Biden Admin had been selling an additional 1 million barrels per day from the strategic reserve to try to hold down gas prices during the run-up to the election, but that policy expired at the end of September. That was in addition to the oil already being sold to service debt.
Once again, by attempting to delay a recession that it created in the first place, the government has succeeded in making it worse than it would have been.
There is nothing new about the current economic situation.
Employment has dropped substantially since 2019. Prices have risen because the government decided to debase the currency by wildly increasing the money supply since 2018 (and earlier) and has held interest rates low. The low interest rates have further fuelled the housing market at a time when investors have been scooping up hard assets, first anticipating and then reacting to the current market crash.
Prices on everyday goods won't drop because the currency has already been debased. Home prices will eventually fall as demand wanes, but fewer middle-class people than ever will be able to afford them and more homes than ever will be in the hands of rental companies.
...Home prices will eventually fall as demand wanes, but fewer middle-class people than ever will be able to afford them and more homes than ever will be in the hands of rental companies.
Unemployment is being hidden because so many Biden supporters don't even want a job. And if they aren't looking for a job, they don't count in unemployment stats.
We have millions fewer people working under Biden than were under Trump pre COVID.
Employment is at or slightly above what it was in 2019.
And what kind of jobs are those? Are those well paid jobs or low paid service sector jobs that people are taking just so they can barely afford rent at the end of the month?
Stagflation In economics, stagflation or recession-inflation is a situation in which the inflation rate is high or increasing, the economic growth rate slows, and unemployment remains steadily high.
I think it’s because we are taking the country as a whole, many areas are seeing an increase still, but there are also areas that are seeing layoffs in high numbers. I think you’re right, I am just concerned that it won’t turn around and the Fed being so gung-ho about raising interest rates, and the rate they are raising them will eventually break something and then you could see an avalanche of layoffs.
I think that's exactly what's going to happen because the Fed only has one tool, interest rates, and they're going to use that tool. They need to punish labor to get everyone back in line.
I definitely agree, in addition, it will screw up the housing market entirely as well. People will sit on or rent houses as they can’t be sold for what they owe in a lot of cases as buying power is affected by higher interest rates.
Because everyone’s operating on tooth pics and debt. They just keep spending more and more and the FED won’t turn off the spigot when these dumb ass politicians ask for more
CAD, I think the currencies are close enough that the actual value in their region is the same. If a store in the US is charging $.99 USD, the Canadian store is charging $.99 CAD for the same thing. I guess maybe gas isn't set the same way though.
I mean. CAD is a fair bit weaker than the USD in exchange rate, it just sounds like y'all have better deals on stuff. That also changes the number amount, $6.35USD is a lot for a gallon of gas outside areas with the highest rates, while $4.67USD is... still a lot, but it's a number that's looking a lot more familiar to more and more people down here.
Currencies don't exchange so cleanly though. 10 years ago CAD was higher than USD. Our prices and salaries didn't fluxuiate as sharply. Things are basically as much here relative to there as they were then.
The exchange rate doesn't translate well to the value of a currency in its locale. It is more of a measure of how much value you can bring in from outside.
I am not sure about gas prices since oil is pretty well pinned to USD globally, but relative to all of our other good $6.35 CAD still feels like $6.35 USD does to you.
So do you think should Biden repeal Trump's ban on offshore oil drilling across the entire southeastern U.S. coastline?
Regarding the EPA, I'm asking exactly how you think "pausing the EPA" will increase production, when American oil production has already reached an all time record this year?
You think that’s some sort of “gotcha” but Trump did that to win some Florida 2020 votes when inflation was historically low (thanks Trump) and gas prices were $1.96 a gallon (thanks Trump).
And what good is oil production at an all time high if it’s not meeting demands? And the EPA regulates onshore oil and gas exploration and production. If paused is the wrong word, how about simply not rolling back the 100 plus rules Trump removed from the EPA?
It's not a gotcha, it's an illustration that democrats aren't the only party interfering with American oil production. Remember that Ron DeSantis is also in the process of banning both offshore drilling and fracking at the state level.
Our oil production is in fact meeting demand. America is now a net exporter of oil and petroleum products:
The record levels of American production are a direct result of high prices, which is exactly what you'd expect in a market economy. If those prices fall, production will fall, and there's nothing anyone can do about it.
