelligence officials reported that a Russian assassination unit secretly offered bounties to Taliban-linked militants for killing American troops in Afghanistan. Russia responded by calling it an attempt to “invent new fake stories.”

Photo via @timesofindia

[End]

So, you are left with either believing “news” outlets who have repeatedly lied to you and worked hand in glove with the Democrat Party to spread a series of outright hoaxes to the American public over the last four years, or believing the President, DNI Ratcliffe and Ric Grenell, who spent his entire time as DNI debunking the media’s previous Russia Hoax by declassifying documents and bring transparency in government.

This is not hard, folks.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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$70 Oil by the end of the Year? It Could Happen.

What a difference three months makes. Three months ago today, Russia and Saudi Arabia had just embarked on a completely irrational effort to flood the global oil markets after Russia had basically blown up the OPEC+ supply limitation agreement when it balked at making an additional few hundred thousand barrels of oil per day (bopd) in cuts.

But on Saturday, those same two big producers cajoled the rest of the countries participating in OPEC+ to extend the deep, 9.7 million bopd May/June supply limits through the end of July. The cuts had been scheduled to scale back to a combined 7.7 million bopd on July 1. Reuters reports that Saudi Arabia has now reduced its daily production by 2.24 million bopd from its market-flooding level in April, while Russia – which could not stomach a reduction of about 200,000 bopd back on March 4, has cut its own daily production by more than 900,000 barrels.

It’s pretty amazing how single digit – and even momentary negative – crude prices will change an oil minister’s perspective on what constitutes an appropriate level of output.

The OPEC+ members also pledged to monitor and reassess appropriate supply levels on a monthly basis, beginning with their next meeting, which is scheduled for June 18.

Combined with dramatic reductions in crude output in the U.S. and Canada and a more-rapid-than-expected recovery in demand, the extension of the OPEC+ May/June quotas sets the stage for a more rapid re-balancing of the global markets. Bjornar Tonhaugen, Rystad Energy’s head of oil markets, said that “Today’s deal is a positive development and, unless a second Covid-19 wave hits the world, it will be the backbone of a quick recovery for the energy industry. That is due to the oil stocks decrease that we will see as a result of the production deficit. Stocks are now what keep prices at relatively low levels and the quicker they fall, the faster we will see prices rise.”

Read the Full Piece Here

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Ric Grenell Moves to Secure 2020 Elections From the Real Threat

Today’s Campaign Update (Because the Campaign Never Ends)

There is no more important issue facing our nation today than election security. That security has been under deep and growing threat for decades now, and not from the dreaded Russians.

The actual pervasive, focused and existential threat to America’s elections comes from the Democrat Party, which has been devising new ways to defraud the public trust and steal elections since its very creation.

Texans tell the tale of Lyndon Johnson’s stealing the Democrat Party’s 1948 U.S. Senate primary election using the infamous “Box 13” like it’s an amusing fairy tale. But it isn’t: It really happened, and it was really the first famous case of what Democrats today like to call “ballot harvesting.”

Johnson and his opponent, Coke Stevenson spent days after election day getting the respective crony county judges to “find” new ballots lying around their courthouses. Every time Stevenson would pull ahead, LBJ would call one of his buddies to “harvest” enough ballots to allow him to take the lead.

After this had gone on for several days, Johnson made one last call to his most reliable crony, Duval County Judge George Parr. Parr told him that he’d already “found” more ballots in his county than its total number of adult residents; plus, by that point he had the FBI and Texas Rangers breathing down his neck. But, he said, he might be able to do something in neighboring Jim Wells County. That evening, a box containing about 200 ballots, all filled out in the same handwriting, somehow cast in alphabetical order, and almost all of which were conveniently cast for Johnson, were added to the count, handing Johnson his victory.

We laugh about this story now, but think of all the human misery that LBJ was able to cause as the result of stealing that election. It is an established fact of history that John Kennedy was in the process of pulling the U.S. out of Vietnam when he was assassinated. Within days after taking the oath of office aboard Air Force One, Johnson reversed that decision and began his massive escalation of that tragic intervention.

