Tag: Biden gas prices

The Gas Inflation Crisis Is Far From Over – Where Will Prices Finally Stop?

Authored by Brandon Smith via Alt-Market.us

After a single Federal Reserve rate hike of 75bps I am noticing a trend among mainstream economists whipping out their crystal balls and predicting an almost immediate reversion to deflationary conditions. In their view, a recession will “balance everything out.” For most of these people I would suggest that they keep their crystal balls in their pants; they have been consistently wrong and it’s time for them to shut up. If you were predicting that inflation would be “transitory” last year, then you have no right to act like you are an economist today.

It’s going to take a lot more than one semi-aggressive rate hike from the central bank to stop the inflation problem, and when I say “inflation” I am talking about PRICE INFLATION, not the mere increase of the money supply or a bubble in stock markets. There are far too many financial analysts out there that don’t even grasp what true inflation really entails.

There are certain sectors of the economy that will indeed see deflationary pressures. Real GDP, for example, is witnessing declines. Retail sales are in decline. US wages are stagnant in comparison to prices. Housing sales are now falling rapidly. Manufacturing is dropping. Yet, prices continue to remain high. Clearly there is a mix of inflationary and deflationary elements within the same economic crisis. In other words, it’s a stagflation event.

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High Gasoline And Diesel Prices Are Here To Stay

Authored by Tsvetana Paraskova via OilPrice.com,

  • U.S. gasoline and diesel prices are at record highs and show no sign of falling or of denting demand.
  • Refining capacity has shrunk dramatically since 2020 due to the covid pandemic, driving fears of a supply crisis.
  • It is looking increasingly likely that the only cure for these high prices would be a recession, a cure that could be as bad as the disease.

U.S. gasoline and diesel prices are soaring to record highs nearly every day these days, as crude oil prices hold above $110 a barrel, the Russian invasion of Ukraine upends global crude and refined product trade flows, and refinery capacity globally is now lower than before the pandemic after some refineries—including in the United States—closed permanently after COVID crippled fuel demand in early 2020. There isn’t a quick fix for all-time high fuel prices in America— or elsewhere — analysts say. The quickest fix is actually not one American consumers would want — a recession that would lead to job losses.

Despite the Biden Administration’s months-long efforts to lower gasoline prices — including massive releases of crude from the Strategic Petroleum Reserve (SPR) and blaming oil companies for price gouging — U.S. refineries cannot catch up with demand.

Not that demand has soared so much. It’s the capacity for supply, globally and in the U.S, that is now a few million barrels per day lower than it was before the pandemic.

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Uber Clueless

Via TownHall

Uber Clueless

The media’s ignorance about basic economics is galling.

I expect it from politicians. I expect it from The New York Times. But it’s sad to see in the New York Post, my town’s rare alternative to Democrat media.

Recently the tabloid freaked out over higher prices imposed by ride-share companies. “New Yorkers are fed up with forking over excessive amounts for Uber and Lyft rides.”

Excessive? Just what is “excessive?” Who decides?

Prices were already up because gasoline costs more, NYC keeps imposing new taxes and regulations, and the federal government pays so many people not to work that there’s now a shortage of drivers.

That day, unusually high “surge” prices were in effect because there had been a horrible shooting on the subway. Commuters, fearful of another subway shooting, turned to ride-share services.

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GRADUALLY, THEN SUDDENLY

“How did you go bankrupt?” Two ways. Gradually, then suddenly.”
― Ernest Hemingway, The Sun Also Rises

Gradually, then suddenly”: How the Protecting Our Democracy Act addresses institutional decay | ACS

“I do not say that democracy has been more pernicious on the whole, and in the long run, than monarchy or aristocracy. Democracy has never been and never can be so durable as aristocracy or monarchy; but while it lasts, it is more bloody than either. Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide. It is in vain to say that democracy is less vain, less proud, less selfish, less ambitious, or less avaricious than aristocracy or monarchy. It is not true, in fact, and nowhere appears in history. Those passions are the same in all men, under all forms of simple government, and when unchecked, produce the same effects of fraud, violence, and cruelty.” – John Adams

Hemingway’s famous quote about going bankrupt connects with so many because it is true on a personal basis and a civilization basis. It applies to individuals and empires in decline – like the American democracy. John Adams realized two centuries ago democracy was no better than monarchy or aristocracy over the long haul. We were handed a Republic by Franklin and his fellow revolutionaries, but we failed to keep it almost from the very birth of this nation.

As we rush towards our World War 3 rendezvous with destiny, aided and abetted by politicians placed in power by globalist billionaires hellbent on the destruction of our way of life, so they own everything and you own nothing, I can’t help but ponder who is to blame and could we have avoided this dystopian outcome.

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Mapped: Gas Prices Across America Reach All-Time Highs

Average price for a gallon of gas in Russia: $1.66

Via ZeroHedge

In recent days, gas prices have skyrocketed to all-time highs.

According to the American Automobile Association (AAA), the national average price of regular unleaded gas has reached $4.25 per gallon as of March 21st, 2022. This is the first time since 2008 that gas prices had exceeded the $4 per gallon mark.

The price of gas was already rising two weeks before the Russian invasion of Ukraine, owing to the increased demand due to the lifting of COVID restrictions. But, as Visual Capitalist’s Raul Amoros details below, when the war broke out, the price of regular gas jumped 41¢ during the first week. This surge in prices could add up to $2,000 in annual cost to the average American household.

While the price at the pump sits at $4.25 per gallon on average, it’s worth mentioning that prices range quite substantially depending on the state. California has the highest average price at $5.86 per gallon. On the other extreme, Kansas has an average price of $3.77 per gallon.

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FOR POSTERITY

Submitted by Hardscrabble Farmer

He said it and he meant it.

TheGatewayPundit

Two Years Ago Today Joe Biden Promised to End the US Oil Industry — Joe Kept That Promise and Today Gas Is $4.32 a Gallon

Two years ago today, Joe Biden promised to end the oil industry in America:

“No more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends.”

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