The Biden administration on Thursday reportedly struck a deal with Iran to unfreeze $6 billion in Iranian financial assets and release a “handful” of Iranian nationals jailed for violating U.S. sanctions in exchange for five Americans taken prisoner by Iran on highly dubious charges of espionage.
Read More: Breitbart
Environmentalists seeking to halt U.S. oil and gas production in the name of combating climate change are undermining their own agenda and risking greater damage to the planet, according to a new report. “Nearly every facet of modern developed economies requires petroleum products and natural gas to function and provide the comfortable lifestyles that citizens of developed countries have come to expect,” the report states.
“These resources are necessary for agriculture, heavy industry, transportation by all modes — road, rail, air, or ship — and a great number of the products that we take for granted. They’re ingrained in almost everything.”
In other words, if the U.S., the world’s largest producer of both oil and natural gas, reduced its production significantly, other energy producers — such as China, Russia, and Saudi Arabia, among others — would likely pick up the slack, thereby not leading to any drop in global fossil fuel use.
Read More: Fox News
The Biden administration is preparing to ease oil sanctions on the socialist regime of Venezuela that would allow California-based Chevron to resume oil production there, potentially opening a path for the return of Venezuelan oil exports into U.S. and European markets, according to a report published by the Wall Street Journal on Wednesday.
Read More: Breitbart
Both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have refused to take calls from President Biden. The President was seeking to speak to the OPEC leaders in a bid to increase oil production. As global oil prices continue to rise the price for consumers is driving inflation.
After refusing to speak to President Biden both men took calls from President Putin.
Read More: The Times
Armada of British naval power massing in the Gulf as Israel prepares an Iran strike – Telegraph.
An armada of battleships, aircraft carriers, minesweepers and submarines are gathering in the Gulf. The vessels are from 25 nations and are meeting at the Strait of Hormuz.
This show of force comes as the likelihood of an Israeli strike againt Iran increases. Military experts believe Iran would respond to any strike by attempting to close the vitally important trade route of the Strait of Hormuz – where 18 million barrels of oil pass through the narrow strait everyday.
In February Prophet TV reported on how President Obama had halted the construction of the Keystone Oil pipeline.
The Pipeline is meant to transport oil from Alaska and Canada down to Texas, and has been fiercely opposed by environmentalists.
Sarah Palin has commented in an interview with Stossel, that such a project would create jobs and would have a long lasting benefit to the economy.
This halting of the pipeline has also harmed American relations with Canada.
Why is the left so opposed to this particular pipeline? As America is already criss-crossed by hundreds of pipelines.
Although we understand in the long term our economy needs to move away from oil, why is so much of the media coverage about oil, at best, biased; and sometimes even dishonest?
Canada is the largest supplier of energy to America. As such it was hoped that a new pipeline would be built to export crude oil from Canada to Texas.
President Obama initially rejected plans for the proposed pipeline which caused great concern with the Canadian government, and they began looking at the possibility of exporting the oil to the Asian markets instead. However proposals are now being reconsidered in Washington DC. The pipeline would be the largest infrastructure project in North America and would create many jobs in Canada and the USA, much needed in the current economic climate.
Iran Threatens to Halt EU Oil Supply
After the EU and America decided on an oil embargo against Iran, over it’s nuclear program, the war of words intensifying. The EU decided on an embargo starting in July. However, Tehran are looking at stopping oil exports of EU companies immediately. Many of these companies are already in a perilous financial situation due to the Debt Crisis in Europe. The oil in question is part of a buyback scheme which the Iranian Oil Industry favors, and is oil which is owed to these companies. If Iran went ahead, China would buy the oil they refused to send to Europe.
Iran is also threatening to close the Straits of Hormuz, where about 20% of the world oil is transported, making it the most important oil transportation sea route.
Without a satisfactory conclusion of this matter there could be serious financial implications for the global economy.