PILOT SPIN
Spin Zone => Spin Zone => Topic started by: Lucifer on May 11, 2022, 06:21:12 AM
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https://www.thecentersquare.com/national/gasoline-prices-set-record-tuesday-as-biden-deflects-inflation-criticism/article_9e4ec65c-d06d-11ec-9983-63b869bfdbbb.html
Gasoline prices set a record Tuesday as President Joe Biden blamed inflation on COVID-19 and Russia's invation of Ukraine.
According to AAA, the cost at the pump for both regular gasoline and diesel fuel reached their highest recorded average price Tuesday morning.
The national average of a regular gallon of gasoline was $4.374, up five cents from Monday, and $5.55 for diesel, up one cent from Monday.
The nation’s 10 largest weekly increases, AAA reports, were in Michigan (+26 cents), New Jersey (+25 cents), Connecticut (+19 cents), Kentucky (+19 cents), Indiana (+19 cents), Rhode Island (+19 cents), Illinois (+18 cents), Washington, D.C. (+18 cents), Alabama (+18 cents) and Tennessee (+18 cents).
The nation’s 10 most expensive markets continue to be in California ($5.82), Hawaii ($5.28), and Nevada ($5.11), followed by Washington ($4.83), Oregon ($4.81), Alaska ($4.73), Washington, D.C. ($4.69), Arizona ($4.66), Illinois ($4.59) and New York ($4.51).
For the week ending March 14, weekly retail average gasoline prices across all grades was $4.41 a gallon, the U.S. Energy Information Administration (EIA) reported, the highest on record.
As of Tuesday morning, the domestic benchmark, WTI Crude, was $102.74 a barrel and the international benchmark, Brent Crude, was $105.44 a barrel.
Gas prices also are reaching record highs at a time of the year when they traditionally go up because refiners switch to producing more expensive summer blends. As travel picks up over the summer and demand for gasoline increases, gas prices are only expected to go up even further.
Gas prices have been rising since Biden first came into office and began implementing a range of restrictions on domestic production. Within months of doing so, well before the Russian invasion of Ukraine, U.S. gas prices reached a seven-year high.
Biden on Tuesday acknowledged rising costs were hurting Americans but didn't offer many details on what he would do about it.
"Families all across America are hurting," he said. "They're frustrated. I don't blame them. I really don't blame them. There's a lot we have to do."
The president also blamed the pandemic and Russian President Vladimir Putin.
“Americans are waking up to the highest gas prices ever as President Biden’s energy failures continue to mount,” energy nonprofit Power The Future said in a statement. “The latest skyrocketing gas prices come less than two months from the previous record for regular gasoline while diesel has set a new record on a regular basis since last week.”
“There is no doubt the White House is hoping that Americans simply become numb to yet another disastrous result of their energy failures, but the pain at the pump is too real and everyone intrinsically understands that Joe Biden is to blame,” the organization’s founder and executive director, Daniel Turner, said.
“President Biden is now a two-time record holder for the highest gas prices, the most oil drained from the strategic reserve and re-injecting the term ‘inflation’ back into the national lexicon for the first time since the 1970s. This type of failure doesn’t happen by accident,” he added. “The President’s green ideology is a man-made disaster and we’re all paying the price.”
As gas and other prices keep climbing, Biden’s remained steadfast in restricting domestic production, instead turning to OPEC+ countries, including Russia, Saudi Arabia, and Venezuela, to produce more oil, while also releasing record amounts from the Strategic Petroleum Reserves.
The U.S. Department of Energy recently announced it was investing $3.1 billion to bolster electric vehicle production with a goal of electric vehicles making up half of all vehicle sales in the U.S. by 2030.
By the end of 2021, electric vehicle sales accounted for 3.4% of car sales, according to the EIA. As of March, more than 2.5 million plug-in electric vehicles had been sold nationwide, according to the DOE.
Critics say if Biden hadn’t canceled the Keystone XL Pipeline, gas prices would be lower, and the pipeline would have strengthened U.S. GDP by an estimated more than $3 billion, carried roughly 830,000 barrels of oil a day from Canada to the U.S., and directly and indirectly provided up to 26,000 jobs.
