How much did you pay for gas and groceries today?

[Irv]

13 minutes ago, Delete_Account said:

 

I highlighted two points of contention in your post:

 

1. It’s not that they don’t care, “they” being the Biden administration and Democrats in Congress. They are simply constrained by what their corporate donors allow them to do. And in the case of many like Biden, at this point in their lives they are also probably too entrenched in neoliberal philosophy to explore aggressive alternative actions. I do have a tinfoil hat theory for you, however: the Democrats see a harrowingly unlikely path to victory over the next two years, so their plan is to make Biden/Harris the scapegoats and elevate someone more salable like Gavin Newsom during the 2024 presidential primaries. Hey, it would work on me! I hate Newsom, but I’d still vote for him over the rebranded trickle-down economics nonsense that the GOP always peddles as their economic panacea.

 

2. Even if the Keystone Pipeline System was fully functional at this very moment, it would only put a VERY modest dent on overall gas prices. This very modest dent doesn’t come close to justifying all the environmental damage that it would eventually create. Further exploitation of the Athabasca tar sands should not be encouraged in any way. And what about the Indigenous groups that the pipeline construction affects? And what about that whole climate change thing? The boreal forests of Western Canada are way too important for combating MMGW. The Keystone Pipeline System would mostly help Canada, anyway, but not the U.S. in terms of jobs. I would advise Western Canadians to find other ways to grow their economy.

 

Since the inflation topic is by far the most important one in politics today, FWIW here’s my little contribution to PPP:

 

What I think Biden should generally be doing to ameliorate the problem:

 

1. Issue a series of executive orders that expedite supply chain networks, especially at shipping port bottlenecks.

2. Publicly articulate a clear short-term and long-term national energy plan so that fossil fuel companies can better anticipate demand and moderate their releases of supply, thereby stabilizing some of the inflationary pressures (much of which is still a consequence of fossil fuel supply shocks).

3. Provide any sort of Keynesian-esque demand-side relief to working-class families (tax relief, energy credits, etc…just do something for them, please…).

 

What is or what has been (mostly) out of Biden’s control:

 

1. Anthropogenic global warming constraints on public policy (note to anyone who still thinks it’s a myth: please reply to me with a published post-July 1988 scientific research paper that either refutes the observed warming altogether or explains it with any mechanism other than atmospheric carbon dioxide ppm…a published scientific research paper, please; not a link to some random fella’s website…).

2. Fossil fuel oligarchic control of government since the 1970’s energy crisis (they are chiefly responsible for our country’s relatively pathetic state of renewable energy research/development at this present moment in time).

3. Enormous global supply chain disruptions due to COVID-19 and its subsequent variants.

4. General supply chain weaknesses on the U.S. side that were exposed by the pandemic and that were, in large part, due to decades of outsourcing of domestic manufacturing jobs.

5. Putin’s invasion of Ukraine that has affected much of the fossil fuel energy and wheat/grain food markets.

6. The world economic market for fossil fuels that sets the supply, the demand, and thus our prices of oil and gas independent of U.S. political decisions.

7. The privatized status of the U.S. fossil fuel industry, which means that these companies are largely free to sell domestic supply wherever they want in the world, make use of drilling permits however they want, and thereby drive domestic energy supply/demand/costs (to some extent) to their own financial advantage and not necessarily for any greater societal good.

8. The cumulative effects of American imperialism since the advent of the Cold War that have limited import/export options on the international energy markets.

 

Whoops.  I nodded off there for a minute😴.   What a mess.  

[ALF]

Still, oil companies could use their excess profits to expand their production, and they aren’t. Instead Exxon, Chevron, BP, and Shell spent more than $44 billion on stock buybacks and dividends in 2021.

 

https://fortune.com/2022/06/08/why-are-gas-prices-so-high-is-joe-biden-to-blame/

 

Planning, designing, permitting and building a new medium-sized refinery is a 5-7 year process with costs ranging from $7-10 billion, not including land acquisition.

 

US oil companies exporting oil and less refining capacity today is a big problem.

 

Does the US still export oil?
In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.98 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021.

https://www.eia.gov/tools/faqs/faq.php?id=727&t=6

[leh-nerd skin-erd]

11 minutes ago, ALF said:

Still, oil companies could use their excess profits to expand their production, and they aren’t. Instead Exxon, Chevron, BP, and Shell spent more than $44 billion on stock buybacks and dividends in 2021.

 

https://fortune.com/2022/06/08/why-are-gas-prices-so-high-is-joe-biden-to-blame/

 

Planning, designing, permitting and building a new medium-sized refinery is a 5-7 year process with costs ranging from $7-10 billion, not including land acquisition.

 

US oil companies exporting oil and less refining capacity today is a big problem.

