COP 28 market 28 years of failure by trying to get countries to agree to the term ‘fossil fuel phaseout,”. states Phil Flynn of PRICE Futures Group.
While reports circulated that OPEC was sending notes to stand up against this language, the fact is it is not about fossil fuel reduction. It is about taking control of your life and freedom. COP 28 is a global movement to redistribute wealth and an attempt for global elites to gain more wealth and power and it is not about saving the planet. If it was they would have spent more money on nuclear power 28 years ago. And while they claim progress, China and India will be burning record amounts of coal this year and next.
At the MoneyShow in Florida I said, “On January 17, 1961, in his farewell address, President Dwight Eisenhower warned us all against the establishment of a “military-industrial complex.” He said, and I quote, "A vital element in keeping the peace is our military establishment. Our arms must be mighty, ready for instant action, so that no potential aggressor may be tempted to risk his destruction.” But he also said, “Yet we must not fail to comprehend its grave implications. In government councils, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.”
Some fear that President Eisenhower’s warnings are unfolding before our very eyes. Perhaps a massive funding of a war in Ukraine. A war that could have been avoided by turning a blind eye to Iranian oil sanctions that helped allow the Iranian Regime to reap billions of dollars so they could fund global terrorism and the recent hideous and unspeakable terror attack by Hamas on innocent civilians. If you look at foreign policy in Europe and the US recently, it’s almost as if they are encouraging War.
Some people point to the fact the FBI ran a fake Russian investigation on a sitting President. Or some point to FBI and CIA directors who have lied to the American people under oath. While some of you may say what I am saying is up for debate, the reality is that this is well-documented. And it is scary that I am here to warn you to beware of an even bigger potential threat which is the growing power of the “Climate Change Industrial Complex” which is a global effort to control every aspect of your life even so much as determining what food can be on your plate and by the means that you can cook it. This is being controlled by global elites and politicians and green energy companies and companies that are fronts for so-called social justice. They want to control where you go and how you get there. They want to take billions and now trillions of dollars. Talk about the potential for the disastrous rise of misplaced power.
They want to tell you it’s all about saving the planet and achieving what they say is “Climate Justice”. Regardless, the reality is that the COP28 president said there is “no science” indicating that a phase-out of fossil fuels is needed to restrict global heating to 1.5C. He said that a complete phase-out of fossil fuels would not pave the way for sustainable development “unless you want to take the world back into the caves”.
I think they do.
Yet for oil traders, the concerns are more about weekend demand fears as they phase out geopolitical noise that impacted supply. Last week Chinese oil imports hit a seven-month low and raised concern about their demand as US production is at record highs. That helped the trade ignore threats to supply.
Reuters reports, “A fire at a small refinery in eastern Iran’s Birjand special economic zone caused two explosions on Sunday and remains out of control, Iran’s state media said. No casualties were reported but the damage has yet to be assessed, state media said, adding that all 18 reservoirs at the refinery have caught fire. “The initial stages of the fire consumed 1.5 million liters of fuel,” Iran’s semi-official Fars news agency said.
Iran International reports that “After several weeks of sporadic attacks on Red Sea shipping, Iran-backed Houthis of Yemen have threatened all ships in addition to US and Israeli vessels. Houthis’ Information Minister Dhaif Allah (Dhaifullah) Al-Shami said Sunday that their forces will attack sensitive targets of Israel and the US in the region if they move to act against the Houthis. Bragging about their attacks on vessels, he claimed that these were in response to Israel’s offensive in Gaza.
The New York Times reported on Saturday that senior Israeli defense officials have intelligence that Iran is urging their regional allies, such as Hezbollah and the Houthis, to increase their attacks and pressures against Israel.
Seems like global oil demand has hit a soft spot. The question is whether it’s transitory or it’s going to switch. In the US warm temperatures are killing the natural gas market. Natural gas is facing record production in the winter that seems to be delayed as warm fronts are taking over big parts of the nation. You better start dreaming of a White Christmas.
Learn more about Phil Flynn by visiting Price Futures Group.