See, the Biden economy is so great that you just have to change your behavior
Three steps you can take to fight soaring gas prices: Morning Brief
Of all the financial foibles to come to the fore this year — stock market meltdown, higher mortgage rates and recession fears — none has hit the average American more forcefully than rising gasoline prices.
The price of a gallon of gas hit $5.00 for the first time ever this week, up more than 60% year to date.
Anyhow, the smart idea would be for the feds to greenlight fastrack construction of refineries, along with getting so many closed refineries up and running. Signal to the market that drilling is totally allowed. Which should have been done last year
One problem, three solutions
So what’s an American to do?
Well, the first suggestion is to drive less. Yup, I mean it.
We’re a bit entitled in the U.S., aren’t we? Our gas prices are low relative to many countries. In Hong Kong, gas costs $11 a gallon, in Norway more than $10 per gallon, and the rest of Europe pays $7-$8.
Number two, buy an EV. The math here changes when the price of gas goes from $2 to $5.
First off, there aren’t many available. If you can even get on a list, you’ll wait for months and months and months. Second, you’ll pay a heck of a lot more for an EV vs the car you have now. Also, insurance is 10% to 25% higher.
Point three, buy Exxon stock.
And by that I really mean various energy investments, including other oil stocks or ETFs. (Hint: Biden’s letter went to Exxon, Chevron (CVX), BP (BP), Shell (SHEL), Marathon (MRO), Valero (VLO) and Phillips (PSX).)
Even including this week’s 14% slide, shares of Exxon are up 40% this year; the S&P 500, in contrast, is down over 20%.
Of course it’ll take time to see that return. And it doesn’t help that
Deutsche Bank now expects ‘an earlier and somewhat more severe recession’
The first economist on Wall Street to predict a U.S. recession in 2023 is moving up his timeline for an economic contraction.
“More than two months ago we forecasted that the U.S. economy would tip into a recession by end-2023,” Deutsche Bank Chief U.S. economist Matt Luzzetti wrote in a note to clients on Friday. “Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing. In response to these developments, we now expect an earlier and somewhat more severe recession.”
No worries, Joe will be at the beach
Inflation: Grocery prices are ‘hitting everyone hard,’ and shoppers aren’t happy
The rising costs of food has forced Rick Romero to change his shopping habits.
“Between the cost of food, the cost of fuel — it’s hitting everyone hard, and we’re not getting any compensation at work to try to balance it out,” the L.A. resident told Yahoo Finance. “I buy the same items pretty much every week and it’s gone up, $70 bucks or so a week now.”
His experience is being shared by shoppers across the country who are facing sticker shock on almost all types of groceries. According to the Labor Department’s U.S. Consumer Price Index report, the index for eggs increased 10.3 percent in April alone.
“We have to rebalance [our] budget,” Romero added. “We have to constantly redo a budget every time. It’s not like before where you set a budget and you’re good. You have to rework it now.”
Remember when the media said this was a blip? Transitory? When they blew off the concerns of citizens last year in an attempt to protect Biden? Do they think Americans give a flying shit about January 6th?
Teach it takes years to build a new refinery.
It takes years just to design one. Then there is local opposition. Even in deep red states like Louisiana people don’t want one in their backyard. Would you? Capitalists don’t want to invest in them They will not even buy old ones that were closed. Yes profits look good right now but the future of your investment depends on the Saudis. What happens if after you invest 10 billions in a new refinery the Saudis decide to put you out of business by dropping the global price below your profitability number like they did with fracked shale oil. When that happened Trump had to beg them to raise the price of global oil. Our gas prices will always be the Saudis. Are you comfortable with that?
Should we stop exporting gasoline?Keystone XL was designed expressly to export oil. That woukd cut the profits iof oil companies. Do you want that? Red state economies often depend on fossil fuel prices.
Hairy, your TDS is showing…as usual. You need to see somebody about that.
Hairy thinks he has hit on a real salient point here. As a result, every post is a cut and paste of a previous post about Gasoline refineries.