Sixteen attorneys general called on Biden to reinstate the pipeline, prioritize domestic energy production, and “reverse the damage” he’s done. Last month, they wrote the president saying, “It’s never too late to admit your mistakes.”
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I have a feeling that inflation is being severely under reported.
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I have a feeling that inflation is being severely under reported.
You bet it is. The average consumer can see that. The disaster known as the Biden Administration can't hide it no matter who they try to blame this on.
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We are doing compensation adjustments for our employees. The ranges for my team will range from 11% to 22%. The 11 percenter is not a high performer, but we can’t lose him, so his 11% raise will really just represent a 3% raise over inflation.
Literally 2 years ago we were giving out 4-8% raises and people were generally happy.
This can’t continue.
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I'm typing this in the Sam's Club parking lot. Gas at their pumps is $4.17. An hour ago when I came earlier, the store was closed but the pumps were open, gas was $4.12. Yesterday I filled up at $4.01. FJB.
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It's too bad our liberal lurkers won't join in.
I would love to hear their defense of all of this. They must be beaming with pride of FJB and how he's a uniter, and how he's healing the country. Not to mention how he's elevated our country on the world stage.
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We are doing compensation adjustments for our employees. The ranges for my team will range from 11% to 22%. The 11 percenter is not a high performer, but we can’t lose him, so his 11% raise will really just represent a 3% raise over inflation.
Literally 2 years ago we were giving out 4-8% raises and people were generally happy.
This can’t continue.
Yet there exist idiots who will continue to vote for the Democrats. People should be required to read Thomas Sowell's "Basic Economics" and pass a monitored test on it before being allowed to vote.
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Yet there exist idiots who will continue to vote for the Democrats. People should be required to read Thomas Sowell's "Basic Economics" and pass a monitored test on it before being allowed to vote.
Oh c'mon man! At least there are no mean tweets!
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I'm typing this in the Sam's Club parking lot. Gas at their pumps is $4.17. An hour ago when I came earlier, the store was closed but the pumps were open, gas was $4.12. Yesterday I filled up at $4.01. FJB.
I paid $4.65 per gallon for 87 UL yesterday. They're predicting $7/gal this summer.
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I paid $4.65 per gallon for 87 UL yesterday. They're predicting $7/gal this summer.
When's the breaking point? Between high gas, rising interest rates, over-inflated housing market, something has to give. And when it does, how ugly will it be?
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Local Exxon is $3.899 up twenty cents from a few days ago. In three weeks we'll go up another $0.29 when the gas tax comes back. Can't wait to hear what people say then.
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I have a feeling that inflation is being severely under reported.
m
I feel certain that you are right.
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Oh c'mon man! At least there are no mean tweets!
We know that comforts flynnee…
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When's the breaking point? Between high gas, rising interest rates, over-inflated housing market, something has to give. And when it does, how ugly will it be?
It's going to be bad, really bad. But that's part of the plan. It will be so bad that people will plea for the government to intervene, and they will, with their solution.
And their solution will mean further eroding of our rights.
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Today it’s $4 regular cash and $4.09 credit card, $5.25 for diesel.
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Silver lining. This quarter, Discover Card is 5% cash back on gas purchases, so I'm getting a 20-25¢ discount. :P
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East Germany.
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https://www.washingtonexaminer.com/news/washington-secrets/illegal-migrants-first-to-get-pallets-of-hard-to-find-baby-formula
The nationwide shortage of baby formula that has sent moms desperately rushing from store to store has evaded one lucky group: illegal immigrants detained by the border patrol.
According to videos posted by a Florida lawmaker, the Biden administration has been shipping “pallets” of baby formula to migrant holding facilities.
“They are sending pallets, pallets of baby formula to the border,” said Republican Rep. Kat Cammack in one of two online postings yesterday. “Meanwhile, in our own district at home, we cannot find baby formula,” she added, holding a photo of empty shelves where the formula would be.
Cammack said that a border agent sent her photographs of the deliveries, and she posted one online.
“They’re receiving pallets and more pallets of baby formula at the border,” she said holding one of the photos showing both Advantage brand formula and squeeze apple sauce. “This was taken at Ursula processing facility [in McAllen, Texas] where thousands are being housed and processed and then released,” said Cammack.
