Making sense of the markets this week: March 31, 2024

Anybody in DJT Land listening?

Drill child, drill—however solely within the USA, please

With a lot occurring on the earth, it may need slipped previous some Canadian buyers that the US fossil gas business simply hit an attention-grabbing milestone. America now has the honour of manufacturing extra oil in a single day than some other nation within the historical past of our planet. Sure, much more than Saudi Arabia.

When you think about that the USA has been an enormous oil importer for a lot of the final 70 years, it’s fairly noteworthy that the US exported 4 million barrels of oil per day final yr.

It actually seems that buyers are usually not shying away from offering capital to American fossil gas firms. It additionally signifies that Canadian efforts to show away from pure fuel (regardless of our allies basically begging us for extra but once more this week) could not add as much as a lot within the nice push towards world warming.

The USA is now the world’s largest exporter of pure fuel, as properly.

Wow, it’s a very good factor the Keystone XL pipeline acquired cancelled, because it seems to have put a cease to all that American fossil gas enterprise—and at hardly any price to the Canadian financial system both!

Economists would argue that one of the best ways, by far, to cut back the quantity of fossil gas being burned could be to place a tax on it. How standard is that tax on carbon nowadays anyway?

Clearly, the world has to resolve on what kind of degree taking part in discipline it desires to create regarding the guidelines for carbon discount efforts, as Canada’s try to go it alone doesn’t appear to be gaining a lot traction.