JP Morgan now predicts the U.S. average price for gasoline this summer will be $6.00 a gallon. Last May, the average was just over THREE. We are in real, serious trouble Glenn says…especially since it seems our current oil & gas catastrophe is BY DESIGN by far-left politicians pushing ESG into ever sector of our free market (it’s could hit electricity hard this summer, too). Glenn explains why leftists may be doing this ON PURPOSE, and what our nation could look like just 12 months from now: ‘You NEED to prepare.’
Below is a rush transcript that may contain errors
GLENN: Okay. Let's -- let's just talk about gas. How much are you paying for gas right now?
If you lived in California, you are now paying $6 a gallon for gasoline. And we're not in the summer yet. I wonder how much we're going to save on this year's Fourth of July picnic. Because remember, I think it was last year, they told us that we saved 9 cents. Oh, man, it's going to be sweet. Anyway, $6 a gallon in California. That was hit on Tuesday. The national average price of gas now, is a record $4.57 per gallon. That's the national average. Just to remind you, the national average, last May, was $3.04. This has nothing to do -- nothing to do with Russia. This has everything to do with ESG.
And what I -- I want to express to you, and ask you to do, is start looking at things differently. We need to look at things a little bit more like the Chinese. And I'm not saying look at things 100 years down the road. Can we just look 52 months ahead?
We need to look, just a few years in advance. Twelve months, would be great. Can we look 12 months in the future?
Right now, JP Morgan is saying, the average price for gasoline this summer, will be $6 a gallon.
That would mean California will be eight or $9 a gallon.
Now, I don't know what that puts fuel at, in our trucks. Diesel. But we are in real, serious trouble.
ESG has choked off all the money. The more executives I talk to, at -- in the gas and oil industry, they're all saying, the same thing.
Glenn, they can open up all the leases they want. They -- they have closed down the leases. They've closed down pipelines. But that's not the real problem.
The real problem is ESG. If you don't know what ESG is. I beg you. Please, get the book, The Great Reset.
It explains all of this. I -- it's breathtaking, at how fast this is come down now.
ESG has choked off all of the investment. What was it? $48 billion, just last year, invested by these hedge funds, in the oil industry.
This year, I think it's 9 billion. What caused that?
With energy being as important as it is, think about this as a free market. When there's great demand, and really high prices, what does the market do?
The market starts to invest in, holy cow, we can clean up, right now. By getting into that market. And start to sell oil and gas. We can sell it all over the world.
Why has our investment gone down? Our investment has gone down, because our banks, our hedge funds. And everybody else, is now starting to say, yeah. That's not the way of the future. We're going to do wind and solar.
Okay. All right. Sure. Sounds great. Enjoy the wind and solar this summer, when you're paying $6 a gallon for gasoline. And God only knows, how much you're going to pay for meat and potatoes.
Because our meat and potatoes, well, they start with a farmer. And the farmer has a tractor. And that tractor runs on diesel fuel.
And he has to first spread fertilizer. Which comes from petroleum. But you can't make fertilizer.
So we don't have fertilizer. Well, that will save in the tractor. You know, he won't be putting that diesel fuel in. No. No.
He'll plant less of what he was planning on planting.
Then he has to put fuel into the tractor, to make sure that it's harvested. Bailed. You'll need trucks to move it from his farm to the processing plant. The processing plant needs energy to run it. And then they'll put it on a truck. And then it goes to the grocery store. And then you use your car, to go buy it at the grocery store, and then bring it home in your car. When no one has any fuel, the prices will -- to quote Barack Obama, necessarily go up.
Right now, the diesel price, just so you remember, everything shipped to America, is on a giant ship. And that's not run by fairy dust. Or solar panels. In fact, I don't know anyone who is working on solar panels, for the cargo ships.
I don't know anyone, who has in their design, wind-powered cargo ships.
I mean, I suppose we could pull the Nina and the Pinta. The Santa Maria was out of commission. But can we find those two? Because those were wind-powered ships. That's diesel fuel, our trains. Diesel fuel brought in from China to a port. The trucks, then moved them, and all of the heavy machinery. The forklifts and everything run on diesel. That all is shipped and put on to a train. Shipped some place in the middle of the country, or wherever is closest to you. And then a truck picks it up, and brings it to the grocery store. Twelve times a day. Here's what I need you to understand: We have not even begun yet. Because of ESG and because of the policies of this administration, they are creating a national emergency. Our farmers are not going to be able to have the fuel. There's a story right now, in Breitbart. Diesel price surge has New England fishing industry, reeling. They were paying a dollar 50 for a gallon of diesel, back in 2019. A dollar 50. They're now paying $6.50. And here's the thing: When these giant corporations buy fish, they don't buy it at today's market price.