She said the agent told her, “‘Kat, you would not believe the shipment I just brought in.’ He has been a border patrol agent for 30 years and he has never seen anything quite like this. He is a grandfather and he is saying that his own children can't get baby formula.”
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It's going to be bad, really bad. But that's part of the plan. It will be so bad that people will plea for the government to intervene, and they will, with their solution.
And their solution will mean further eroding of our rights.
I'm old enough to remember "wage and price controls" under Nixon to counter inflation. This was a disaster. I'm sure that our noble and most wise leader Biden will do much better by controlling prices but allowing wages to rise. And he will give out a lot more free money by canceling all credit card debt and student loans and mortgages.
And we'll see food lines and shortages of everything much, much worse than in the Soviet Union.
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I'm old enough to remember "wage and price controls" under Nixon to counter inflation. This was a disaster. I'm sure that our noble and most wise leader Biden will do much better by controlling prices but allowing wages to rise. And he will give out a lot more free money by canceling all credit card debt and student loans and mortgages.
And we'll see food lines and shortages of everything much, much worse than in the Soviet Union.
President Klain and his lunatic leftist think they have all this figured out. It's like watching an old Road Runner cartoon, where Klain is Wyle E. Coyote.
What's more troubling to me is the absolute inattention of the republican party in this. No fight whatsoever, except for the few "radicals" that are calling this out for what it is.
We just hit a new low watching congress send $40billion to Ukraine while ignoring our country. Take a hard look at all those republicans that voted for this, they are part of the UniParty.
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I'm not sure where I heard this... Many people who received stimulus money used it to secure loans on cars, houses, and other things. In other words, this free money caused a LOT of people to go into debt where before they were unable to. When the shit hits the fan, it's going to get ugly!
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I'm not sure where I heard this... Many people who received stimulus money used it to secure loans on cars, houses, and other things. In other words, this free money caused a LOT of people to go into debt where before they were unable to. When the shit hits the fan, it's going to get ugly!
Yep. And money has been cheap and easy. Many people have taken out loans they really can't afford, and now with runaway inflation and high fuel prices, they can't afford the autos and toys they purchased. Look for a landslide of repo's and loan foreclosures.
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Yep. And money has been cheap and easy. Many people have taken out loans they really can't afford, and now with runaway inflation and high fuel prices, they can't afford the autos and toys they purchased. Look for a landslide of repo's and loan foreclosures.
Also, the artificially high stock markets, propped by QE demanded from the Fed by the Democrats and their masters and the controllers has created overly optimistic buyers. Now that QE has turned into QT, the house of cards us collapsing. Housing and the job market are next.
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I'm not sure where I heard this... Many people who received stimulus money used it to secure loans on cars, houses, and other things. In other words, this free money caused a LOT of people to go into debt where before they were unable to. When the shit hits the fan, it's going to get ugly!
Seems unlikely. We had several times the liquid assets to buy a house for cash but mortgage rates were so low we decided to take out a modest 10 year mortgage (~70% down.) But being income poor (just retired, not taking SS yet) we had a ton of paperwork to prove we were worthy. The agent had to use our last two years of passive dividend, interest, and capital gains income to show we weren’t total deadbeats income-wise.
Cars may be easier to buy without proving income. Been decades since we bought a car with a loan.
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Seems unlikely. We had several times the liquid assets to buy a house for cash but mortgage rates were so low we decided to take out a modest 10 year mortgage (~70% down.) But being income poor (just retired, not taking SS yet) we had a ton of paperwork to prove we were worthy. The agent had to use our last two years of passive dividend, interest, and capital gains income to show we weren’t total deadbeats income-wise.
Cars may be easier to buy without proving income. Been decades since we bought a car with a loan.
Home mortgages are (were) easy to obtain for anyone with a job. 100% financing. Lots of people have bought homes that are in reality out of their price range. Then they go buy an $80k SUV and perhaps an RV or a boat. Cheap money abounds.
Now that inflation is here with a vengeance, lots of these loans will begin defaulting. We've seen this before.
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Home mortgages are (were) easy to obtain for anyone with a job. 100% financing. Lots of people have bought homes that are in reality out of their price range. Then they go buy an $80k SUV and perhaps an RV or a boat. Cheap money abounds.
