The Biden Administrations' vindictive war on oil is going to raise unemployment and gasoline prices. It will also reduce U.S. Economic growth and lead us back into stagflation. As global demand rises, and the U.S. restricts supply the U..S energy Industry will be under attack. The U.S. will pay the price as we will become more dependent on foreign oil. The oil and mining industry is reeling from the Biden Administration Department of Interior's 60-day order that is which is blocking energy and metals exploration in the US.

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John Kerry said that: “Three years ago scientists gave us a stark warning. They said we have 12 years within which to avoid the worst consequences of climate change. Now we have nine years left and I regret that my country has been absent for three of those years". “We are proud to be back. We came back, I want you to know, with humility for the absence of the last four years and we’ll do everything in our power to make up for it.” They are going to make up for it by costing Americans jobs and paying sharply higher energy prices. One might want to also point out that the stark warnings that climate scientists gave us years ago proved to be nothing but wrong.

President Joe Bidens Buy American plan sounds nice but the reality of the rebound in U.S. manufacturing came because of low energy prices. He also wants to change the federal fleet from gas to electric! Good luck charging them. It will be expensive and give a big boost to China and their rare earth minerals market. New York is having its pension funds divest from fossil fuel investment that will make it harder for companies to raise capital. That will reduce U.S. output and cost us more union jobs. U.S. Senator Chuck Schumer is calling on President Biden to declare a climate emergency. He tweeted “Trump used this emergency for a stupid wall, which wasn’t an emergency... So I would suggest that they explore looking at climate as an emergency.” - Chuck Schumer, U.S. Senate.

Yet oil demand globally is rising. The IMF raised the global growth forecast to 5.5% from 5.2%. That means more oil demand. India oil product demand, along with China’s has reached pracademics levels. Jodi reports that Indian total oil products demand in November rose month-on-month by 170 KBD to a pre-COVID level of 4.90 MBD. U.S. demand is rising but may get thwarted by President Biden's surge in gasoline prices. Even if they pass a stimulus more of that money will end up in American gas tanks. This will also hurt the poor more than the rich and we will see the gap rise.

The API comes out tonight and that should show big draws in U.S. oil and product supply. U.S. production will stagnate, and the Biden Administration clamps down. 

Zerohedge reports that Iran is demanding answers on Monday from the Indonesian government after its coast guard seized an Iranian-flagged vessel off the Indonesian coast over the weekend.  

Indonesia's coast guard said the tanker was "caught red-handed" in an illegal ship to ship oil transfer with a Panamanian-flagged tanker. The Sunday incident comes after multiple international reports detailed the increasingly creative ways that both Iran and Venezuela are seeking to skirt U.S. sanctions on their crude exports, often with China's help.