Biden - greatest 'economic recovery America has ever experienced'

[rogue06]

It's also the fact that just because you agree that there is a problem, doesn't mean that you think the proposed solution will work, or is itself a good idea.
Take the southern border. Even liberals admit that crossing the border illegally is a bad thing, yet they disagreed with building the wall.

So, at the end of the day, even if inflation is a bad thing, republicans don't have to agree that a vaguely worded bill that grants more emergency powers to the president is the right way to handle the situation.

I don't think they believe the bolded part. Too many not even hiding their support for open borders.

[CivilDiscourse]

I don't think they believe the bolded part. Too many not even hiding their support for open borders.

I would buy that, but the democrats stance during the trump admin was to simply be the polar opposite of him, not to be nuanced.

[rogue06]

I would buy that, but the democrats stance during the trump admin was to simply be the polar opposite of him, not to be nuanced.

It goes well beyond that.

[Mountain Man]

Fetterman makes a good point. Gas could be $1.50 lower right now, except for oil companies wanting to make more profit than normal:

PriceGouging.JPG

The market forces that dictate the price of a gallon of gasoline are far more complex than a simpleton like you realizes. It's not a straight line from "A barrel of oil costs X; therefore, a gallon of gas should cost Y." While profit certainly factors into it, it is far from being the biggest influence.

As for the bill you seem to think is a great idea, giving the president unfettered power to simply dictate the price of gas on a whim is a terrible idea for what I hope are obvious reasons. If it's not obvious to you, well, too bad, I don't feel like spoon feeding you an explanation.

[Cow Poke]

Another thing that got perfected when Clinton was president is that they will flagrantly violate or ignore a law and then propose a new tougher law to replace it (that they'll also likely ignore) but toss in a bunch of unrelated junk into the bill. When the Republicans hesitate because of all the extraneous drek attached to it, the Democrats (echoed of course by the MSM) start braying they don't want the law.

I saw this the other day regarding protecting SCOTUS judges.

The left doxxed the judges putting their lives at risk. Old Joe's AG steadfastly refuses to enforce the law prohibiting protesting at the judges houses even after an assassination attempt. Instead, a new law is proffered extending protection, including to their immediate families. But, of course, that proposal gets laden with other things the Democrats want. So, the Republicans balk and the left starts screaming they don't want to protect the SCOTUS justices.

The same folks who refuse to enforce existing laws protecting them -- even after a freakin' assassination attempt -- are squawking about others not protecting them. And naturally the press laps it up.

This is just far too complicated for Starlight to get.

[CivilDiscourse]

Fetterman makes a good point. Gas could be $1.50 lower right now, except for oil companies wanting to make more profit than normal:

PriceGouging.JPG

And let's look at who's trying to do something about this, and who isn't...

PriceGouging2.JPG

Oh, look, the Democratic party actually has a bill on the subject that they're voting for to deal with this issue. And, wait, who's that voting against it? Oh, it's the Republican party voting to keep prices high and keep the consumers suffering. Guess they'll send out their minions to blame Biden for their own actions hurting the US populace.

Source: https://www.cbsnews.com/newyork/news/so-why-are-gas-prices-so-high-experts-say-the-biggest-factor-is-globally-priced-crude-oil/

NEW YORK -- Gas prices continue to inch up and have now reached historically high levels, with the national average for a gallon sitting at $5, up nearly $2 from last year.

CBS2's Jessica Moore explains what's fueling the surge at the pump and what the White House is trying to do about it.

The cost of gas is becoming a major problem for drivers across the country, but Moore wondered how many people actually know why the cost of fuel is so high.

Some say supply and demand, inflation, the war in Ukraine, and taxes, but AAA spokesperson Robert Sinclair says there's one real concrete reason.

"Without a doubt, it's crude oil, and crude oil is a globally priced commodity," Sinclair said.
He added there are four main contributors to the price of gas, including taxes, distribution and marketing, and refining, but about two-thirds of what you pay comes down to the price of crude oil, which is up 70 percent from last year.

"Russia was and is a major producer, so you take 10 percent off the market and suddenly everybody is scrambling," Sinclair said.

Refineries make up the next biggest cost suck. There are more refineries in Southern states, where gas tends to be cheaper. Out West, Californians typically get hit the hardest, because there are fewer refineries.

"In California, you have to drive and that makes gas more valuable and with fewer refineries gas is more expensive," Sinclair said.
President Joe Biden is now calling on oil refineries to increase supply. In a letter to the country's seven major refineries, the president also slammed their high profit margins, saying big oil companies should make less in order to help the American people save a little bit.

