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We give presidents far too much blame and credit for the economy. By far the biggest presidential impact is the appointment of the Federal Reserve Chairmen and governors. Congress has a much bigger impact than the president because congress controls the purse strings. They approve or disapprove of tax increases, and cuts, as well as major spending programs. However, the private sector being larger than government has a bigger impact than either the president or congress.
I think most women are more concerned with lost of the right to control their bodies than the price of a gallon of gas. Inflation is a temporary economic condition, the lost of the right to chose is not. Voting for republicans who were instrumental in taking that right away is not going to be an easy sell.
Since the major source of the inflation is an embargo of Russian oil which both parties supported and the break in supply chain mostly outside of the US, it is highly unlikely that republicans will be able to do any better than democrats at solving the problem. The current rate of inflation is 8.5% and projected by Federal Reserve to be down to 4.3% by end of the year, so it may not even be a major issue by election time.
This is the same Fed that was under Trump. The Congress was split under Trump and yet he got plenty done.
What did Trump accomplish legislatively after the GOP lost control of the House in 2018?
THIS IS NOT A BUYING TIME----market is sinking further. Dems are seizing more power for the chinese and billionaire masters---trying to make us all serfs. World leaders blow up and destroy everyone----especially in their own nations---we are seeing the death throws of the US.
Let me put it it to you another way. Say Filet Mignon was down to $2/pound. Would you not buy it? Would you wait until it was $15/pound? Any half intelligent person would buy 1,000 pounds and freeze it until it rose to $15/pound and make $14,000. But, you think you should wait until it's $15/pound and sell it at $2/pound. You are also conflating several issues, some that have nothing to do with when to buy stocks. I would say this, I'd buy only American grown filet mignon. Same with stocks. Only America stocks right now.Disagree totally and the polls back me, not you. Women are also concerned with finding baby formula as well, not abortions.I think most women are more concerned with lost of the right to control their bodies than the price of a gallon of gas. Inflation is a temporary economic condition, the lost of the right to chose is not. Voting for republicans who were instrumental in taking that right away is not going to be an easy sell.
Since the major source of the inflation is an embargo of Russian oil which both parties supported and the break in supply chain mostly outside of the US, it is highly unlikely that republicans will be able to do any better than democrats at solving the problem. The current rate of inflation is 8.5% and projected by Federal Reserve to be down to 4.3% by end of the year, so it may not even be a major issue by election time.
We've been in a recession since the shutdowns in 2020. The printing of money to give to the people to pay their rents and bills created a false narrative on the actual GDP. Instead, it created inflation that we have now, rising interest housing rates and a fall in housing values and right into a non-pandemic shutdown recession and possibly a depression. Way to go Brandon!If the feds are successful in reducing the growth of the money supply before consumers stop buying do to increasing prices, then this correction will just be a bump road but if consumers sharply reduce spending in next few months, then the market will fall a lot lower and we will probably go into a recession.
We've been in a recession since the shutdowns in 2020. The printing of money to give to the people to pay their rents and bills created a false narrative on the actual GDP. Instead, it created inflation that we have now, rising interest housing rates and a fall in housing values and right into a non-pandemic shutdown recession and possibly a depression. Way to go Brandon!
Where do they learn all this nonsense? AO-C is supposed to have a degree in economics and she sounds like a 1st grader on this subject and every other subject.You may as well be talking to a brick wall. It would be a better listener than these Biden Democrats.
Sorry I meant 2008. On Sep 28, 2008 when Congress failed to pass a 700 billion dollar bailout, the Dow fell nearly 1400 points but regained over 600 points to close down 777 points. Next day the market rose and most the previous days lost was wiped out. My point was it is almost impossible to spot market bottoms which is why most short term investors don't do well. This is why I dollar cost average in my investment portfolio. I buy it down and buy it up. Occasionally when I come into unexpected cash as I have the last few years and the market is way overpriced in relation to earning I will hold for a correction but generally I will just dollar cost average because it has worked very well for me for over 40 years.I have no idea what you are talking about.
The DOW started falling in late 2007 and did not stop until early April, 2009.
