US, G7 Discuss “Capping” Russian Oil Price At $40-60, A Move Which Could Send Oil Soaring Up To $380 Last week we admitted that we hadn’t spent much time discussing the timesink idiocy of the Biden/G7 “Russian oil price cap” idea because well, it is idiotic as Rabobank’s Michael Every explained… The ‘oil cap’ is simple in theory: the G7 will refuse to provide insurance to any vessel that carries Russian oil unless the cargo is sold with an agreed price cap. Yet it won’t work and will just push oil prices higher. Russia will never agree. China and India will never agree either. Russia and China may offer their own underwriting services, which would force the West into physically blocking cargoes and confronting China – as a Russian-oil carrying ship is stopped in the US, says the Wall Street Journal. Plus, the G7 are already not taking Russian oil: they are taking Russian oil from India and China that is being on-sold. … and it appears that finally even the dumbest people on earth, i.e. career politicians and economists, have figured it out. Last Thursday, Reuters reported that according to EU officials, the biggest price cap proponents – the governments of Germany and other European Union countries – voiced “caution” in a closed-door meeting about price caps on Russian oil, a day after the Group of Seven economic powers agreed to urgently start work on the matter. Here is the truncated timeline for those who missed it: on Tuesday G7 leaders agreed to explore “the feasibility of introducing temporary import price caps” on Russian fossil fuel, including oil, and tasked ministers to evaluate the proposal urgently. But just one day later, Germany’s envoy to the EU told his counterparts in a restricted meeting that the world should be “realistic”

China’s communist regime is illegally expanding its territory through the South China Sea and deliberately altering its interpretation of history to maintain its ill-gotten gains, according to one expert. “History, for the Chinese government, is plastic and can be changed and molded as necessary, as any good communist party knows,” said Gregory Poling, a senior fellow at the Center for Strategic and International Studies (CSIS), a Washington-based think tank. Poling added that the current Chinese Communist Party (CCP) leadership believes that the United States is in “terminal decline” and that it has been more ready to engage in hostilities since the ascension of Xi Jinping as head of the CCP in 2012….

Philadelphia police on Tuesday were attempting to determine who fired a gun and from where during Monday night’s Independence Day celebrations, in a shooting that injured two police officers and caused the panicked evacuation of thousands from the Benjamin Franklin Parkway. Chief Inspector Frank Vanore said detectives “really don’t have a clear picture of where the bullets came from.” Officers stationed around the Parkway and the Philadelphia Museum of Art for the Wawa Welcome America Festival did not hear shots or see muzzle flashes before the officers were hit, he said. People run from the Benjamin Franklin Parkway after reports of a shooting on Monday, July 4, 2022. (Elizabeth Robertson/The Philadelphia Inquirer/TNS) Detectives were investigating the possibility that the two officers were struck by stray bullets from celebratory gunfire, potentially fired from some distance away, officials said. In an internal email, Police Commissioner Danielle Outlaw told the police force that the motive and location of the shooter or shooters remained unknown. Later, Mayor Jim Kenney said in an interview with WCAU-TV in Philadelphia that the shots had come from outside the event site. Authorities had not identified any suspects or made any arrests by Tuesday evening. No one else was shot in the incident, which brought a scary end to the city’s festivities around 10 p.m. Police asked the public for information, and the police officers’ union is offering a $20,000 reward. Vanore told The Philadelphia Inquirer that investigators were conducting ballistics tests and examining the officers’ injuries to figure out how far the shots may have traveled — or what the trajectory may have been — and detectives were seeking additional video evidence. People run from the Benjamin Franklin Parkway after reports of a shooting on Monday, July 4, 2022. (Elizabeth Robertson/The Philadelphia Inquirer/TNS) “We just don’t know the