Chelsea, this week I have an interesting one that is going to probably be a little
sorry, there is a dog right outside my door that is playing with his ball.
Who's dog is it?
Today I have news about inflation and what has been causing it.
Oh, OK.
Can we just skip out on this episode?
Well, I think this one's an important one.
It at least gives you an idea of what's causing it.
OK.
Because if you ask some people, they'll say, my view has been it's profit
seeking that's basically saying they're allowed to take more profits from us.
And they're just blaming inflation, despite the fact that they're making record
profits, which doesn't make sense if you're just raising the rates due to what
the demand is. Well, I think just given the situation in our country right now
in Canada, a lot of people wouldn't think about it.
They just blame our prime minister.
Yeah, they do.
Yeah. Talked about shrink inflation.
We've talked about record profits.
Yeah.
This is one I haven't really considered,
despite the fact that we kind of know it true.
OK.
But this is right from the FTC's website.
Who is that?
This is the Federal Trade Commission in the US.
And they released a article on May 2nd of 2024, which says FTC order
bans former pioneer CEO from Exxon Board seat in Exxon Pioneer deal.
The Federal Trade Commission took action to resolve antitrust concerns
surrounding Exxon Mobile Corporation's $64.5 billion acquisition of oil
producer pioneer natural resources by approving a consent order that prevents
founder and former pioneer CEO Scott Sheffield from gaining a seat on Exxon's
board of directors or serving in an advisory capacity at Exxon once it
acquires pioneer.
The proposed consent order seeks to prevent pioneers Sheffield from engaging
in collusive activity that would potentially raise oil prices, leading
American consumers and businesses to pay higher prices for gasoline, diesel fuel,
heating, oil, heating, oil and jet fuel.
The FTC alleges in a complaint that Sheffield has through public statements
and private communications attempted to collude with the representatives
of the Organization of Petroleum Exporting Countries, OPEC, and a related
cartel of other oil producing countries known as OPEC Plus to reduce the
output of oil and gas, which would result in Americans paying higher prices
of the pump to inflate profits for his company.
Mr. Sheffield's past conduct makes it crystal clear that he should be nowhere
near Exxon's boardroom.
American consumers shouldn't pay unfair prices of the pump simply to pad a
corporate executive's pocketbook.
The Kyle Mock, deputy director of the FTC's Bureau of Competition,
continued the quote,
the FTC will remain vigilant in its enforcement efforts to protect
competition in these vital markets.
After public statement text messages in person meetings, WhatsApp conversations,
and other communications while at pioneer, Sheffield sought to align oil
production across the Permian Basin in West Texas and New Mexico with OPEC Plus.
Sheffield, for example, exchanged hundreds of text messages with OPEC
representatives and officials assessing crude oil market dynamics, pricing, and output.
In discussing his efforts to coordinate the Texas producers under a production
cut mandate by the Railroad Commission of Texas, Sheffield said, quote,
If Texas leads the way, maybe we can get OPEC to cut production, maybe Saudi Arabia
and Russia will follow.
That was our plan.
I was using the tactics of OPEC Plus to get a bigger OPEC Plus done.
There's a bit more I should probably keep going.
The FTC's proposed consent order would prohibit Exxon from nominating,
designating, or appointing Sheffield to the Exxon board.
The commission vote to accept the consent agreement and place the complaint.
An order on the record of public comment was three to two.
The FTC will publish the consent agreement package in the federal register shortly.
Instructions for filing comments appear to be published.
Notice that's probably far enough.
And the important thing here, Chelsea, is that this guy was clearly colluding with OPEC,
who basically sets the price of oil worldwide.
He wanted to get the price of oil higher so he'd spree better profits,
which has impacted literally everything from your actual cost of gas in your car
to anything that needs to be shipped, which is everything.
Because that cost of oil is included in that price.
So all prices have gone up because this particular individual was colluding with OPEC
to raise the price of oil in North America.
So that he, the probably billionaire already, could have more money.
Yeah. And you know what?
Let's do a quick little background on Mr. Sheffield here.
He has a net worth of 1.3 billion.
Forbes has an article on him called The Oil Patch Prince, a great tale of West Texas.
Unfortunately, I didn't think of doing this beforehand,
but I'm sure he has a good lobbying arm and a lot of investment in right wing media,
as most oil billionaires do.
So I'm just going to speculate on that.
I don't actually have confirmation on that.
But like the Daily Wire was investment money from that or for that,
which is a huge right wing media corporation, came from fracking billionaires.
Oh. Yeah.
But yeah, that's just another one of those inflation is not because we put money
in everybody's pockets to help them through COVID.
It's because billionaires are trying to get richer.
It's as simple as that.
Maybe his house is on a beach where the sand dune just gave way.
Actually, Chelsea.
Can I quickly make this a two part fringy mini then?
Because I have a tie into that that I really I was torn on which one I was going to do.
Maybe what I'm getting to is that maybe he really needs the money
because he probably really needs money.
You and your cost of living just always meets.
Yeah.
And his sand dune just washed out and he's facing a worthless property.
So he probably needs the money.
Yeah. And Chelsea never mind all the people that will never see that amount of money.
I just need to make sure you're not worried about these wealthy waterfront owners
because the government does have their back.
Salisbury leaders announced a six million dollar plan to fight catastrophic beach erosion.
They're getting bailed out.
Yeah. This comes from Boston.com by Emily Spatz on April 30th, 2024.
State Senator Bruce Tarr said at a press conference Monday that Salisbury Beach
now faces an increased set of severe overwash and erosion,
proposing a six million dollar two phase plan to stop further damage,
according to a local report.
Tarr, environmental scientist and consultant for Salisbury, Tom Hughes
and Salisbury Tom, manager Neil Harrington, warned a severe overwash risk
on the beach, calling it a new threat for residents along the waterfront.
Overwash occurs when waves exceed the height of dunes during coastal storms,
transporting the sand and other sediment inland.
The damage will be exponentially worse than what we've seen so far, Tarr said.
This area of the beach is extremely vulnerable and it compels our action.
Not because they're rich, because it's extremely vulnerable.
That's a different thing.
Oh, no, it would never be because they're rich.
It's not like money makes the world go around.
Plan to fix erosion.
The first phase of Hughes and Tarr's proposal would see the restoration
of sand dunes to an elevation of 17 feet above sea level.
And the Daily News reported in phase two would bring dune elevation up to 19 feet,
extending the volume further towards the water.
The project would cost six million.
Yeah, you've got to love that.
The problem was there wasn't enough sand, so they're just going to put six million
dollars worth of sand.
You know, I do love that I love that they're putting six million dollars into this.
I'm sure the homeless people, the problem of.
Well, I'm sure it's a homeless beach, in fact, that has washed away.
And that's why they've moved into the cities, because they don't have their
homeless beach to relax on anymore.
Yeah. Wow. This is incredible.
Thank God is what I have to say.
Yeah, I don't think I need to go any further into that article.
And we will give you an update when the sand dune washes away, I should say.
Wow, we just got hit with a lot of information that we need to digest over the next
how many 48 hours? Yeah.
I mean, slightly less, because we did a double header.
So it's probably like 47 hours and 49 minutes or something like that.
Yeah. Oh, don't do the math.
It's pretty complicated. Let the phone do it.
We'll see you on Friday.
I will not be doing it.
Good bye.