Also, consider this: How does the Box 13 election theft differ in any substantive way from the “ballot harvesting” we saw in California in 2018, or the outright thievery – usually carried out on national television – we see in every election cycle by Democrat officials in Broward and Palm Beach counties in Florida? Mind you, those people in Florida came within a few hundred hanging chads of stealing the presidency for Al Gore in 2000.

The only real difference is that, instead of “finding” 200 ballots, the Democrat thieves today manage to “find” millions.

Indeed, the Democrats have become so unabashed about their election thievery – which their corrupt toadies in the national news media have worked so hard to normalize in the public mind – that they openly brag about it. Yesterday, House Democrats passed a $3 trillion piece of legislation that contains hundreds of millions of dollars as seed money for institutionalizing it in every state of the union.

It is against this backdrop that increasingly threatens to turn the United States into a functional banana republic, and the utter and complete failure by the FBI and other federal law enforcement agencies to do anything about it, that Acting Director of National Intelligence Ric Grenell made another important move on Friday.  In the news release copied below, Grenell announced that all election security briefings that have in the past been led by the increasingly-unreliable and corrupt FBI will now be led by the ODNI.

Image

Grenell’s action is just one more proof-point of what an abject failure Christopher Wray has been in the job of FBI Director, and likely another indication of how little President Trump trusts the man. No one should expect Wray to last long in a second Trump term in office.

From a report at Fox News on the matter:

A senior administration official told Fox News the newly-Senate confirmed director of the National Counterintelligence and Security Center inside ODNI, Bill Evanina, will serve as the intelligence community’s leader of the “critical effort.”

OBAMA ADMINISTRATION WAS ‘FROZEN’ IN COMBATTING 2016 RUSSIAN ELECTION MEDDLING: SENATE REPORT

“U.S. elections are the foundation of our nation’s democracy,” Evanina said Friday. “We are committed to supporting this administration’s ‘whole of government’ effort to secure the 2020 election.”

The senior administration official told Fox News that the change “represents an important improvement in simplification to the threat notification process.”

A senior White House official told Fox News that “the biggest complaint from the 2016 election was the lack of, and insufficiency, of briefings to campaigns and candidates,” referring to then-candidates Donald Trump and Hillary Clinton.

The last election speaks to itself, in terms of how much was going on, and how poorly the campaigns and candidates were kept abreast in order to protect their campaigns,” the White House official told Fox News.

[End]

So obviously, James Comey’s FBI failed to get the job done in 2016, which should surprise no one. Equally obviously, there is no reason for anyone to have any more confidence in Wray’s FBI to get the job done in 2020.

While the corrupt news media will continue to focus on the Russia, Russia, Russia fantasy aspect of all of this, the real threat to America’s system of free elections always has been and clearly remains the Democrat Party.

Thank God for Ric Grenell, and pray his eventual successor, John Ratcliffe, is as effective and determined in this job as he has been.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

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Leftist Michigan Professor Illustrates Why This is Such a Dangerous Time for America

Today’s Campaign Update (Because the Campaign Never Ends)

Well, this was inevitable, wasn’t it? – Now that demonstrations protesting draconian and likely illegal orders issued by governors are popping up all over the country – as we covered yesterday – the Democrat/media propaganda complex narrative will now likely go back to yet another iteration of “Russia, Russia, Russia” starting today.

One on-air NBC contributor apparently got her hands on the joint talking points early and gave us a preview of the new narrative on Saturday. Check this out from Michigan University law prof. Barb McQuade:

Now, this is the very same Barb McQuade who has spent the last few weeks reciting the talking points of the communist Chinese government in support of the efforts by the propaganda complex to blame the Wuhan Virus on President Donald Trump. This tweet – and the thousands of messages to come from Democrat operatives across the media in support of this latest narrative – is just an extension of that ongoing campaign.

Obviously, the country that most benefits from the shutting down of the U.S. economy in response to a virus that now appears to be no more deadly than the seasonal flu is China, not Russia. The country that stands to lose the most from the Trump Administration’s investigation into the origins of this virus – which seems almost certain to have been the Wuhan Lab (the Wuhan Institute of Virology, to which the Obama Administration sent millions of U.S. dollars) linked to China’s bioweapons program – is China, not Russia. The country that stands to lose the most from the coming efforts by the U.S. and other free countries to de-link their supply chains from China is obviously China, not Russia.