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Get Dow Jones Industrial Average (.DJI:Dow Jones Global Indexes) real-time stock quotes, news, price and financial information from CNBC.www.cnbc.com
The macroeconomic fundamentals are lousy right now.
High inflation, LOTS of debt, rising interest rates, possibly heading into a recession.
The Fed was the main reason the equity markets have boomed over the last 13 years.
And now they are raising rates AND cutting back on their balance sheet.
None of that is good for the markets.
I say this is a terrible time to buy - unless you are a day trader and looking for a quick fix.
Where do they learn all this nonsense? AO-C is supposed to have a degree in economics and she sounds like a 1st grader on this subject and every other subject.
It's pretty clear that the far left and even some in the middle think with their emotions rather than logic and reason. Yet, they say they are for science. Just look at the loony Fauci as a perfect example. And, we know that power and money drive those with illogical emotions.They have been dumbed down for at least a couple of generations now by public schools and Democrats and the MSM. They don't have a clue how to think for themselves and like good, obedient servants, they protect the Party at all costs, no matter how damaging their policies may be. One read of the resident lefties on these boards and you will come to understand just how lost they really are.
Maybe it should be decided in the states or maybe not, legal scholars will arguing that for a hundred years. However the decision to scuttle Rowe settles nothing in the abortion battle. Out of state abortions supported by multiple sources have already raised millions, loosening laws in swing states, liberalizing laws more in blue states, back alley abortion, and use of the abortion pill will keep the number of abortions pretty close to current numbers. I suspect one of the biggest impacts on abortions will be women paying more attention to contraception.Overturning Roe v Wade is not making abortion legal or illegal. It is turning the decision over to the states, where it should have been all along.
Inflation was caused by too much needless spending of this administration. They want to buy votes and it works. Everyone economist with their salt knows this. Inflation was high before any sanctions on Russian oil. That is just an excuse for this horrible administration.
I'm maxing out my IRA.This is how the rich get richer. People get spooked, flee the market during a downturn and those with the cash to do so buy up all the down stocks knowing they will be back.
Yep, that pattern is as old as the stock market. As the market rises to new peaks, the major players begin reducing stock market purchases selling companies with less long term potential while the soothsayers tout the market and project higher and higher stock prices. Minor players in the market with less knowledge and experience enter the market. And as the market continues to rise these investors pour their saving into the market. Eventually bad economic news hits as it always does and they begin selling fearing losses . The lower the prices the more they sell. Once the news is really bad and these investors are mostly out of the market, it bottoms out and the major players start coming back into the market and a new bull market begins. The pattern is repeated over and over.This is how the rich get richer. People get spooked, flee the market during a downturn and those with the cash to do so buy up all the down stocks knowing they will be back.
If the Russian oil embargo is not responsible for the big increase in gas prices then what is?Disagree totally and the polls back me, not you. Women are also concerned with finding baby formula as well, not abortions.
Russian oil embargo? What are you talking about? Too much CNN BS. Trump had us completely energy independent. Biden on his first day stopped all that with his executive orders allowing Russia to sell oil to Germany and other NATO countries because he was stopping the oil flow from the U.S. to NATO. Has to save the planet from climate change. Except, Russia oil is flowing the the same amount as we were doing under Trump. You all are hypocrites. Did you know that Biden allowed for drilling on private and Federal ground but the red tape to get approval is a 1,000 times worse than it was under Trump? You didn't know that, did you?
The Federal Reserve didn't think inflation was going to go to 8.5%. And, you are going to believe them now? The change today from 8.5% to 8.3% is most likely clerical error as it is no statistical difference. Gas prices are going up again as we get into the summer traveling months. This always happens. But, this will also drive everything else up as well since it costs more for truckers, trains and airplanes to move this stuff all over the world and in America. As we move into hurricane season, refineries will be knocked out driving prices up again. No, people have seen enough from Democrat and Let's go Brandon.
