John would be… funny if he weren’t so naïve.
In truth, I suspect he knows all this, but refuses to admit it in his writings — as that would be seen as “disloyal” — to Tangerine 2.0.
Tonight, Hinderaker cheers the supposed deal to export more oil out of Venezuela — to the United States. Riiiiight.
But people who know more about oil than Hinderaker does (which amounts to knowing something / anything about oil) know that the Venezuelan oil requires greater capital investment in order to extract and be processed, as it is essentially a super heavy version of crude oil. [It is thick like peanut butter and very high in sulfur content. It requires much more refining — to become usable as a fuel, or even a lubricant.] This is — of course — as compared to the light sweet Brent crude that comes out of the Middle East.
This Chevron has long known and now is talking about making vast capital investments to bring Venezuelan oil to the United States. But either Chevron or the US government will have to make significant new capital investments in Venezuela (and at the US home refineries, too!) to achieve the fever dreams that Trump has laid out. Those investments could take 5 to 7 years to bear fruit.
So once again, Trump promises things he can’t deliver and expects other people or the US taxpayer to pay for it. But he clearly needs to say something about how irresponsibly he has managed our oil reserves… with the midterms looming.
And so tonight, John becomes a lame-brained cheerleader shaking his lil’ gold and orange pom-poms.
Pathetic — and disingenuous. The truth is out there, John, go find it.
Out.
Powerline Lies... 