But this NBC contributor immediately knee-jerks to the “Russia, Russia, Russia” canard without a single shred of logic or evidence to back it up.

The reality is that these protests appear to be organic in nature, organized and conducted by groups concerned about the rampant deprivation of fundamental rights guaranteed in the U.S. Constitution by these state governors. Ms. McQuade’s laughable reference to Herr Mueller and his Nazi-style “investigation” is pathetic given the fact that he found literally no proof of any Russian significant interference in the 2016 election, and that the DOJ recently was forced to drop the only charges he actually produced against any actual Russian entity.

Now, as the Trump Administration and mainly-Republican governors around the U.S. move to begin to reopen the country, ask yourself who stands to lose the most from those efforts? The answer to that is clear as well: leftist ideologues like Ms. McQuade.

Think about it: This “stay-at-home” order world in which most of us have lived for the past month is literally these people’s life-long goal. A timid population, cowering in fear in their living rooms, growing fat and lazy while watching programs interrupted every 7 minutes by “we are all in this together, comrades” messaging distributed by the government and parroted by “news” people and minor celebrities is their vision of utopia.

People like McQuade spend every waking hour trying to move our country towards the day when over half the population will be out of work and entirely dependent on government largess for their very survival, and the last month has put them well on the way to achieving that, if they can only find away to institutionalize it. These people see fascist governors like Michigan’s Gretchen Whitmer dictating which products and people are “non-essential” and go into orgasmic fits of ecstasy. Hell, McQuade even parrots Whitmer’s Stalinist propaganda on her Twitter feed:

“As more lawsuits challenge Gov. Gretchen Whitmer’s stay-at-home order, she’s not fazed: “It’s better to be 6 feet apart than 6 feet under.” Here is a lawyer – and not just any lawyer, but a lawyer whose job it is to indoctrinate the college students of Michigan – mocking efforts by these civil rights groups to use the courts to challenge clearly unconstitutional edicts of an out-of-control governor.

Breathtaking.

This weekend’s protests were all peaceful, involving people who continued to adhere to the social distancing advisories. But we are rapidly approaching the day when we will begin to see widespread civil unrest breaking out in cities all across the country if these draconian deprivations continue. Americans being deprived for no visible reason of their jobs and businesses and livelihoods are not going to take standing in long lines for handouts and government benefits for long. Any governor or mayor who attempts to continue these illogical and abusive edicts beyond the next few weeks risks setting off a powder keg in their state.

As President Trump has said many times during his daily Task Force briefings, “This is not how America was built. It’s not how America was meant to be.”

For leftists like McQuade and 98% of her fellow talking heads on television, this current situation is nirvana. For freedom-loving Americans out here in flyover country, it is a living hell.

It is a very dangerous situation when one of those competing views of what America is and should be tries to forcibly impose its will on the other. This is a very dangerous time for our country, and Russia, Russia, Russia has nothing to do with it.

That is all.

Today’s news moves at a faster pace than ever. Whatfinger.com is my go-to source for keeping up with all the latest events in real time.

 

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Texas Oil Regulator Poses The Fundamental Question: “How Do We Start?”

After taking more than 10 hours of verbal testimony from more than 50 witnesses at Tuesday’s hearing, the three members of the Texas Railroad Commission tabled any decision on whether to move to limit oil production from Texas wells through its power of prorationing. During the course of the hearing, Commissioner Christi Craddick hit on the fundamental impediment that will likely prevent the RRC from any quick implementation of limits: There is no institutional memory on how to do it.

“We don’t know how to do it at the agency anymore,” Craddick said to one witness who was around during the last time the RRC enforced prorationing back in 1972. “Do we start on Jan. 1? Where do we start? How do we start?”

Exactly. As much as many struggling independent producers would like to think the Commissioners possess some magic bullet power that would boost prices and help them survive the most severe oil industry downturn in modern times, reality tells a different story. No one working at the RRC today was there in 1972, and even if they were, the industry the Commission regulates has fundamentally reinvented itself at least half a dozen times since then. The Commissioners and their current staff can read all the history books on the market about the golden age of prorationing, but that wouldn’t be much help to them in implementing new production limits soon.

