Watch world oil prices surge this winter

Europe's switching to oil from gas will sqeeze oil supplies

Goldman Sachs sees oil prices rising with Brent reaching US$130 as Europeans switch from natural gas to oil for power generation. The bank sees sustained higher prices needed to “eventually solve the market deficit”.

The prices are high enough today to “solve the market deficit” if left wing governments would wake up to the fact that their “clean energy” policies and attack on fossil fuels is keeping capital out of the oil & gas industry. There is no shortage of profit for oil companies at US$90 oil and most are reporting cash gushers instead of the legendary “gushers” discovered by “wildcatters” in years gone by.

CO2 is harmless but the inane “energy transition” has two characteristics that cannot be ignored: First, it is impossible for wind and solar to provide enough power to replace fossil fuels any time soon and likely never. Nuclear could but the climate nutters are as anti-nuclear as they are anti-fossil fuels. Ever wonder why?

The “why” is patent. The “climate change” alarm is all about rallying support for an authoritarian socialist global government and no sane person believes the crap that CO2 is causing climate change. The fact is that CO2 is incapable of making anything but a trivial difference to global temperatures, a fact I demonstrated in an article last December. The climate “movement” (closer to a religion than a scientific breakthrough) is stalling out as citizens everywhere are asking “Wait a minute - you are saying I can’t heat my home, eat meat, or drive my car?” That introspection is followed by: “I think I will vote these nutters out of office and return to common sense in Parliament in Canada or Congress in America.”

November will be an interesting month. Americans have their first crack at dismantling the socialist Democratic government and they will see the first withdrawals of natural gas from a severely depleted storage system. By February, as natural gas prices rise to the mid-teens per gigajoule and oil prices rise another 30% to 40% they will think “not a moment too soon” and prepare for a change in administration in 2024. In Canada, the movement to get Trudeau out of office will gain steam and as Jagmeet Singh finally qualifies for his pension (his real motive for supporting Trudeau) we will have a non-confidence vote and run Trudeau down the road, with the likely next Prime Minister - Pierre Poilievre - showing remarkable common sense when it comes to energy.

I can’t wait. In the meantime, my energy investment hobby is making me millions so I can be patient for a few more month.