Daily Caller
Russia Has Mostly Managed To Dodge One Of Biden’s Key Energy Sanctions
From the Daily Caller News Foundation
By Nick Pope
Russia is dodging a U.S.-led sanction meant to limit its energy revenues by using a fleet of “shadow tankers” to sell oil at higher prices, according to The New York Times.
Led by the U.S., Western countries imposed a $60 per-barrel price cap on Russian oil after the Ukraine war started in February 2022, a policy proponents claimed would severely limit Russia’s ability to generate oil cash while falling sort of imposing onerous costs on developing countries. However, Russia has managed to sell about 70% of its oil sales above the West’s price by utilizing a fleet of “shadow tankers” — vessels that are unregistered or registered in nations that are not party to the price cap agreement — to dodge the restrictions, the NYT reported, citing a new report by the Kyiv School of Economics Institute.
In the first half of 2024, Russia managed to sell about 75 million barrels of oil each month using vessels with an average age of 18 years, according to the NYT. Russia spent about $10 billion to develop its “shadow tanker” fleet.
Ukraine Reportedly Sending Cooks, Mechanics To Frontlines Of War Against Russia As Manpower Problem Grows Worsehttps://t.co/aLDjzZsW9j
— Daily Caller (@DailyCaller) August 18, 2024
Moreover, ships that are a part of the Russian “shadow tanker” fleet or that are subject to sanctions for breaking the price cap carried a record amount of oil and related products in September, according to the NYT. Some of these vessels made deliveries to ports in China and India, buyers that have purchased considerable amounts of Russian oil despite the Western sanctions against Putin’s economy.
Some officials inside the Biden-Harris administration want to see the government take a harder line against the “shadow tanker” fleet to continue to squeeze Putin, but others are in favor of treading lightly out of concern that cracking down could put upward prices on energy prices with a pivotal presidential election looming, according to the NYT. More broadly, policymakers have been especially careful in how they’ve handled Russia’s energy industry given the risks of a hot war between Iran and Israel, which would likely drive prices up.
While the U.S. and allies will continue working on enforcement, Russia is still selling oil at suboptimal prices and spending billions on its “shadow tanker” fleet, meaning that the sanction is still a success even if it is being evaded to some degree, one U.S. official who requested anonymity to speak freely on the subject told the NYT.
The White House and the Department of the Treasury did not respond immediately to requests for comment.
Daily Caller
Climate Change Fanaticism Was The Big Election Loser
From the Daily Caller News Foundation
By Stephen Moore
A few days before last week’s election, Independent Vermont Sen. Bernie Sanders issued a dire warning to voters. If Trump won, “the struggle against climate change will be over.”
He had that right.
Climate change fanaticism was effectively on the ballot last week. That green energy agenda was decisively defeated.
It turns out the tens of millions of middle-class Americans who voted for Trump weren’t much interested in the temperature of the planet 50 years from now. They were too busy trying to pay the bills.
The result shouldn’t be too surprising. Polls have shown climate change ranks near the bottom of voters’ concerns. Jobs, inflation and illegal immigration register much higher on the scale of concerns.
But if you asked the elite of America in the top one percent of income, climate change is seen as an immediate and existential threat to the planet. Our poll at Unleash Prosperity earlier this year found that the cultural elites were so hyper-obsessed with climate issues, they were in favor of banning air conditioning, nonessential air travel and many modern home appliances to stop global warming. Our study showed that not many of the other 99 percent agree.
Wake up, Bernie and Al Gore.
Climate change has become the ultimate luxury good: the richer you are, the more you fret about it.
Among the elite, obsessing about climate change has become a favorite form of virtue-signaling at the country club and in the faculty lounges. There is almost no cross that the green elites — the people who donate six figures or more to groups like the Sierra Club — aren’t willing to make lower income Americans bear to stop global warming.
Herein lies the political curse of the climate issue. A millionaire doesn’t care much if the price of gas rises by $1 a gallon or if they have to pay another $100 a month in utility bills. But the middle class hates paying more.
It wasn’t just economic concerns that turned the voters against climate crusaders like President Joe Biden and Vice President Kamala Harris. Workers weren’t too thrilled with the heavy fist of government commanding them to buy an electric vehicle — whether they wanted one or not.
It hasn’t helped the greens’ cause that the same progressives who are out to save the planet with grandiose transformations and global government, seem to have no problem with the garbage polluting the streets of our major cities or the graffiti or the feces and urine smell on the street corners of San Francisco and New York. That’s real pollution. And it’s affecting us here and now.
The good news is this year’s voter revolts against the radical green agenda are not a vote for dirtier air or water. The air that we breathe and the water we drink is cleaner than ever — a point that President Donald Trump correctly made. We will continue to make progress against pollution.
To try to sell middle America on the climate-change agenda of abolishing fossil fuels, the greens peddled bogus arguments that climate change would hurt poor communities most. In reality the financial costs of the climate policies and the paychecks lost were felt by the non-elite.
Democrats forgot to visit the steel-mill construction sites or the auto plants or the oil patch and ask those workers what they thought.
Well, now we know the reality. Americans think their shrinking paychecks and the higher price of gas they pay at the pump is the real clear-and-present danger. If Democrats don’t start to get that, they too will go to bed worrying about their jobs.
Stephen Moore is a senior fellow at the Heritage Foundation and a co-founder of Unleash Prosperity. His latest book is titled: “The Trump Economic Miracle.”
Business
Biden-Harris Admin Reportedly Backs Off On Major Emissions Initiative At UN Climate Summit
From the Daily Caller News Foundation
By Nick Pope
The Biden-Harris administration is quietly backing away from a plan to use the ongoing U.N. climate conference to announce an international call for emissions reductions, according to Politico.
It is not clear whether it is because President-elect Donald Trump decisively won last week’s presidential election, but Biden-Harris officials reportedly intended to partner with several other countries in announcing “ambitious” carbon emissions reduction goals for 2035 before the announcement fell through, according to Politico, which cited a draft press release it obtained and several unnamed officials. Had it not fallen through, the announcement could have gone live as early as Monday, the first day of the conference — commonly referred to as COP29 — in Azerbaijan, a Caucasian petrostate with a questionable human rights record.
The aborted call to action would not have been legally binding, though it would have served as a signal to corporations to invest in emissions reduction initiatives and pave the way for other nations to get on board, according to Politico. The countries that would have been named in the announcement would have committed to slashing emissions across nearly every sector of their respective economies, and they would have taken aim at specific chemicals like carbon dioxide, methane and nitrous oxide.
The press release announcing the commitments “clearly won’t be published” at this point, one senior foreign diplomat told Politico, which granted the source anonymity to speak freely on the matter. Beyond Trump’s victory, other potential factors that may have interfered with the plan to roll out the 2035 targets include ambivalence from potential partners or bureaucratic logjam in the European Union, an American ally that typically collaborates on similar climate targets.
The U.S. circulated the idea of putting out a statement ahead of COP29 with “a lot of parties but never pushed for it to become something more,” a European official involved in climate negotiations told Politico.
Trump’s pending return to the White House is looming large at COP29, given the president-elect’s pledges to roll back green spending, regulations and initiatives and jack up fossil fuel production, according to CBS News. Moreover, Trump has also promised to withdraw again from the U.N.’s Paris Climate Accords, which he did in his first term before the Biden-Harris administration rejoined the deal.
The White House did not respond immediately to a request for comment.
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