The reason oil companies or capital enterprises have avoided opening any new Gasoline plants is because of a wishy-washy Washington DC that is 8 years GOP then 8 years Democrat then 8 years GOP etc…etc. The gains made in curtailing regulations making it difficult to construct any new gasoline plants under GOP leadership are almost overnight destroyed when the Democrats gain power.
But Hairy I have a question for you. There was NO Gasoline shortage before Biden entered office. Not even when Obama was in office, or Clinton, and then low and behold our last Progressive President Jimmy Carter we had gas lines, you could only buy gasoline every other day based upon the number on your license plate. The Arabs hated us and embargoed the USA. Inflation was out of control, the people hated themselves and their government.
Now Hairy why do you suppose there is a gasoline shortage today as opposed to say two years ago or 10 years ago under Trump?
THERE IS NOT!!!! So why are you going on and on and on about GASOLINE PLANTS AND REFINERIES??????
There is no GASOLINE SHORTAGE. There is an oil Shortage that could be solved if the USA had simply not closed down thousands of Frackers which have taken about 3 million BBLs of oil from the market.
The USA does not have to sell its oil on the open market. They can do contracts to supply their oil to say Marathon oil which owns many gasoline refineries. FRACKING OIL is SWEET LIGHT CRUDE and is perfect for gasoline.
PROBLEM SOLVED…But no. Biden and the LEFT declared they are going to rid the world of GASOLINE and OIL by 2035 so what do you think is the attitude of WALL STREET INVESTORS when it comes to oil investment?
That’s right. They dropped Frackers like hot potatoes and even Exxon and the others are not as aggressively pursuing oil exploration now because the writing is on the wall. The USA is under the leadership of MORONS who will not let the markets decide but have decided for them.
So YOU can Ramble on and on about GASOLINE REFINERIES and I will just cut and paste this letter each time you do because you are like the homeless man on the street angrily flailing at unseen voices in his head. THERE IS NOT A GASOLINE SHORTAGE. Hence MORE GASOLINE FACTORIES ARE NOT NEEDED. PERIOD.
Yes, from Canada to the US. You are still reliably wrong about everything.
The US is still exporting oil/gas at near record highs. When global prices skyrocket, US and Canadian producers sent the products to the highest bidders. That’s how global capitalism works.
The completed southern leg of the Keystone XL went from OK to Texas, where it could be exported!
Should President Biden nationalize the US oil producers to keep all the oil here??
I wasn’t aware “nationalizing” private businesses is constitutional in America or is this just one of the fascist lefts new ways of forcing their will onto the majority without needing to steal elections?
According to the latest fascist political practices as done by FJB it seems all the idiot would have to do is make a decree (an executive order as they like to term them thinking we don’t realize it’s really Der Fuehrer’s edict) that all domestic oil must be sold in the US.
You socialists really have no concept of economics.
CarolAnn,
How would you as a Nazi suggest that Fuck Joe Biden lower your gasoline prices?
Der Fuehrer (DonJon) set the modern record for executive orders (edicts).
We are not recommending nationalization, we’re asking what the Nazi right suggests that President Biden do to lower your gasoline prices.
Do you really believe the 2020 election was stolen? If so, besides being a Nazi, you have lost touch with reality.
NEWS FLASH!!!! The man who drove his car into a Support Trump store in New England said he heard voices in his head.
We can now confirm he was listening to CNN on the Radio at the Time.
I’ll bet this writer thought he had a point. He doesn’t.
How other countries jack up the price of fuel is immaterial to this country. “All the really cool kids are doing it!” is not an argument, at least not to an adult.
But it is the point isn’t it? Oil is a global economy. Do you think ALL the cool countries got together and conspired to jack up gas prices?
And to the point, how do YOU suggest that President Biden lower US gasoline prices? An EO zeroing out profits? Price controls? Forcing US producers NOT to export limit pump prices to $3.00/gal?
Brandon might want to stop slow-walking the drilling permits and loosen restrictions on refineries and pipelines that he shut down.
You know exactly what the producers have been asking for.