We also see the hypocrisy from the nutty abortion activists Democrats. In the past, they complained when the loony right would bomb abortion clinics. Now, the loony left are bombing pro-life offices and the Democrats say nothing nor condemn the actions. Same with the loony left and breaking federal laws protesting at Justices homes trying to influence the jury, the Justices. In any court in the world, that is a felony. Yet, Garland is doing nothing. But, he will go after parents who are trying to protect their children from indoctrination on sexual matters and call parents terrorists. What is the matter with you people?
If the Russian oil embargo is not responsible for the big increase in gas prices then what is?
eelp.law.harvard.edu
It would be virtually impossible for the Biden administration's actions in regard to opening up federal land to oil and gas lease auctions to have measured effect on the 2022 oil prices. The process of auctioning of federal land, financing exploration and drilling, putting down wells, tanks, piping does not happen in months but years.Federal Onshore and Offshore Oil and Gas Leasing Pause and Review - Harvard Law School
This page tracks the federal oil and gas leasing pause and related litigation. For more on these leasing programs, see our Onshore Leasing Page and Offshore Leasing Page. If you’re a reporter and would like to speak with an expert on this rule, please email us. Quick Take The IRA makes it hard...
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Jan. 20, 2021 DOI issues Secretarial Order No. 3395, announcing that the agency is temporarily suspending its authority to issue any onshore or offshore fossil fuel authorizations, including new lease sales, for 60 days.
Jan. 20, 2021 In Executive Order 13990, President Biden revokes the Trump Executive Order 13783 titled “Promoting Energy Independence and Economic Growth.” EO 13783 directed federal agencies to streamline the oil and gas leasing process and suspend, revise, or rescind regulations that burdened the development of domestic energy resources.
Jan. 27, 2021 President Biden signs Executive Order 14008, which pauses all new federal offshore and onshore oil and gas leasing pending a comprehensive review of the leasing and permitting program. The order also revokes Trump’s EO 13795.
Jan. 27, 2022 Western Energy Alliance petitions the District of Wyoming to review President Biden’s suspension of the oil and gas leasing program. Western Energy Alliance v. Biden, No. 0:21-cv-00013 (D. Wyo.).
March 15, 2021 The Biden administration asks the Ninth Circuit to dismiss the case reviewing President Obama’s withdrawing certain Arctic and Atlantic coastal areas from oil and gas leasing in light of President Biden revoking President Trump’s EO 13795 (the EO challenged in this case). The Biden administration asks the court to vacate the lower court ruling and remand with instructions to dismiss the case. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
March 24, 2021 Louisiana and twelve other states file a lawsuit challenging President Biden’s pause on new federal oil and gas lease sales arguing that the Outer Continental Shelf Lands Act (OCSLA) and the current 5-year Leasing Program prohibit the moratorium. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
April 13, 2021 The Ninth Circuit dismisses the appeal of the March 29, 2019 decision by a federal judge to reinstate President Obama’s withdrawals of Arctic and Atlantic areas from oil and gas leasing because President Biden’s Executive Order 13990 revoking Trump’s EO 13795 rendered the appeal moot. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
June 15, 2021 A federal judge in the Western District of Louisiana issues a preliminary injunction blocking President Biden’s pause on oil and gas lease sales. The court holds that the leasing moratorium violates statutory authority given to DOI, the Bureau of Land Management, and BOEM under the Outer Continental Shelf Lands Act and the current 5-year leasing program. The judge further holds that the immediate impact of the pause renders the preliminary injunction an appropriate remedy and that the DOI may not continue to pause upcoming Lease Sales 257 or 258. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 9, 2021 Plaintiff states file a motion asking the court to order Lease Sale 257 and asking the federal government to show why its failure to make the sale does not put it in contempt of the preliminary injunction. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 16, 2021 The Biden administration appeals the preliminary injunction that blocked the moratorium on new federal oil and gas leasing. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 24, 2021 DOI announces that it will continue to prepare lease sales during the appeal process.
