Biden: Gas Prices Will be High for As Long As It Takes To Win In UKR, Blames Russia

a reply to: carewemust

OK.

Maybe I should update my prediction. How does $30+ a gallon and 500% inflation sound?

Are we happy yet?

TheRedneck

originally posted by: crankyoldman
There is enough oil in the US for the next 400 years alone, there is plenty of oil all over the world for the supplies needed, there is no excess consumption since 2020.

There is more to it.

When was the last time gas prices did this?

You have to be old enough to remember the early 1970's.

Then you have to be astute enough to remember what happened to cause it, it was not what folks ascribe. It was the change from Gold standard to Oil standard, and monetary policy working out the kinks to the new petrodollar. There was high interest rates, high gas prices, high interest rates........... but no change in money supply at all.

What just happened in 2020? What monetary policy, hidden from the entire public view, happened, and could the issue with gas prices simply be reflecting a change just like the 1970's? From one dollar valuation peg to another?

Could it also be that deals were made with ME countries, specifically Saudi Arabia to shun Team Joe entirely? Related to the above change?

Well, to answer that question go back to 1970's and ask what part did Saudi Arabia play in the pegging from Gold to Oil?

"Confessions Of An Economic Hitman" to understand the events in the 1970's the mirror them to today.

That's a great post and I have to wonder if it can't be taken a step further, i.e., in the 1970's, from the Gold Standard to a floating currency; 2024, from the US Dollar as the World Reserve Currency to a World Bank Digital Currency.

originally posted by: TheRedneck
a reply to: carewemust

OK.

Maybe I should update my prediction. How does $30+ a gallon and 500% inflation sound?

Are we happy yet?

TheRedneck

Before November, the HIGHER the BETTER!

originally posted by: TonyS

originally posted by: crankyoldman
There is enough oil in the US for the next 400 years alone, there is plenty of oil all over the world for the supplies needed, there is no excess consumption since 2020.

There is more to it.

When was the last time gas prices did this?

You have to be old enough to remember the early 1970's.

Then you have to be astute enough to remember what happened to cause it, it was not what folks ascribe. It was the change from Gold standard to Oil standard, and monetary policy working out the kinks to the new petrodollar. There was high interest rates, high gas prices, high interest rates........... but no change in money supply at all.

What just happened in 2020? What monetary policy, hidden from the entire public view, happened, and could the issue with gas prices simply be reflecting a change just like the 1970's? From one dollar valuation peg to another?

Could it also be that deals were made with ME countries, specifically Saudi Arabia to shun Team Joe entirely? Related to the above change?

Well, to answer that question go back to 1970's and ask what part did Saudi Arabia play in the pegging from Gold to Oil?

"Confessions Of An Economic Hitman" to understand the events in the 1970's the mirror them to today.

That's a great post and I have to wonder if it can't be taken a step further, i.e., in the 1970's, from the Gold Standard to a floating currency; 2024, from the US Dollar as the World Reserve Currency to a World Bank Digital Currency.

a reply to: TonyS

I think that's what's happening too. We are going away from petrodollar to some other form of currency that oil will be traded in.

This is bad news for the United States and we are seeing the effect of that now. The only reason we had low gas prices is because we held the reserve currency needed to trade oil, we controlled the game and the controllers always have the upper hand. The great reset is all about money.

Either way I think the United States will be okay since we are sitting on so much oil, we just need to weather this storm until this new unit of trade is announced.

Is anyone taking bets on when he slips and calls Russia "The USSR"?

originally posted by: CloneFarm1000
In mid-May 2020, gas prices sat at around $1.88 a gallon. By late January 2021, when President Donald Trump left office and Biden was sworn in, a gallon of gas had risen to about $2.39 a gallon, an increase of about 50 cents.

From Biden’s inauguration until early November, the price of gas continued to rise: It reached $3.39 in early November, or an increase of about another dollar.

Between early November and the start of the Russian invasion in late February, U.S. gas prices rose modestly, climbing 10 cents to $3.49.

Another spike came when the invasion began, with the price of gas rising by 83 cents to $4.32.

When the U.S. economy began sputtering back to life during the second half of 2020, it increased demand for oil, which in turn pushed up gas prices.

I think it’s fair to say that much of the run-up happened before Russia’s buildup became a focus, and was driven by the post-COVID recovery in global demand.

Biden was definitely overstating the case in blaming Putin as the primary driver of high gas prices.

Oil prices are set globally, so there's a tendency to blame U.S. politicians for things that they have literally no control over.

Biden uses Putin as a scapegoat for higher gas prices and Americans use Biden as a scapegoat for higher gas prices.

This is old school tribalism at work. When a tribe wants a return to normalcy, they will find their scapegoats.

Historically, there were 2 scapegoats, one to be sacrificed and one to be banished.

This is where we are, today.

There is a drought (high gas prices) the tribe (global economy) wants a return to normalcy (low gas prices) and we have our 2 scapegoats. One to be sacrificed (Putin) and the other to be banished (voted out) (Biden).

the new liberal world order is starting.

sounds good.

7.18.2022

Chalk up another JOE BIDEN FAILURE.

No OIL deal secured while he was in Saudi Arabia.

Joe Biden returns home to see Oil prices climbing again after a brief pause.

www.theguardian.com...

-Worst President Ever-

FYI 7.25.2022

President Joe Biden says gasoline prices are lower now than they were a month ago.

Biden's Message to Americans: www.foxnews.com...

Should we thank Vladimir Putin for reducing our gas prices, like Biden blamed him for increasing them this year?

a reply to: vNex92

Joe Biden's threats are getting tiresome.

First he threatens those who fall behind on their Covid vaccines.

Now, he's threatening Americans with continued gasoline price hikes, until we give him what he wants vis-a-vis Ukraine.

Russian President Vladimir Putin may announce the accession of occupied Ukrainian territory to the Russian Federation during a speech to both houses of parliament later this week.

More at: www.washingtonexaminer.com...

Lets' bring this conflict to an end from our perspective. No more "help" from the United States. If other countries want to stay minimally involved, as they have been, that's up to them.

a reply to: carewemust

Do you believe that isolationist policies will give strengthen American or weaken it in the longer run?

a reply to: Overseeall

considering his policies fubar'ed the energy sector, his policy of laundering... I mean supporting ukrain with billions upon billions while inflation is on a tear.

How on earth could it get worse if we said screw it and closed up shop and wished everyone else good luck.

originally posted by: Irishhaf
a reply to: Overseeall

considering his policies fubar'ed the energy sector, his policy of laundering... I mean supporting ukrain with billions upon billions while inflation is on a tear.

How on earth could it get worse if we said screw it and closed up shop and wished everyone else good luck.

Let me ask you this then, removing all context, would it be easier for an individual or nation to ensure its interest are secured if it were involved or not involved in a globalized economy/society.

a reply to: Overseeall

I get why we globalized (post ww2 thinking of if everyone is connected through the economy nobody will risk war) I just think the experiment failed horribly as we have wrecked the environment in a couple parts of the world so we can buy cheaply made crap.

Economies are on the verge of collapse, brush wars are breaking out at a pace we havent seen in decades, edge of ww3 depending on who you listen to and this is with us being heavily involved in the world. (spending trillions all over the globe)

we would still have influence and the threat of unleashing massive military power, but after 20 years of brush wars ourselves we need to reign it in fix things, build up infrastructure we have ignored for 30-50 years let our military age folks catch their breath and see if the economy is salvageable. (I dont think it is)