Oil has come down $35 from it's high. Does Joe Biden get credit for that?

[whitehall]

Biden's desperate efforts including pleading with the corrupt government of Venezuela and Saudi Arabia as well as releasing strategic oil reserves dropped the wholesale price of oil $35 while the cost of food and everything else is up 10% from last year. Let's go Brandon

 

[g5000]

I get what you mean but just looking at it sounds like a Harris sentence. Let's hope we get back under $3, then we should see some moderation in inflation, the good news is it should slow because of last year's numbers being high.

The only real way to bring down inflation is to raise interest rates, and the Fed is doing that now. They waited too long to act.

The Fed has completely detached interest rates from what the market dictates they should be. The Fed has been doing this ever since the Great Recession.

It was just a matter of time before it blew up in their faces.

 

[Flash]

From Big Oil to Big Pharma, huge corporations are gouging consumers and exploiting the pandemic to pad their own pockets

The price of oil has come down slightly for two reasons:

1. Potatohead is depleting the Strategic Petroleum Reserve.

2. Demand has fell because the price is so high that some people cannot afford to buy as much as they use to.

Yes, Potatohead gets credit for the stupidity.

 

[ColonelAngus]

Dumb ******* OP thinks that if someone intentonally lights your house on fire, but then gets a hose to help put it out, they deserve CREDIT?

What retarded logic.

 

[g5000]

No one has ever explained exactly what Biden policy caused inflation ALL AROUND THE WORLD.

That's because there is no Biden policy which caused inflation.

The pandemic is the main driver of inflation. Rather, the recovery from the pandemic is. When demand for goods dropped, production of those goods slowed.

When demand surged, and the supply of goods was lacking, we got inflation.

It's basic economics. Something the tards who drink propagandist piss know nothing about.

 

[g5000]

The price of oil has come down slightly for two reasons:

1. Potatohead is depleting the Strategic Petroleum Reserve.

2. Demand has fell because the price is so high that some people cannot afford to buy as much as they use to.

Yes, Potatohead gets credit for the stupidity.

You are an idiot.

Demand has not fallen. Supply has increased.

World Crude Oil Production (Monthly) - Historical Data & Tr…

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

ycharts.com

 

[Papageorgio]

The only real way to bring down inflation is to raise interest rates, and the Fed is doing that now. They waited too long to act.

The Fed has completely detached interest rates from what the market dictates they should be. The Fed has been doing this ever since the Great Recession.

It was just a matter of time before it blew up in their faces.

The $4 trillion being dumped into an economy with low interest rates was the real issue. Government spending on such large scales creates inflation and I am happy we didn't pass the massive spending bill last January, that could have worsened and prolonged the inflation and supply chain shortages.

 

[The Original Tree]

An economic shut down over a pandemic. Great times. Don't you wish we could relive those great times?

But to address the point, no it's not anything Biden did. It's a broken system. The markets should not be permitted to play with people's lives and the economy this way.

This constant up and down is horrible for an economy. People can not plan long term when long term is so unpredictable.

To touch on another thread that was posted here, Gas outside of Athens Ohio was $4.99 yesterday. Not an hour away in Chillicothe Ohio it was $4.15. That isn't because of the fundamentals of price/cost. (Both at Speedway stations).

I made a remark the other day about Goldman Sachs urging the price of oil higher. It did go up the next day but then has dropped off even further. Why did they want this done? They want the people to pay high fuel prices to address inflation as opposed to the Fed raising interest rates.

People are literally parking their cars and going no where, because food and gas are so high they cannot afford to drive their cars. That has more to do with the current price of gas more than anything.

We are about to enter into a phase of run away inflation-stagflation caused by Pedo Joe and his hair sniffing posse, and once that happens, you will not be able to give gas away for a $1 because everyone will be broke.

Anyone looking at their 401 Ks will tell you that Joe has cost them 20-30% of value.

"You will own nothing and be unable to retire"

Joe Biden on The New World Order.

Welcome to Economic Slavery from The Party of Slavery.

 

[KissMy]

From Big Oil to Big Pharma, huge corporations are gouging consumers and exploiting the pandemic to pad their own pockets

Oil driller make good profits at $1.19/gal, they sell to refinery at $2.41/gal, profiting over $1.22/gal. Refiners are selling gasoline at $3.41 profiting $1.00/gal. Stations are charging consumer over $4.76 at the pump. They are making almost $1.00 after taxes. Price gouging all through the system.....

 

[The Original Tree]

You are an idiot.

Demand has not fallen. Supply has increased.

World Crude Oil Production (Monthly) - Historical Data & Tr…

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

ycharts.com

Remember kids, Liberals Lie 24-7

Joe brought you election fraud, empty shelves, peanut butter shortages, record inflation, sky high gas prices, food shortages and high prices for meat, baby formula shortages, record business bankruptcies and closures, supply chain issues and now stagflation and a recession.

We are in a recession now.

Gasoline Demand Drops. Prices Could Be Next.

The amount of gasoline in storage continues to trend well below the average for this time of year. A recession would help cut record-high prices.

www.barrons.com

 

[Harpy Eagle]

Let's hope we get back under $3

I will be shocked if we ever get back under 3 dollars again as a national average.

 

[bigrebnc1775]

From Big Oil to Big Pharma, huge corporations are gouging consumers and exploiting the pandemic to pad their own pockets

He can get credit if you can point out what exactly he did to cause the drop.

 

[g5000]

As you can see, oil production dropped preciptiously during the pandemic.

It has been steadily increasing since July 2020.

That's the supply side of things.

After the pandemic, demand began rising faster than production and that led to high oil and gas prices.

Production is now catching up to pre-pandemic levels, and the prices of oil and gas are dropping.

Basic economics.

 

[Flash]

You are an idiot.

Demand has not fallen. Supply has increased.

World Crude Oil Production (Monthly) - Historical Data & Tr…

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

ycharts.com

No moron. Americans are not buying as much gas at the pump for this time of year because Potatohead has driven up the cost so high.

Potatohead is depleting the Strategic Petroleum Reserve ahead of the mid term election so that the supply would not be as low.

He a ******* disaster anybody that voted for him is an idiot.

 

[g5000]

I will be shocked if we ever get back under 3 dollars again as a national average.

Prepare to be shocked.

 

[Harpy Eagle]

Prepare to be shocked.

If it happens I will be glad to say I was wrong. But if I were you, I would not hold your breath.

 

[Harpy Eagle]

Americans are not buying as much gas at the pump for this time of year

 

[g5000]

It's funny how selective the tard memory is. "We had low gas prices under Trump!"

Yeah. Because there was no demand and oil actually went negative!

Duh.

They conveniently forget that part.

Basic economics.

 

[Rambunctious]

Sorry, I meant the price of gas lags behind the price of oil.

Oh.... well we really don't care as we are having to put our cards in twice just to fill our trucks and cars up once....

 

[pknopp]

I will be shocked if we ever get back under 3 dollars again as a national average.

I remember when gas went to $4.00 under Bush and people said this same thing. National Average? California will do it's best to keep the price high but I'll bet it's below $3 in a large part of the country before too long.