"The amount of profit being taken is astonishing. Oil and gas companies had record profits in first quarter -- 225 percent over first quarter of last year. In March, the price per barrel of oil was about $120 per barrel, like it is today, but in March we were paying about $4.25 per gallon, so there is a 75-cent increase. What is going on there?" U.S. Energy Secretary Jennifer Granholm said.

The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much?

"It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all over the world," Granholm said.

The president has directed Granholm to hold an emergency meeting with oil producers to strategize ways to help bring prices down. A couple of ways the White House is considering are boosting oil production and refinery capacity, and also by convincing gas companies to limit their own profits in the short term for the good of the country.

The White House has been releasing about 1 million barrels of oil from the strategic petroleum reserve every day to try to curb prices.

© Copyright Original Source

[Cow Poke]

Source: https://www.cbsnews.com/newyork/news/so-why-are-gas-prices-so-high-experts-say-the-biggest-factor-is-globally-priced-crude-oil/

NEW YORK -- Gas prices continue to inch up and have now reached historically high levels, with the national average for a gallon sitting at $5, up nearly $2 from last year.

CBS2's Jessica Moore explains what's fueling the surge at the pump and what the White House is trying to do about it.

The cost of gas is becoming a major problem for drivers across the country, but Moore wondered how many people actually know why the cost of fuel is so high.

Some say supply and demand, inflation, the war in Ukraine, and taxes, but AAA spokesperson Robert Sinclair says there's one real concrete reason.

"Without a doubt, it's crude oil, and crude oil is a globally priced commodity," Sinclair said.
He added there are four main contributors to the price of gas, including taxes, distribution and marketing, and refining, but about two-thirds of what you pay comes down to the price of crude oil, which is up 70 percent from last year.

"Russia was and is a major producer, so you take 10 percent off the market and suddenly everybody is scrambling," Sinclair said.

Refineries make up the next biggest cost suck. There are more refineries in Southern states, where gas tends to be cheaper. Out West, Californians typically get hit the hardest, because there are fewer refineries.

"In California, you have to drive and that makes gas more valuable and with fewer refineries gas is more expensive," Sinclair said.
President Joe Biden is now calling on oil refineries to increase supply. In a letter to the country's seven major refineries, the president also slammed their high profit margins, saying big oil companies should make less in order to help the American people save a little bit.

"The amount of profit being taken is astonishing. Oil and gas companies had record profits in first quarter -- 225 percent over first quarter of last year. In March, the price per barrel of oil was about $120 per barrel, like it is today, but in March we were paying about $4.25 per gallon, so there is a 75-cent increase. What is going on there?" U.S. Energy Secretary Jennifer Granholm said.

The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much?

"It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all over the world," Granholm said.

The president has directed Granholm to hold an emergency meeting with oil producers to strategize ways to help bring prices down. A couple of ways the White House is considering are boosting oil production and refinery capacity, and also by convincing gas companies to limit their own profits in the short term for the good of the country.

The White House has been releasing about 1 million barrels of oil from the strategic petroleum reserve every day to try to curb prices.

© Copyright Original Source

Because the Strategic Oil Reserve was totally intended to save a Political Party's sinking poll numbers.

[CivilDiscourse]

Because the Strategic Oil Reserve was totally intended to save a Political Party's sinking poll numbers.

I think it galls many for biden to be even less popular than trump

[Cow Poke]

I think it galls many for biden to be even less popular than trump

But Jimmy Carter is praising Jesus!

[Ronson]

Source: Jennifer Granholm

"The amount of profit being taken is astonishing. Oil and gas companies had record profits in first quarter -- 225 percent over first quarter of last year. In March, the price per barrel of oil was about $120 per barrel, like it is today, but in March we were paying about $4.25 per gallon, so there is a 75-cent increase. What is going on there?" U.S. Energy Secretary Jennifer Granholm said.

The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much?

"It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all over the world," Granholm said.

The president has directed Granholm to hold an emergency meeting with oil producers to strategize ways to help bring prices down. A couple of ways the White House is considering are boosting oil production and refinery capacity, and also by convincing gas companies to limit their own profits in the short term for the good of the country.

The White House has been releasing about 1 million barrels of oil from the strategic petroleum reserve every day to try to curb prices.

© Copyright Original Source

Biden and Granholm are such idiots. "We want you to give up some of your supply-and-demand profits. We know you are willing to do that." The commies in charge don't understand the free market, although Granholm pretends that she does. Venezuela doesn't "pay" $120 per barrel of oil because the industry is nationalized (the same with most of OPEC). Actually, Venezuela just massively increased the price of gasoline, like 10-fold, to $2.27 per gallon.

