A Diesel Crisis Looks Primed To Hit Every Part Of Your Life, Meet The New Host Of The Silver Report

2 years ago
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Worsening diesel shortages in the United States and the rest of the world are intensifying upward pressure on petroleum prices and threaten to recreate the conditions that led to the record price spike in 2008. U.S. distillate fuel oil inventories, the category including diesel, fell by 2 million barrels to 112 million barrels last week, according to high-frequency data from the U.S. Energy Information Administration (EIA). Distillate stocks have declined in 52 of the last 79 weeks by a total of 67 million barrels, and are at the lowest for the time of year since 2014 and before 2008.
Power cuts are expected to worsen in the coming days as the heatwaves and a pickup in economic activity are seen increasing electricity demand at the fastest pace in nearly four decades.
Since most electricity generated in India is from fossil fuels and extreme heat increases power demand. It was revealed that Indian refiners are negotiating a six-month oil deal to import millions of barrels per month despite Western sanctions. I’m not sure I’ve ever seen a time when the United States place sanctions on a country and it increased their profit by a record amount, this seems like very, very, bad news.
Western sanctions forced many countries to find alternative sources, but a growing number of G-20 members are becoming defiant and ignoring Washington and continuing to do business with Moscow outside the dollar system.

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