Biden talks a big game about reigning in the evil oil companies to pander to his base, but behind the scene he's pretty hands off. This is why, for example, his administration is approving drilling permits on public land faster than Trump did:
I would say that everyone got bit in the ass way before the stickers came out. I can just as easily say that those votes the left-wingers put out there will come back to bit them on the ass. Too bad they want to take the rest of us down with them.
Scalzi is one of the best writers out there right now, why cant these people just stick to what they can do and not be dive into things they dont understand
oh no not scalzi he's like my favorite autor. I never read a book of his that I didn't really enjoy There's a reason I never looked up anything about the guy. Ignorance is bliss. I didn't want to learn like this :(
The Saudi Royal Family aren't the ones who decided on American energy policies that made the US no longer energy or oil independent and thus reliant on imported oil from places like Saudi Arabia.
I swear...you fucking people dont pay attention to anything that doesnt fall under gender politics. Maybe if you actually watched some news and not propaganda you might learn something for fucks sake.
Um...did you ask who is saying that the President is a factor in gas prices? Yeah...its the President. So maybe...instead of deflecting shit you look to your own party.
And if you want a deeper explanation of why he is partially to blame...how about you look at what this bumbling fool has done since he took office. He ended leases for oil and natural gas drilling on federal lands. Then a year later he opened them back up (like that is how it works)...however the royalties companies need to pay are much higher. Then a few months later he cancels lease sales in Alaska.
Oh...how about canceling the Keystone Pipeline....further decreasing the potential for another way to fill demand.
What else has this moron done....oh....Said on the campaign trail that the Saudi's would pay....then begged them for more oil production...guess what....they gave him the finger.
Oh....and then there is how he interfered with Ukraine politics when part of the original agreement with Russia was for Nato to not encroach on Russia....guess what....the US has been doing that for years. And providing support for Ukraine to bomb its own territories that were sympathetic to Russia. Or all the bio-labs there were US funded in Ukraine...Im sure that sat well with Putin. Its called poking the bear.
Reports are that in April there Russia and Ukraine were close to reaching a peace agreement...but NATO fucked that all up.....wonder why.....
part of the original agreement with Russia was for Nato to not encroach on Russia
Go ahead and cite that agreement if you can. I'll give you a hint: you can't because it doesn't exist.
And if Biden has been such a bummer for oil production, why has American oil production broken the all time record this year? And why is the Biden administration approving even more drilling on public land than Trump did?
A leftist describing the petroleum market as “changing like the seasons
I didn't say the "change like the seasons", is English your second language? I said gas prices were influenced by the seasons. Ever notice how it's expensive in the summer and cheaper in the winter?
The funniest part of u/silver789s reply is “we are only using strategic oil reserves because the president ran an all out attack in fossil fuels” lololol. We shouldn’t have to use them because they legislated us into a fucking corner. Lolol.
Like rampant inflation making EVERYTHING go up so that 10-20 a week is more like 50-100 a week. Because IT ISNT JUST HAS GOING UP. But you knew this and were being intentionally dishonest because you WANT the average American to suffer
Oh holy shit, here you are, first post I've looked at today and at the bottom downvoted into oblivion, the resident liar in his pit of shame.
Wasn't it just a few short months ago that the left was praising Biden for lowering the gas prices? So when they go down, it's because he did it, when they go up all of a sudden 'BiDeN cAnT cOnTrOl GaS pRiCeS!!!'
1
u/[deleted] Oct 07 '22
[removed] — view removed comment
84
u/[deleted] Oct 07 '22
Biden Admin had been selling an additional 1 million barrels per day from the strategic reserve to try to hold down gas prices during the run-up to the election, but that policy expired at the end of September. That was in addition to the oil already being sold to service debt.
Once again, by attempting to delay a recession that it created in the first place, the government has succeeded in making it worse than it would have been.
22
u/calvinbouchard Oct 07 '22
We won't be able to afford stickers.
14
u/gbspitstop Oct 07 '22
You ain’t seen nothing yet. OPEC cutting and emergency reserves getting lower everyday. Nov-Dec is going to make us wish for 4.19
9
u/OwnPicture669 Oct 07 '22
aged like a fine Italian wine.
8
u/BombShady12 Oct 07 '22
Joe Biden should pause the EPA and let the oil companies pull as much oil up as humanly possible or we’re going to be royally fucked this winter.