I don't know what the answer is, but asking independent companies in a free market to give up profits is a really dumb solution.

[seanD]

Source: https://www.cbsnews.com/newyork/news/so-why-are-gas-prices-so-high-experts-say-the-biggest-factor-is-globally-priced-crude-oil/

NEW YORK -- Gas prices continue to inch up and have now reached historically high levels, with the national average for a gallon sitting at $5, up nearly $2 from last year.

CBS2's Jessica Moore explains what's fueling the surge at the pump and what the White House is trying to do about it.

The cost of gas is becoming a major problem for drivers across the country, but Moore wondered how many people actually know why the cost of fuel is so high.

Some say supply and demand, inflation, the war in Ukraine, and taxes, but AAA spokesperson Robert Sinclair says there's one real concrete reason.

"Without a doubt, it's crude oil, and crude oil is a globally priced commodity," Sinclair said.
He added there are four main contributors to the price of gas, including taxes, distribution and marketing, and refining, but about two-thirds of what you pay comes down to the price of crude oil, which is up 70 percent from last year.

"Russia was and is a major producer, so you take 10 percent off the market and suddenly everybody is scrambling," Sinclair said.

Refineries make up the next biggest cost suck. There are more refineries in Southern states, where gas tends to be cheaper. Out West, Californians typically get hit the hardest, because there are fewer refineries.

"In California, you have to drive and that makes gas more valuable and with fewer refineries gas is more expensive," Sinclair said.
President Joe Biden is now calling on oil refineries to increase supply. In a letter to the country's seven major refineries, the president also slammed their high profit margins, saying big oil companies should make less in order to help the American people save a little bit.

"The amount of profit being taken is astonishing. Oil and gas companies had record profits in first quarter -- 225 percent over first quarter of last year. In March, the price per barrel of oil was about $120 per barrel, like it is today, but in March we were paying about $4.25 per gallon, so there is a 75-cent increase. What is going on there?" U.S. Energy Secretary Jennifer Granholm said.

The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much?

"It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all over the world," Granholm said.

The president has directed Granholm to hold an emergency meeting with oil producers to strategize ways to help bring prices down. A couple of ways the White House is considering are boosting oil production and refinery capacity, and also by convincing gas companies to limit their own profits in the short term for the good of the country.

The White House has been releasing about 1 million barrels of oil from the strategic petroleum reserve every day to try to curb prices.

© Copyright Original Source

About those refineries, it's really hard for the climate change cult, of which the Dems and the Biden admin are clearly apart of, to argue this is all just accidental and not exactly what they wanted. And the Biden admin seems to have a schizophrenic approach to all this, so it's not wonder why the right doesn't trust the Dems on any energy policies they propose.

https://mises.org/wire/biden-adminis...only-beginning

While Americans angrily grit their teeth while filling their gas tanks, the very first United States special presidential envoy for climate said:

This year, we have to implement those promises and what it means is that we have to decarbonize the power sector five times faster than we are right now. We have to deploy renewables five times faster than we are right now. We have to transition to electric vehicles about 20 times faster than we are right now. And we have to fully transition to a resilient Net Zero economy faster.

If reality was beyond his reach before, John Kerry surely lost touch when he married into the Heinz condiment colossus in 1995. He talks as if he were ordering lunch from his harried house staff, “Faster, Jeeves. Can’t you hurry up and decarbonize already?” All of this service to the country has left Kerry clueless as to physics, not to mention economics.

“And to say it is to expose a level of ignorance that is scary,” the green cartoon chicken known as Doomberg told Tony Greer on Real Vision:

Actually, that our politicians would think despite all the evidence before them, that somehow, we can wave a magic wand and accelerate the adoption of electric vehicles by a factor of 20 when we don't have enough lithium, nickel or cobalt to even support the current growth trajectory. It's just crazy. Where's the diesel going to come from to mine all the cobalt and nickel and lithium that we're going to need?

Global consumption of petroleum and liquid fuels will average just short of a hundred million barrels a day this year, an increase of 2.2 million barrels a day from 2021. Yet, Chevron CEO Mike Wirth stresses, "there hasn’t been a refinery built in this country since the 1970s." More ominously, he predicts, "I personally don’t believe there will be a new petroleum refinery ever built in this country again."

A good’s increased price should be a signal to entrepreneurs to produce more of that product. In a free market that would be the case. But, as Mr. Wirth explains, "at every level of the system, the policy of our government is to reduce demand, and so it’s very hard in a business where investments have a payout period of a decade or more." "And the stated policy of the government for a long time has been to reduce demand for [petroleum] products."

