We could all see this coming. The Ukraine-Russia conflict creates the opportunity for the Build Back Better initiatives to get triggered. None of this is happening organically. All of this is opportunism based on a series of dominos purposefully triggered. Three government solutions to rising oil prices surface simultaneously in an effort to exploit the crisis they created.
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Keep in mind, this economic roadmap was strategically outlined in the World Economic Forum “Build Back Better” initiative, and that was built upon the economic ‘climate change‘ opportunity that COVID-19 created. The U.S. version of BBB was called the Green New Deal.
First, Biden proposes to trigger a useful “Climate Change Emergency” (LINK). Second, the International Energy Agency proposes a “Ten Point Plan” to change energy use in the modern society (LINK). Third, comes AOC and Bernie Sanders with the “Executive Action Agenda” (LINK).
All of this is the fundamental change represented by western government in the agenda of ‘building back better’.
(IEA) In the face of the emerging global energy crisis triggered by Russia’s invasion of Ukraine, practical actions by governments and citizens in advanced economies and beyond can achieve significant reductions in oil demand in a matter of months, reducing the risk of a major supply crunch, according to new analysis released by the International Energy Agency today.
These efforts would reduce the price pain being felt by consumers around the world, lessen the economic damage, shrink Russia’s hydrocarbon revenues, and help move oil demand towards a more sustainable pathway.
If fully carried out in advanced economies, the measures recommended by the IEA’s new 10-Point Plan to Cut Oil Use would lower oil demand by 2.7 million barrels a day within four months – equivalent to the oil demand of all the cars in China. This would significantly reduce potential strains at a time when a large amount of Russian supplies may no longer reach the market and the peak demand season of July and August is approaching. The measures would have an even greater effect if adopted in part or in full in emerging economies as well. (more)
AOC and Bernie Sanders [LINK]
(Daily Mail) Progressive Democrats are urging President Joe Biden to take executive action to raise wages, combat climate change, cancel student debt, and lower health care costs.
The Progressive Caucus – led by Rep. Pramila Jayapal and consisting of high-profile liberals like Reps. Alexandria Ocasio-Cortez and Ilhan Omar and Senator Bernie Sanders – outlined their lists of demands they said ‘would provide immediate relief to working people and their families.’ (read more)
(CNN Reports) […]”As a result of Russia’s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” IEA Executive Director Fatih Birol said in a statement.
The proposals reflect a recognition that the world has few realistic options to quickly replace oil supplies from Russia, the world’s No. 2 oil producer in 2021. OPEC has signaled it’s in no rush to ramp up production and the release of emergency oil stockpiles has done little to ease shortage fears.
“The US and other IEA countries now realize that the potential loss of Russia’s oil exports constitutes a bigger supply shock than either strategic stock draws or accelerated OPEC+ production hikes can solve,” said Bob McNally, president of consulting firm Rapidan Energy. (read more)