Inflation is here to stay, and the rate of inflation is growing every day. This little video gets the point across quite well, I think.
We all knew this was coming. We all knew this had to happen.
“A days wages for a quart of wheat or a jar of barley, and don’t damage the oil or the wine.”
That scripture says a lot. We are going to work all day just to buy enough food to sustain us, but the rich will still have plenty. Satan is the prince of this world and he is rising, eager to take his throne as the ruler of mankind.
Next week, oil is anticipated to nearly double in price per barrel, from around $100 USD today to around $185 USD Monday.
A full and immediate embargo is likely to hurt European consumers more than Russian producers in the near term. More importantly, a full, immediate ban would likely drive Brent crude oil prices to $185/bbl as more than 4 mbd of Russian oil supplies would be displaced with neither room nor time to re-route them to China, India, or other potential substitute buyers.
Brent crude is the European standard barrel of oil. If Brent goes to $185, then West Texas Intermediate (WTI) oil will likewise leap upward in price, seeing an almost immediate and very significant leap in the cost of gasoline at the pump.
Electricity in Europe is projected to increase 50 percent over the summer. We can expect US prices to rise too, especilly with the government exporting US oil at the biggest rate in history.
European electric utility E.ON SE’s chief executive officer Michael Lewis told lawmakers that customer borrowings would increase by 50%.
“We are expecting a severe impact on customers’ ability to pay.
“That will see a significantly larger number of people moving into fuel poverty … and a consequent significant increase in bad debt.
“Government action won’t be nearly enough to mitigate the full impact of the price increase,” Lewis said.
Keith Anderson, CEO of Scottish Power Ltd, told a similar warning to the parliamentary panel:
“Come October, that’s going to get horrific, truly horrific.
“The size and scale of this is beyond what I can deal with, beyond what I think the industry can deal with. It needs a massive shift, significant shift in the government’s approach to this,” Anderson said.
Chris O’Shea, CEO of the UK’s biggest supplier Centrica Plc, warned:
“It will get worse without any further intervention in October, a lot worse,” O’Shea said.
So Biden releases millions of barrels of oil from the Strategic Petroleum Reserve (SPR), and sends it to Europe. !?
This is interesting given the fact that the total US crude stocks (including SPR release) fell by the most since 2019 (and 3rd most ever) and as Bloomberg’s Javier Blas points out, “the U.S. is acting as the barrel of last resort to a global energy market hungry for oil.”
The U.S. exported a RECORD amount of crude and refined oil products last week, surging above 10 million b/d for the only 2nd time ever.
So plenty of random stupidity and none of these decisions are to our benefit. Remember that Yahuah promises to protect His people. That does not mean that we will not suffer right along with the lost. But be encouraged because our life is not measured by our possessions or our comfort.
Yahuah is going to take away the distractions so we can concentrate on what is actually important.