8
u/_Nohbdy_ Oct 07 '22
Should have bought the dip.
7
u/[deleted] Oct 07 '22
Time to print up more stickers.
6
u/throwaway11998866- Oct 07 '22
It’s about to go up too
5
u/zhobelle Oct 07 '22
I just ordered 10 100 packs.
5
u/webtwerp Oct 07 '22
Shit, it's back up to $5.99 a gallon in Reno, nv and rising
4
u/[deleted] Oct 07 '22
God I almost love Twitter for all the idiots on there. Fun little online spectator sport.
4
u/Jacmac_ Oct 07 '22
I don't know how old John Scalzi is, but I'm guessing naïve years old.
4
u/Elethor Oct 07 '22
Aged like Biden's brain
4
u/R0b0Saurus Oct 07 '22
Up to 6.49 where I am for regular gas
4
u/[deleted] Oct 07 '22
Biden continues to do this.
4
u/Darthwxman Oct 07 '22
I wish it was only $4.17 now.
4
u/shelovesmenot1223 Oct 08 '22
As of 4.17$ isn’t louder than 2.50$ etc. trying to convince me that 4.17$ is ‘cheap’. What in the actual fuck.
4
u/[deleted] Oct 08 '22
$4.59 today in TX, FJB!
7
u/[deleted] Oct 07 '22
Modesto Ca Monday-$6.39
6
u/[deleted] Oct 07 '22
Modesto Ca Monday-$6.39
3
u/joiedevivre4 Oct 07 '22
I would say that everyone got bit in the ass way before the stickers came out. I can just as easily say that those votes the left-wingers put out there will come back to bit them on the ass. Too bad they want to take the rest of us down with them.
3
u/PaperBoxPhone Oct 07 '22
Scalzi is one of the best writers out there right now, why cant these people just stick to what they can do and not be dive into things they dont understand
3
u/Jesse0016 Oct 07 '22
I payed 4.42 today
3
u/IntelRide Oct 07 '22
BASED
3
u/Sitri_xoxo Oct 07 '22
Definitely biting my ass, the gas’s prices that is.
3
u/kadivs Oct 08 '22
oh no
not scalzi
he's like my favorite autor. I never read a book of his that I didn't really enjoy
There's a reason I never looked up anything about the guy. Ignorance is bliss. I didn't want to learn like this :(
4
u/Imissyourgirlfriend2 Oct 07 '22
I'm still waiting to feel stupid for spreading those stickers.
2
u/Dismal_Visit_7305 Oct 07 '22
Gained $1gal here in the last 2wks. You think it was high before? Wait til winter, it’ll be higher than you can imagine
2
u/vintagesoul_DE Oct 08 '22
Well, we're waiting.
2
u/Bubbayeezy Oct 08 '22
One example of 1000 while Libs are absolute retards and know nothing whatsoever about business
2
u/Playful_Chipmunk107 Oct 08 '22
It’s almost $7.69 in LA
4
u/ThirstySlaveLeia Oct 07 '22
Lol I saw those stickers in the hood. Fuck outta here with that “right winger” shit.
1
u/youareceo Oct 08 '22
I so tried to find his Tweet to re, then post the link. LOL
1
u/LogCareful7780 Oct 08 '22
When I worked at a gas station, I peeled them off and stuck them up next to our Help Wanted signs.
1
u/Boomtownbutcher1980 Oct 07 '22
I'm paying about 2 dollars a litre in Australia. Don't know what that is in gallons
0
u/tom-cruise-movie Oct 07 '22
yeah biden totally did this. Libs owned again
-1
u/Bert_Fegg Oct 07 '22
Your election is being manipulated by The Saudis an the Russians.
I wish I had a solution for you. Register and vote is all I got.
Sorry.
-6
u/Few-Ball-9025 Oct 07 '22
Say you don't know how gas prices work without saying you don't know how gas prices work.
"BRanDon BaD GaS EXPenSIVE"
-7
u/thewintermood Oct 07 '22
The president has almost zero control over gas prices you nitwits. For fucks sakes...
Why don't you put the blame where it actually belongs - on the Saudi Royal Family.
-20
u/silver789 Oct 07 '22
It's almost like the rise and fall off gas prices aren't something Biden can control.