(FREE) PAINE IN THE MORNING: What you need to know this Tuesday – July 5, 2022

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JP Morgan Makes Dire And Terrifying Prediction On Future Oil Prices – If you think gas is expensive now, you ain’t seen nothin’ yet.

The price of a barrel of oil, which now hovers around $111, could more than triple to a staggering $380 if Russia decides to cut its output, analysts at JP Morgan Chase are warning. With the price of a gallon of gas in America now topping $5 in many areas, such a dramatic increase in oil costs would be catastrophic to the economy. – READ MORE

Biden Apparently Thinks $5 Gas Isn’t Painful Enough – His EPA Is Attacking America’s Largest Oilfield – In case you were wondering whether the Biden administration could do anything more to cripple the U.S. fossil fuel industry, the answer is yes.

The Environmental Protection Agency is considering an “ozone violation designation” for portions of the Permian Basin, the largest oil field in the United States, according to Bloomberg News. The Permian Basin is located in West Texas and southeastern New Mexico. – READ MORE

Joe Says No: Biden White House Blocks New Atlantic, Pacific Oceans Drilling as Global Energy Demand Soars – U.S. President Joe Biden has proposed blocking all new drilling in the Atlantic and Pacific Oceans as the world cries out for more energy from more sources far from Russia, the Middle East, and the OPEC oil cartel.

Biden is also moving to shut down exploration and production of oil and gas on onshore federal lands while acknowledging the importance of fossil fuels in the U.S. energy landscape, as Breitbart News reported. – READ MORE

Grocery Cart Inflation Jumps to Highest in 42 Years – A key measure of inflation showed groceries in May costing American households 11 percent more this year than last year, the biggest annual price gain since December of 1980.

The Personal Consumption Expenditure price index for food showed on Thursday that inflation has accelerated for at 11-consecutive months, picking up pace every month since June of 2021. Food prices were up 6.6 percent when the year started, eight percent in February, 9.2 percent in March, and 10 percent in April. – READ MORE

“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher – US agriculture executives are warning that war and extreme weather have put global food supplies in danger as skyrocketing food prices have led to shortages and protests worldwide.

“We’ve actually got two crises,” Erik Fyrwald, CEO of pesticide and crop-seed maker Syngenta, told the Wall Street Journal. “The food-security crises and the climate crises.” – READ MORE

Chemical Shortages Affecting U.S. Farms Described as ‘Off the Charts” – A disturbing report by Reuters, featuring interviews with more than a dozen chemical dealers, manufacturers, farmers, and weed specialists, indicates chemical shortages have disrupted U.S. growers’ production strategies and points to reduced harvests this season.

The level of shortages of farm-essential chemicals (e.g., fertilizer, weed-killer) is being described as “off the charts.” – READ MORE

Biden EPA goes after strategy that would massively raise food prices – The Environmental Protection Agency (EPA) proposed cracking down on a widely used agricultural herbicide, sparking outrage from farmers who say the move could raise food prices and imperil farms around the country.

The EPA announced Thursday it was reopening the finalized reregistration for the chemical atrazine, claiming the Trump administration’s “previous decision was not adequately supported by science,” according to an agency memorandum. – READ MORE

SEC’s New ESG Rule Hurts America’s Small Farms & Ranches – As small farming and ranching operations struggle to bounce back from the COVID-19 pandemic and supply-chain disruptions, the federal government is preparing to throw another hurdle their way.

In March, the Security and Exchange Commission (SEC), a governmental outfit purporting to “promote a market environment that is worthy of the public’s trust,” proposed a new Environmental, Social, and Governance (ESG) rule. Billed as the “Enhanced and Standardization of Climate-Related Disclosures for Investors,” it would require registrants who do business with small operators “to include certain climate-related disclosures” called Scope 3 Emissions—indirect (upstream or downstream) emissions occurring in the value chain of the reporting company. – READ MORE

Biden Admin Inks $3.2 Billion Deal With Pfizer For 105 Million COVID-19 Vaccines – The Biden administration said it has signed a new agreement with Pfizer and partner BioNTech for 105 million doses of their COVID-19 vaccine for a fall vaccination campaign, with the deal worth $3.2 billion.

The contract includes doses for both adults and children, as well as supplies of a retooled Omicron-adapted vaccine that is currently pending approval by federal health authorities, the Department of Health and Human Services (HHS) said in a statement. – READ MORE

Over 400,000 High-Priority Incidents In Chicago In 2021 Had ‘No Police Available To Send’, New Data Shows – As crime continues to roil economic and social life in post-George Floyd, post-COVID Chicago, getting policing and criminal justice right are crucial. City officials are failing at that task.

We’re already seen anemic rates of arrest and prosecutions in Chicago, accompanied by finger-pointing between politicians over crime and the court system. And years of no support from city leadership, anti-policing legislation and the damaging rhetoric of the “defund” movement have taken a toll on Chicago police morale and manpower. – READ MORE

Rationing Has Already Started In Europe As The Entire Globe Plunges Into A Horrific Economic Nightmare – If countries in Europe are already beginning to ration certain things due to “supply problems”, how long will it be before it starts happening in the United States?

Up until the past couple of years, many of us in the western world always considered shortages to be something that only “unsophisticated” poor countries on the other side of the planet had to deal with. But the last couple of years have shown us that painful shortages can happen to wealthy countries in the western world too. At first we were told that they were “just temporary”, but the months went by and we just kept having more shortages. In fact, in 2022 “supply problems” have become so serious that many supermarkets in Europe have been forced to strictly ration essential items at various times. For example, it was being reported that due to the war in Ukraine flour, sunflower oil and sugar were all being rationed by stores in Greece… – READ MORE