Prepare Yourselves for $5 per Gallon Gasoline

DAVOS, May 23 (Reuters) - "The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters."

www.reuters.com/business/energy/aramco-ceo-warns-global-oil-crunch-due-lack-investment-2022-05-23/

"He also said last year's message from the International Energy Agency that world oil demand was set to fall and no new investment in fossil fuel was needed had a profound impact.

"We need a more constructive dialogue. They say we don't need you by 2030, so why would you go and build a project that takes 6-7 years. Your shareholder will not allow you to do it".

Summed up in 5 words:

It's going to get ugly.

Gas jumped 27 cents in a day around here.

Who is more incompetent Joe Biden or the people he selected for his Cabinet ?  

I drove to Indiana last week to see my Mother in Plymouth, IN. Got my first taste of $5.00 gasoline in Illinois when I filled-up to the tune of $5.03 per gallon. Got to Plymouth later that day and gasoline was $4.89 per gallon, but today it's at $5.25 per gallon.

"The worsening refining bottleneck, especially in the U.S., was explained by Mike Wirth, the CEO of oil giant Chevron, who recently told Bloomberg TV that there's not enough refining capacity to meet the demand for gasoline and diesel because no new refinery will ever be built in the U.S. again.

Wirth explains his reason: "You're looking at committing capital ten years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying, 'We don't want these products to be used in the future.'"

The crisis in refined products is because of the green energy transition forcing oil/gas companies, like Chevron and other majors, to not just shutter refineries but not invest and expand refinery capacity. This colossal failure has resulted in the national average for regular fuel approaching $5 a gallon by the end of this week."

What's really astonishing is it also tends to take those same morons forever to make a hire, and while doing it they usually complain about a lack of quality candidates.  

It's hard to find quality candidates when you eliminate 95% of the talent pool. Can't by white, can't be male, can't be a conservative black, etc. You end-up with their current Press Secretary as the only candidate left standing.