They buy in -- in boatloads, literally, they buy them in bulk. And so the fishing industry, makes a contract, with that food plant, or grocery store. Or whoever is buying it. If it's bought in bulk. And they say, you know what, because you're buying so much. We're going to charge you this amount. And you sign a contract.
Now, if the price of fish and everything goes down, the fishermen win.
If it goes up, the stores win. But there comes a point, when fishermen, can't fish anymore. This is what we're headed towards. And don't think short-term on this. To put oil rigs into a field, and to open those up, is about a five-year process, from turning it on, to actually getting it to your gas station.
It will take about five years. If it's on federal land. Because the federal government is screwed up, it takes about ten years.
So any fix that we have, right now, is five years away.
Now, let me give you this from the Washington Examiner today.
By the way, none of this is what you're going to hear in the New York Times. You will not hear any of this on CNN.
Half of our country has no idea, what's about to hit them. Do not listen to your friends, who are reading the corporate media garbage.
Electricity customers across the country, according to the Washington Examiner. They say heightened risk of power outages, this summer.
Regulators say, it reflects a worsening outlook for the grid. Which is simultaneously struggling through extreme weather conditions, and a shift away from traditional energy sources.
The North American Electric Reliability Corporation, or NERC, the regulatory body that oversees our grid operations across the United States and Canada, warned in its summer reliability assessment, published yesterday.
Listen. That the entire West and most of the Midwest face at least an elevated risk of seeing insufficient electricity supply, where slim reserve margins, run up against high demand. For the sections of the grid, stretching from Wisconsin to the Gulf Coast and to California, they have been deemed at risk for insufficient operating reserves. To be high, during peak demand conditions.
Expected resources, according to the officials, expected resources do not meet operating reserve requirements under normal peak demand, and outage scenarios.
Now, they're saying, that utilities may have to shut off power to customers, in peak demand. You know, cold weather kills a lot of people. So does hot weather.
I don't know if you've noticed, but, boy, in the old timey times, everybody seemed to live up north.
Why? Have you been to Texas in the summer? Have you been to Atlanta? Have you been -- God forbid to Phoenix? It's hell! You don't have -- you don't have any energy. First of all, good luck pumping that water. Second of all, you don't have electricity. Good luck with no air-conditioning! I'm dead within a week. Oh.
So here's the thing: I want you to listen to why they say, this is happening. The grid operators have been forward in their assessment of capacity shortages, and their causes. In a report released just last January, it -- it placed responsibility for the reliability shortcomings on the transformation of its generating resources, including the requirements of always on generating units, such as coal-fired plants. It also listed older coal plants. And wind and solar resources, that are not always available. To provide energy, during times of need.
Why don't the solar panels work at night? I never thought of that. What happens to those wind -- that wind power, when the wind doesn't blow.
Getting the balance right, between traditional thermal sources, and their retirements, especially coal. Why are these coal-fired plants retiring?
Because they're being forced to. Why?
ESG. Some of the thermal plants and coal and natural gas, have been retiring. With new resources coming on in the way of wind and solar resources.
But maintaining the right mix of resources, so you can reliably provide power, over a range of conditions, is kind of where we should focus. Say experts.
Oh. This hour, I'm going to show you, this is not a bug in the system. This is a feature. I'm going to show you here in the next few minutes, and we're going to use baby food as an example, we are headed towards national emergencies. When you have national emergencies, all kinds of fun things, like we experienced in covid, can happen.
You need to prepare. And you need to stop listening to anyone who is not listening for the actual facts. A lot of this stuff, we're dealing with, you can just point to it, and go, look, it's happening there, there, and there. Why?
The why, you can leave that up to politics. I mean, I think that's pretty clear. But whatever. The rest of it is math.
You take this out, and replace it with a solar panel. You're in trouble. You take all of the oil, and you say, no more from Russia, and then you say, no more from America.
And then, you have supply problems. Here's an idea. You're going to run out of fuel. It's math.
Don't listen to people who are talking about feelings. Talk math. If this country even understands, that two plus two still does equal four.