Aug. 24, 2021 The Department of Justice (DOJ) files a memorandum in response to the plaintiff states’ August 9 motion. DOJ argues that DOI had restarted the leasing program and was therefore complying with the preliminary injunction. DOJ further argues that the preliminary injunction did not require the Lease Sale to occur on any timeline, and the government was therefore entitled to complete a new environmental review. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 31, 2021 Environmental groups file a lawsuit challenging DOI’s decision to hold Lease Sale 257 in the Gulf of Mexico, seeking vacatur and injunction of the sale. The groups argue that the sale of Lease 257 violates the NEPA and the APA and estimate that the sale “will result in the production of up to 1.12 billion barrels and 4.4 trillion cubic feet of fossil fuels over the next 50 years.” Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Sept. 17, 2021 Plaintiff states withdraw their motion to compel Lease Sale 257. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Oct. 4, 2021 BOEM publishes a notice in the federal register that it will open and publicly announce bids received for oil and gas leases in the Gulf of Mexico Outercontinental Gas Lease Sale 257 on Nov. 17, 2021.
Oct. 29, 2021 BOEM publishes a draft environmental impact statement (DEIS) for Lease Sale 258, which would offer leasing for oil and gas in Cook Inlet in the Gulf of Alaska. BOEM also announces a 45-day public comment period on the DEIS.
Nov. 17, 2021 BOEM holds its largest sale ever, the Gulf of Mexico Lease Sale 257 for 308 tracts, covering 1.07 million acres of federal waters in the Gulf. In approving the sale, the DOI claimed it was acting “consistent with a U.S. District Court’s preliminary injunction.” However, environmental groups argue that this sale was not required by the June 15 preliminary injunction. These groups contend that by not conducting a new environmental review like the DOJ memo suggested was allowed, the federal government sped up the lease sale and worked against its decarbonization goals.
Nov. 26, 2021 DOI issues a report reviewing the federal oil and gas leasing process and making recommendations for reform. The report finds, among other things, that the current system does not give taxpayers fair returns and does not fully account for environmental harm, and that the current system encourages speculation by and decreases competition among oil companies. The report outlines recommendations to fix these problems and concludes that DOI is deciding how it will act on these recommendations and encourages Congress to pass reforms to the oil and gas leasing process.
Dec. 3, 2021 Democratic members of the House Committee on Natural Resources file an amicus brief in support of environmental groups challenging the Gulf of Mexico lease sale, arguing that the administration’s environmental review “substantially underestimates” the environmental harms of the lease sale. The brief also argues that the nationwide injunction issued by the District Court for the Western District of Louisiana “in no way excused” DOI’s obligations under NEPA and the APA. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.).
Jan. 19, 2022 Over 360 environmental groups sent a legal petition to the Biden administration to reduce oil and gas drilling to 98% lower than current levels by 2035. The petition explains that, without action, it will be difficult for the United States to keep its pledge to keep global temperatures from rising beyond 1.5℃.
Jan. 20, 2022 Over 80 environmental organizations sign and send a letter to the Biden administration, which urges the Department of the Interior to write a new 5-year Offshore Lease Program that bans lease sales starting in 2022. The letter also calls on Secretary Haaland to repudiate Lease Sale 257.
Jan. 27, 2022 The District Court for the District of Columbia blocks Lease Sale 257 in the Gulf of Mexico because the Department of the Interior failed to take a “hard look” at the environmental impact of the project or to account for the effect of overseas fossil fuel use when calculating climate impacts, which violated the National Environmental Policy Act. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.). For more background on the ruling, see EELP’s overview of the NEPA Review Process or visit our NEPA Tracker Page for the most up to date review requirements.
Feb. 1, 2022 The Department of the Interior mistakenly posted language on its oil and gas webpage that indicated royalty fees for leases would increase to 18.75%. The Department later removed the language, and a spokesperson for the Department said the decision to increase royalty rates was not yet final.