In his book Omnipotent Government, Ludwig von Mises explained:

The dangerous fact is that while the government is hampered in endeavors to make a commodity cheaper by intervention, it certainly has the power to make it more expensive.

So, Joe Biden jawbones about lowering prices at the pump while gas prices hit new highs (and the summer driving season has yet to arrive).

Doomberg puts a finer point on the lack of refineries:

The last major refinery to be built in the US was in 1977. And by major, I mean more than 100,000 barrels a day. There's been some small ones put in, and some specialty ones here and there. But by and large, because of environmental pressure, the US has not made a new refinery at scale in 40 years, 45 years, which is pretty incredible.

And, that’s not the worst of it. “But also, what's happened concurrently is especially on the East Coast and the West Coast, big surprise, many refineries have been shut down because of environmental pressure,” Doomberg said. With these closures, the net effect was something like 17.8 million barrels a day in the 1980’s. And it’s 18 million barrels a day today. “When you consider how much GDP growth that's exploded over that time period, you can see where the constraints are,” said Doomberg.

According to Doomberg,
The world's running out of diesel. And if we run out of diesel, that's a really big deal. The consequence of demand destruction is going to be a severe economic recession slash depression.

As Mises pointed out, one government intervention inevitably leads to another, and Doomberg predicts “the Biden administration [will] push for a ban on diesel exports, which is going to be a lot easier to sell politically.” This will hurt refiners, as diesel prices internationally are much higher for the 650,000 barrels they export a day.

The environmental crowd, now armed with government power, may believe they are doing God’s work, but as Mises pointed out:

The effect of its interference is that people are prevented from using their knowledge and abilities, their labor and their material means of production in the way in which they would earn the highest returns and satisfy their needs as much as possible. Such interference makes people poorer and less satisfied.

[Mountain Man]

Source: Jennifer Granholm

"The amount of profit being taken is astonishing. Oil and gas companies had record profits in first quarter -- 225 percent over first quarter of last year. In March, the price per barrel of oil was about $120 per barrel, like it is today, but in March we were paying about $4.25 per gallon, so there is a 75-cent increase. What is going on there?" U.S. Energy Secretary Jennifer Granholm said.

The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much?

"It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all over the world," Granholm said.

The president has directed Granholm to hold an emergency meeting with oil producers to strategize ways to help bring prices down. A couple of ways the White House is considering are boosting oil production and refinery capacity, and also by convincing gas companies to limit their own profits in the short term for the good of the country.

The White House has been releasing about 1 million barrels of oil from the strategic petroleum reserve every day to try to curb prices.

© Copyright Original Source

Biden and Granholm are such idiots. "We want you to give up some of your supply-and-demand profits. We know you are willing to do that." The commies in charge don't understand the free market, although Granholm pretends that she does. Venezuela doesn't "pay" $120 per barrel of oil because the industry is nationalized (the same with most of OPEC). Actually, Venezuela just massively increased the price of gasoline, like 10-fold, to $2.27 per gallon.

I don't know what the answer is, but asking independent companies in a free market to give up profits is a really dumb solution.

Since supply and demand has the biggest impact on prices, increasing supply would help lower prices. Gee, if only Joe hadn't made good on his promise to sabotage the oil industry and introduce pain at the pump under the mistaken belief that it would cause the "little people" to clamor for electric vehicles and "green" energy.

[Ronson]

Since supply and demand has the biggest impact on prices, increasing supply would help lower prices. Gee, if only Joe hadn't made good on his promise to sabotage the oil industry and introduce pain at the pump under the mistaken belief that it would cause the "little people" to clamor for electric vehicles and "green" energy.

marie.jpg

[Starlight]

Since supply and demand has the biggest impact on prices, increasing supply would help lower prices.

According to the government EIA agency, US production of crude oil went up 5% from Biden taking office in Jan 2021 through to their most recent figures in March 2022.

Gee, if only Joe hadn't made good on his promise to sabotage the oil industry and introduce pain at the pump under the mistaken belief that it would cause the "little people" to clamor for electric vehicles and "green" energy.

Convince me he ever promised this and that you aren't just falsely putting words in his mouth.

[Starlight]

Biden and Granholm are such idiots. "We want you to give up some of your supply-and-demand profits. We know you are willing to do that."... I don't know what the answer is, but asking independent companies in a free market to give up profits is a really dumb solution.

Progressive sources I've seen comment on this agree that it is an idiotic approach to ask for-profit companies to stop profiteering off their oligopolies. If that's believed to be the problem then the solution is to take aggressive legal and regulatory action against them.