Commissioner Craddick’s mention of a possible January 1 date for trying to implement the change is very telling. If professional industry analytical firms like Rystad EnergyIHSMarkit and Wood MacKenzie are accurate, the immediate crisis in global oil over-supply will have been resolved well before then, and oil prices should be well on their way back up to higher levels. It is equally likely that dozens of Texas oil producers will have been forced into bankruptcy in the meantime.

Another potential logical date of implementation would be September 1, which is the start of Fiscal Year 2021 for the Texas government. Even if the RRC currently possessed the budget and staff to meet that quick goal (it possesses neither) it is quite likely that the Texas industry will have already lost upwards of 2 million barrels of daily oil production by that time due to dramatically-lowered drilling activity and voluntary shutting-in of production.

Then there is the other practical limiter that the commissioners must consider: The budget. The Texas government famously operates on a two year budget cycle, with the legislature meeting for 140 days in odd-numbered years to make biennial adjustments. The RRC is currently operating under a budget that does not expire until August 31, 2021. Any upward adjustments to that budget designed to enable the Commissioners to hire in additional staff and build new computer systems to implement and police prorationing would have to be authorized by a special session of the Texas Legislature, subject to a call by Governor Greg Abbott.

Think of how unlikely that is to take place at a time when Texas is currently functioning under an executive order to avoid gatherings of more than 10 people due to the COVID-19 pandemic. Also consider how unlikely Gov. Abbott and the legislature would be to agree to increase any agency’s budget during this time of massive economic destruction.

Read the Rest at Forbes.com

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OPEC+, G20 Produce A Very Dim Light At The End Of A Long, Dark Oil Price Tunnel

After the OPEC+ countries produced an oil supply reduction agreement on Thursday that amounted to a half-measure at best, industry observers had pinned some hope on a firm commitment to further cuts coming from G20 call that took place on Friday. Those hopes were not fulfilled, as the G20 communique included only vague language indicating those nations would work towards “market stability.”

The language in the comminique reads as follows: “We commit to ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19 and powering the subsequent global recovery. We commit to work together in the spirit of solidarity on immediate, concrete actions to address these issues in a time of unprecedented international emergency. We commit to take all the necessary and immediate measures to ensure energy market stability.”

In this political season in the U.S., that reads like issue-specific talking points from a candidate trying to say something to placate the public and media without really taking either side of the issue.

Leaving matters even more up in the air, Mexico refused to commit to its full share of the OPEC+ cuts, saying it could only reduce its own production by 100,000 barrels of oil per day (bopd). U.S. President Donald Trump intervened to commit to his country to supporting Mexico’s part of the deal by supplying 250,000 bopd in cuts of its own, but left the process of how he would achieve that level of firm supply reduction unclear. This is a key question since the national U.S. government has very limited power to force firm reductions in production by the private companies that operate all wells in the country.

Canada, which has not been a participant in any previous efforts to control supply, also remained non-committal in terms of committing to any firm reductions of its own.

Read the Rest at Forbes.com

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The OPEC++ Deal: Calling it a Half-Measure is an Exaggeration

Let’s be honest: The so-called OPEC++ agreement to cut 10 million barrels of oil per day from global crude oil supply is a half-measure. Really, with Rystad Energy reporting that demand for oil will drop by 27 million bopd from January 1 levels during April, calling it a half-measure is an exaggeration.

Even this half-measure has still not been finalized, as Mexico’s government still has not committed to holding up its end of the bargain as of this writing on Friday morning. So, anything could still happen. All of which explains why the oil markets reacted negatively to the OPEC++ announcement, with oil prices dropping by more than 15% in just a few hours.

But here at least are the parameters of the agreement that are being reported Friday morning:

– OPEC++ (the OPEC nations plus Russia, Mexico, Canada, Brazil and several others) agree to cut 10 million barrels per day of exports from April through July;

– The cuts drop to 8 million bopd from August 1 through December 31;

– The cuts further fall to 6 million bopd beginning January 1, to continue for the next 16 months;

– The cuts include no formal contribution from the U.S. oil and gas industry.

President Donald Trump will discuss his views of America’s contribution to a reduction in global supply in a call involving the Group of 20 – or G20 – on Friday.

 

Read the Rest at Shalemag.com

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