Feb. 8, 2022 Intervenor defendant, the American Petroleum Institute files a notice of appeal with the D.C. Circuit, challenging the D.C District Court’s decision to block Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Feb. 14, 2022 Louisiana, another intervenor defendant, files a notice of appeal in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 14, 2022 The Biden administration asks the 5th Circuit to reverse the Western District of Louisiana’s decision that blocked the Biden administration’s moratorium on new oil and gas drilling on federal lands and waters. Among other issues, the Biden administration argues that Biden’s Executive Order 14008 is both lawful and unreviewable and that the plaintiffs relied on erroneous interpretations of the Outer Continental Shelf Lands Act and the Mineral Leasing Act. Louisiana v. Biden, Docket No. 21-30505 (5th Cir.)
Feb. 18, 2022 Environmental groups file a motion to dismiss for lack of jurisdiction in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 22, 2022 A federal judge in the Western District of Louisiana blocks the Biden administration’s application of an interim social cost of carbon metric., Louisiana v. Biden, No. 21-cv-01074 (W.D. La.). For updates on the metric and this litigation, see our Social Cost of Greenhouse Gases tracker page. In light of this decision, the Biden administration announces that it will delay decisions on new oil and gas drilling on federal lands.
Feb. 28, 2022 The Biden administration announces that it will not appeal the District Court’s decision that canceled Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Mar. 8, 2022 The Court of Appeals for the District of Columbia Circuit denies an emergency motion by American Petroleum Institute to expedite the appeal of the District Court decision that canceled Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Apr. 15, 2022 To comply with the preliminary injunction issued by the court in Louisiana v. Biden, the DOI announces that the BLM will issue notices for lease sales that will increase in royalty rates from 12.5% to 18.75% and limit the acreage available for leasing. Though this round of lease sales will move forward, the Biden administration continues its appeal of that injunction. Louisiana et al v Biden et al, Docket No. 2:21-cv-00778 (W.D. La.).
April 18, 2022: The BLM publishes final environmental assessments and sale notices for June 2022 lease sales. The final sale notices reduces the acreage of land available for leasing on public lands by 80% and increased royalty rates. For offshore leases, the current 5-year program is scheduled to end on June 30, 2022.
Apr. 19, 2022: The plaintiffs in Western Energy Alliance v. Biden assert that the notice put forward by the Bureau of Land Management still violates the Mineral Leasing Act because BLM did not establish a reliable and predictable leasing system in the future. A hearing in that case is scheduled for May 13. Western Energy Alliance v. Biden, No. 0:21-cv-00013 (D. Wyo.).
We weren't buying Russian oil. We were self-sufficient with energy. But, Biden shut much of our production capabilities down and started to buy from our enemies like Iran, Venezuela and others. For a while, Biden was allowing for applications for new drilling permits. But, he also made it impossible for oil companies to comply with their increased regulations to get the permits. So, we have less oil being produced. He also shut down Canadian pipelines and stopped the building of other pipelines including in Alaska. What Biden did with Russia is allow Russia to open a pipeline to Germany and sell Putin gas to Germany and other NATO countries instead of the U.S. selling our allies our oil. Less oil and gas for companies to buy, less purchasers to buy, up goes the price of gas to Americans. Way to go Brandon!!!If the Russian oil embargo is not responsible for the big increase in gas prices then what is?
No, just because a country is self sufficient does not mean it's oil stays in that country. To my knowledge Biden has not shut down any oil and gas production anywhere in the US. He has stopped the sale of leases on government land. However, 94% of all oil is produced on private land, not on federal or state land. Biden has been trying to get OPEC to increase production but he has not been successful. However, he may be able to get oil from Venezuela must to consternation of Republicans who are counting on high gas prices to help in the midterms.We weren't buying Russian oil. We were self-sufficient with energy. But, Biden shut much of our production capabilities down and started to buy from our enemies like Iran, Venezuela and others. For a while, Biden was allowing for applications for new drilling permits. But, he also made it impossible for oil companies to comply with their increased regulations to get the permits. So, we have less oil being produced. He also shut down Canadian pipelines and stopped the building of other pipelines including in Alaska. What Biden did with Russia is allow Russia to open a pipeline to Germany and sell Putin gas to Germany and other NATO countries instead of the U.S. selling our allies our oil. Less oil and gas for companies to buy, less purchasers to buy, up goes the price of gas to Americans. Way to go Brandon!!!
