Forwarded from Ice Age Farmer
Chevron CEO admits oil shortages are now hitting and without energy, economies will start shrinking:
He echoes what I'd said weeks ago, that the IEA-ordered release of reserves has slowed the impact, but that we're now hitting the end of that:
"We will start to see physical shortages," Wirth said, noting that surplus supply in commercial markets, tankers in so-called shadow fleets avoiding sanctions, and national strategic reserves were being absorbed.
"Demand needs to move to meet supply," he said. "Economies are going to have to slow."
He pointed out that the last scheduled shipment of oil from the Gulf was being offloaded at the Port of Long Beach, which supplies Los Angeles and southern California.
https://www.reuters.com/business/energy/chevron-ceo-says-physical-shortages-oil-supply-begin-appearing-2026-05-04/
He echoes what I'd said weeks ago, that the IEA-ordered release of reserves has slowed the impact, but that we're now hitting the end of that:
"We will start to see physical shortages," Wirth said, noting that surplus supply in commercial markets, tankers in so-called shadow fleets avoiding sanctions, and national strategic reserves were being absorbed.
"Demand needs to move to meet supply," he said. "Economies are going to have to slow."
He pointed out that the last scheduled shipment of oil from the Gulf was being offloaded at the Port of Long Beach, which supplies Los Angeles and southern California.
https://www.reuters.com/business/energy/chevron-ceo-says-physical-shortages-oil-supply-begin-appearing-2026-05-04/
Reuters
Chevron CEO says shortages in oil supply will begin appearing
Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes.
Forwarded from The Conspiracy Hole (Brody Hyde)
Amsterdam bans public adverts for meat and fossil fuels as part of its effort to reach carbon neutrality by 2050.
Forwarded from Schiff Sovereign - Official Telegram Channel
Schiff Sovereign
Another crushing blow to the ‘Spirit’ of America | Schiff Sovereign
The US presidential election of 1912 almost sounds like the setup to a joke. Two Republicans, a Democrat, and a Socialist walk into a bar… But it’s true: William Howard Taft and Teddy Roosevelt split…
Forwarded from Robin Monotti + Cory Morningstar
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Forwarded from Slavyangrad (J Asbery)
Iran war to push 200,000 UK households into poverty
The war in Iran is set to push a further 200,000 households into poverty, top economists have warned.
Rising energy bills, petrol prices and food costs will all put pressure on family finances, according to the National Institute of Economic and Social Research (Niesr).
At the same time, an economic slowdown will undermine pay growth and lead to a rise in unemployment, reducing incomes and worsening living standards across the economy, particularly for the poorest households.
@Slavyangrad
The war in Iran is set to push a further 200,000 households into poverty, top economists have warned.
Rising energy bills, petrol prices and food costs will all put pressure on family finances, according to the National Institute of Economic and Social Research (Niesr).
At the same time, an economic slowdown will undermine pay growth and lead to a rise in unemployment, reducing incomes and worsening living standards across the economy, particularly for the poorest households.
@Slavyangrad
Forwarded from Edward Dowd
Media is too big
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A person who’s obsessed with cruise ship TikTok’s weighs in on how strange this Hantavirus situation appears to her.
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