Who said Biden's policies would not increase gasoline prices? For anyone who paid any attention at all, that fact was obvious. While “fact-checkers” for major newspapers grovel and pathetically try to cover for him, the real facts for the cost of those lies is being paid for by the American People. AAA reports that every state in the union is now paying over $3.00 a gallon for gasoline, putting undue hardship on the poor. This comes as oil prices surge again as supply in the WTI Cushing, Oklahoma delivery point run dry and new estimates on how much carbon will cost if we continue along this path of climate panic madness.

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Reuters reports that setting the global average price of carbon per ton significantly higher at $100 or more is necessary right away to incentivize net zero emissions by 2050, according to a Reuters poll of climate economists. A higher carbon price is seen as essential to fund the transition to net zero emissions by 2050, which is estimated to cost $44 trillion or 2%-3% of annual global GDP.

OPEC is helping with that goal as Bloomberg reports that Nigeria joined fellow OPEC+ member Saudi Arabia in saying the group must resist pressure to raise oil production faster until the coronavirus pandemic abates. The 23-nation cartel shouldn’t yet change its strategy of increasing daily crude output by 400,000 barrels a month, according to Minister of State for Petroleum Resources Timipre Sylva.

The only bearish threat that can be seen on the horizon is more covid 19 shutdowns. Russia had a planned shutdown and now Bloomberg News reports that China locked down a county that has seen the most covid-19 cases in the nation’s latest delta outbreak, as an initial flareup in the northwest quickly spirals into a nationwide surge. Ejin, a county in China’s Inner Mongolia region, asked its 35,700 residents to stay home Monday and warned of civil and criminal liabilities should anyone disobey the order, state broadcaster CCTV reported, citing a local government statement. The small county bordering Mongolia is the current outbreak’s hotspot, home to nearly one-third of the more than 150 infections found over the past week in the mainland.

A turn cooler in the weather forecast has natural gas back on an upward tear. EBW Analytics reported that over the weekend, weather models began to register increasing degree days, adding 12 gHDDs and 19 Bcf of demand for natural gas as of Sunday evening. Further gains are possible this week, potentially coinciding with November options expiration and final settlement on Tuesday and Wednesday. If weather gains materialize, explosive near-term upside reminiscent of early October volatility is possible.

Canada has upped production of natural gas trying to take advantage of the surge in price. Russia’s Vladimir Putin is laughing at Europe saying that it is not his fault that Europe made bad decisions. He is using the energy crisis as leverage to get his way on the Nord 2 pipeline and to gouge Europe and make them pay for their stupidity. Reuters reported that U.S. energy firms this week cut oil and natural gas rigs for the first time in seven weeks even as oil prices rose to fresh, seven-year highs.

The U.S. oil and gas rig count, an early indicator of future output, fell by 1 to 542 in the week to Oct. 22, energy services firm Baker Hughes Co (BKR.N) said in its closely followed report on Friday. Despite this week's decline, the total rig count was still up 255 rigs, or 89%, over this time last year. U.S. oil rigs fell 2 to 443 this week, while gas rigs rose 1 to 99. That was the first decline for oil rigs and the first increase in gas rigs since early September.