Posts with tag gas

Illegal US Sanctions War on Russia’s Nord Stream 2 Gas Pipeline

Stephen Lendman, June 17 2020

Unacceptable policies supported by the Trump regime and most congressional members threaten to fracture US relations with countries like Germany.

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First 100

Bob Rinear, May 12 2021

We just passed Biden’s first 100 days. How are things going? Well his first move was to cancel the keystone pipeline and ruin the lives of thousands of people who made their living working it.  Within weeks, energy costs spiked.

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SOARING OIL & GAS PRICES PRESSURING INFLATION EVEN MORE

Guest Writer, March 9 2022

Prices at the gas pump are soaring toward an all-time high, but drivers appear to be saying, oh well—for now anyway.

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Fed Keeps Its Promise; Hikes Interest Rates - Oil and War Big Factors in Where Things Go from Here

Guest Writer, March 19 2022

Tightening by the mightily bloated Federal Reserve is off and running. 

The Fed’s Open Market Committee kept its word the other day, with the first of what’s expected to be 6 or 7 quarter-of-a-percentage point interest rate increases by the end of the year to put inflation in its place.

Today, Fed Governor Christopher Waller warned that the Fed may need to enact one or more 50 basis point hikes in 2021.

Though he voted this week for just 25 basis point because of economic uncertainty over Russia’s invasion of Ukraine, Waller said he thinks the Fed may need to be more aggressive soon.

“I really favor front-loading our rate hikes, that we need to do more withdrawal of accommodation now if we want to have an impact on inflation later this year and next year.” 

“The way to front-load it is to pull some rate hikes forward, which would imply 50 basis points at one or multiple meetings in the near future.”

In addition to the rate hikes, Waller said he thinks the Fed needs to start reducing its holdings of Treasuries and mortgage-backed securities sooner than later.

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PUTIN TRIES PROPPING UP THE RUBLE & MOEX - Another Bank Sees Gold at $2,200 by End of Year

Guest Writer, March 26 2022

Russia's ruble has rebounded in recent weeks, as the Kremlin patched together an aggressive defense of its fiat currency.

The ruble was valued (vs. the U.S. dollar) at 80.41 on February 23, the day before Putin’s invasion. It skyrocketed to 131.50 on March 7. It plunged to 90.72 on the Ides of March (the 15th). And it opened today at 94.75.

Matt Phillips reports that Moscow’s latest attempt to shore up support came in the form of a direct demand from His Rogueness (Putin) that the EU pay for natural gas with rubles instead of dollars or euros.

It's a not-so-veiled effort by Russia to create demand for its struggling currency—with the ruble jumping 8% on the news.

Widespread sanctions imposed after Russia's invasion of Ukraine in late February have hammered the ruble, wiping out 90% of its value against the dollar at times.

Moscow took measures—like doubling interest rates, halting currency trading, and demanding that Russian companies exchange their foreign earnings for rubles—that slowed the bungie jump and prevented a crash.

But Putin's latest scheme has already been called a breach of contract by Germany, the eurozone’s largest buyer of Russian natural gas. 

If the breach prompts a full rupture with Europe, which buys 40% of its gas from Russia, the ruble will likely take another tumble.

Such a break, however, would also make Europe's energy crisis a lot worse. To wit, European natural gas prices jumped 30% after Putin made his latest demand.

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CONSUMER DEBT SURGES $41.8 BILLION And That’s Before Worst of Gas Spike

Guest Writer, April 9 2022

Americans’ credit cards got a sweaty workout in February, as monthly consumer debt rose the highest in over a decade.

Matt Phillips believes it could mean that climbing inflation coupled with households’ diminished savings are forcing more people to use plastic.

The Fed's monthly consumer credit report for February came out yesterday, showing that consumer debt — excluding mortgage debt — jumped by $41.8 billion, or 11.3%.

Revolving credit — typically credit cards — rose by a seasonally adjusted annual rate of 21%, up from 4% the prior month. Nonrevolving credit, which includes auto and student loans, was up 8.4%.

With pandemic stimulus payments now a fading memory — and families’ record savings cushion a thing of the past — it seems a no-brainer that out of control inflation has us back to running up our personal debt.

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6 posts with tag gas online