 

Does the US still export oil?
In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.98 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021.

https://www.eia.gov/tools/faqs/faq.php?id=727&t=6

Hmm. I can’t vouch for the veracity of this list, but it seems reasonable enough to believe that among the top 10 stock positions owned by members, Exxon is #9.  

 

 

10 Most Popular Stocks Owned by Congress in 2021

Here's what Congress is currently invested in:

OrganizationTotal InvestorsMinimum InvestmentMaximum Investment

Apple Inc79$9,654,688$38,853,590

Microsoft Corp66$6,777,342$23,462,249

Bank of America59$2,146,215$5,659,133

Walt Disney Co52$2,124,962$8,104,907

AT&T Inc49$1,222,407$2,821,355

Pfizer Inc47$2,630,444$8,206,395

Johnson & Johnson47$2,545,111$4,688,062

General Electric47$647,604$1,390,563

Exxon Mobil45$6,688,238$23,178,183

Alphabet Inc45$2,656,348$6,543,273

There are a few interesting items of note in this list:

Pfizer has climbed back into the top 10, at the #6 spot, with almost 50 Congress members holding the stock

 

 

[PetermansRedemption]

Inflation numbers still coming in way too hot. Get ready for more pain. 

[B-Man]

 

 

The reaction of the vast majority of Americans

 

 

 

 

.

[Big Blitz]

Consumer sentiment plunges to record low in June, UMich survey:

 

https://on.mktw.net/3mB0tJH

 

 

[LeGOATski]

$96 for 17 gallons... yeesh. And that was the cheapest station in my vicinity.

[dpberr]

In PA, they are holding hearings on inflation - to what end, I have no idea.  Harrisburg is good at talking.  The doing part they aren't good at.  

 

PA residents have seen their real earnings decrease -3.8% year over year, and that was with a 2% raise baked in to it. 

 

If you assume the percent of PA living paycheck to paycheck like the national average - now 64%, up from 61% in 2021 - that's significant financial stress.  

 

 

[PetermansRedemption]

29 minutes ago, LeGOATski said:

$96 for 17 gallons... yeesh. And that was the cheapest station in my vicinity.

I can’t even fill my vehicle anymore. At least not at any gas station I’ve been to. It’s 26 gallons and well over $100. Takes two transactions if I want to actually fill it. I usually just give up after the first $100. 

Edited June 10, 2022 by PetermansRedemption

[BillsFanNC]

 

[B-Man]

 

 

WHY THE RED WAVE IS BUILDING

By John Hindraker

 

 

My wife filled up her gas tank this morning and took this picture:

 

 

I filled up this afternoon and took this one:

 

 

So we spent $248.71 on gasoline today. We are fortunate: we can still afford to eat dinner, and we aren’t canceling our trip to New Hampshire next week for my college reunion.

 

Most Americans are not so lucky. And most Americans also understand that the Democratic Party is doing this to us on purpose, to advance its perverted political agenda.

 

https://www.powerlineblog.com/archives/2022/06/why-the-red-wave-is-building.php

 

 

[Big Blitz]

Over $5 a gallon national average!

 

And of course per the NY Times - it's Putin's fault and a return to more travel "post" (lol) covid.

 

 

 

 

 

[Orlando Tim]

On 6/10/2022 at 10:55 AM, PetermansRedemption said:

I can’t even fill my vehicle anymore. At least not at any gas station I’ve been to. It’s 26 gallons and well over $100. Takes two transactions if I want to actually fill it. I usually just give up after the first $100. 

Well clearly you are to blame for having a tank that can handle 26 gallons, just go electric.

[RiotAct]

who cares that middle-class families can barely afford essentials anymore… there was an INSURRECTION!!!!!!!

[Orlando Tim]

4 hours ago, Big Blitz said:

Over $5 a gallon national average!

 

And of course per the NY Times - it's Putin's fault and a return to more travel "post" (lol) covid.

 

 

 

 

 

Actually was just looking at apartments in my area and $2200 gets you a 1 bedroom, if you want the 1200 sq ft 2 bedroom with views of Disney fireworks it is $3800 a month. The 3 bedroom apartments were under $2400 2 years ago.

[Irv]

What a mess.  

[ALF]

comment on article for gas prices

 

The_Broken_Toaster_Review

I just got a full tank of gas for $22. Granted it was for my lawnmower,but i’m trying to stay positive.

[BillsFanNC]

Biden, or more accurately, his handlers, told Americans that this was exactly the plan. 81 million votes!

 

 

[SoCal Deek]

2 minutes ago, ALF said:

comment on article for gas prices

 

The_Broken_Toaster_Review

I just got a full tank of gas for $22. Granted it was for my lawnmower,but i’m trying to stay positive.

In a year from now you won’t be allowed to have a gas powered lawnmower. 😳

[BillsFanNC]