#LetsGoBrandon
#NothingHeCanDo
Bwaha! Lolgf
But, but, but… the Teach’s of the world are whining that President Biden has shut down refineries. And the oil companies continue to blame President Biden for their record profits! lol
Under Trump US oil production plummeted from 12.9 million bbls/d to 10.5 million bbls/d from Jan 2020 to Oct 2020. Since then, President Biden has increased production to 11.9 million bbls/d!
So… FM, where is the evidence that President Biden took 3 million bbls/d out of the market? From the actual data it looks as if trump took 2.4 million bbls/d offline in 2020 and President Biden has overseen a recovery from trump’s mismanagement of US oil production! US oil production has increased steadily since President Biden was elected!!
Here’s the deal. Americans are being hurt by inflation and they blame the administration. Politics 101 instructs the GOPhers to seize that and use it to defeat the Dems in 2022 and 2024. Tough break for the Dems but facts matter.
Rimjob: Under Trump US oil production “plummeted” from 12.9 million bbls/d to 10.5 million bbls/d from Jan 2020 to Oct 2020.
Yeah, one has to wonder what else was going on in that time span.
Any ideas, dipshit?
#LetsGoBrandon
#TooDumbToRealizeHisGreatness
Bwaha! Lolgf
#LetsGoBrandon
#ForYourOwnGood
Bwaha! Lolgf
John-isn’t it you always saying that the oil companies are price gouging? Remember, don’t get your energy news from your box of Cheerios..https://www.powerlineblog.com/archives/2022/06/chart-of-the-week-re-bidens-energy-demagoguery.php
You should get your energy news from oil companies and powerlineblog
You voted for your guy because you hated the other guy and your guy is now the disaster the other guy told you he would be.
And now Rimjob is pissed about everything because we will always get to say,
“Told’ja so!”
#LetsGoBrandon
#HugeDisaster
Bwaha! Lolgf
So in other words the chart is correct
The chart was constructed by a conservawriter on a conservablog, so it’s unclear if the chart is correct or importantly, RELEVANT. It could be both. Or neither. Conservablog information is LESS reliable than than that of a Cheerios box.
Hayward screams that Exxon profit MARGINS are lower than Apple’s!! But that’s like comparing gasoline to i-Phones or, er, Apples to oranges. Or maybe wheat to Teslas. But Apple has to compete globally with Samsung. And i-Phones and Galaxies improve every year. Is gasoline better now than in 2000? My Galaxy S8 still works fine after 4 years, but I don’t have gasoline from 2018 to use. I don’t “use up” my phone by using it. It’s also possible that developing new and better phones is more exacting than developing new and better oil.
Crude oil prices, which account for about half the pump price of gas, are controlled by OPEC+. Saudi Arabia can literally flood the market with high-quality, inexpensive crude, putting US producers out of business. Contrary to conservablog protestations, the US is producing only slightly less crude today than at the peak in early 2020.
Anyway, all that being said, Exxon profits are NOT the cause of high gas prices today, and President Biden should know that. But politically it’s Politics 101. Blame the bad guys.
Rimjob, like Brandon, again proves the old saying:
#LetsGoBrandon
Bwaha! Lolgf
Oscar Wilde said: “With age comes wisdom, but sometimes age comes alone.”
Well, we did use a lot less fuel during the lockdowns from the panicdemic! But somehow, I don’t think destroying our economy was a good way to save money or fuel.
Democrats do. The whole scamdemic response is shaping up to a dry run for forced economic collapse in the name of climate. We have hundreds of millions of gas powered vehicles yet they plan to eliminate oil production. They plan to replace these vehicles with hundreds of millions of EV’s yet they have no viable plan for consistent 24/7/365 electric production nor a viable means of distribution.
There’s not going to be a “transition” to electric, there’s gonna be a 20 year depression settling into a second world economy if we’re lucky.
“Renewable” energy (which is bullshit) is not the future and it is not progress. Nuclear power is. If climate cultists can’t see that then they are liars and nothing more than anti capitalists disguised as climate proponents.
All they want, all they’ve ever wanted is the end to American economic dominance and now they are closing in on their final nail in the coffin. Look around. Do any thinking people believe anything the government regurgitates any more?