Now that inflation is here with a vengeance, lots of these loans will begin defaulting. We've seen this before.
I am seeing a lot of 2021 and 2022 RVs being listed for sale on some RV Facebook groups I belong to. I know some are trying to flip and make a profit. I did when I upgraded last year, but paid cash for my new RV. But no doubt rising gas prices and inflation are making people nervous and wanting to get out.
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Home mortgages are (were) easy to obtain for anyone with a job. 100% financing. Lots of people have bought homes that are in reality out of their price range. Then they go buy an $80k SUV and perhaps an RV or a boat. Cheap money abounds.
All that can be true but if you are getting 100% financing then stimulus money doesn't seem to factor into it.
Now that inflation is here with a vengeance, lots of these loans will begin defaulting. We've seen this before.
That got me curious so I searched and found the Federal Reserve has quarterly stats on loan defaults going back to 1985:
https://www.federalreserve.gov/releases/Chargeoff/delallsa.htm (https://www.federalreserve.gov/releases/Chargeoff/delallsa.htm)
So far no signs yet of defaults increasing - the period from 2008 to 2016 stands out for high defauluts on residential loans. But things could certainly get worse soon.
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So far no signs yet of defaults increasing
how quickly will defaults start rising?
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So far no signs yet of defaults increasing - the period from 2008 to 2016 stands out for high defauluts on residential loans. But things could certainly get worse soon.
Wages are not keeping up with inflation (unless you are a member of congress). We live in a debt rich society where people routinely live above their means, fueled by cheap easy money.
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how quickly will defaults start rising?
Beats me.
Assuming it isn't a rhetorical question:
On one hand inflation shouldn't affect most existing mortgage payment amounts. (Our mortgage rate is 2.625% on the original loan amount regardless of inflation.) But it could reduce upward pressure on real estate prices simply because employee income increases generally lag cost of living increases.
On the other hand a decline in real estate values would put many recent buyers underwater. So any who need to sell for any reason may be forced into default. A recession could do that, but inflation per se doesn't seem as likely [to cause defaults.]
(Added a bit to last sentence to clarify my meaning.)
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Beats me.
Assuming it isn't a rhetorical question:
On one hand inflation shouldn't affect most existing mortgage payment amounts. (Our mortgage rate is 2.625% on the original loan amount regardless of inflation.) But it could reduce upward pressure on real estate prices simply because employee income increases generally lag cost of living increases.
On the other hand a decline in real estate values would put many recent buyers underwater. So any who need to sell for any reason may be forced into default. A recession could do that, but inflation per se doesn't seem as likely [to cause defaults.]
(Added a bit to last sentence to clarify my meaning.)
Stick to IT. Inflation affects consumers and hence corporations because people have less DISGRESSIONARY INCOME to buy their products. When companies see profits, and earnings decrease they look for ways to cut expenses to increase the bottom line. The easiest way to do that is to reduce LABOR costs. When consumers get laid off from work they can't pay their mortgage nor buy products. It is a nasty self fulfilling spiral. So yes defaults will rise.
This all has the makings of a bad recession or depression and it is purposeful. It took a World War to get out of the last depression. Will that be next?
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Liberals live with the idiotic notion that everything is a zero sum game.
As stupid as that sounds, it's typical pay true.
When a liberal cheers for QA they do so e because facts don't matter as long as the agenda is served.
Printing money solves every financial problem, so say liberals, because the short term game serves the agenda.
Pretending that inflation doesn't set the stage for all kinds of economic problems is true... for a little while, then reality bites and liberals instantly switch to other lies that give them cover.
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Liberals live with the idiotic notion that everything is a zero sum game.
As stupid as that sounds, it's typical pay true.
When a liberal cheers for QA they do so e because facts don't matter as long as the agenda is served.
Printing money solves every financial problem, so say liberals, because the short term game serves the agenda.
Pretending that inflation doesn't set the stage for all kinds of economic problems is true... for a little while, then reality bites and liberals instantly switch to other lies that give them cover.
SOME inflation is OK and normal. However, we are in a period of HYPER-Inflation with decreasing earnings, stagnant wages, decreasing effective wages and huge SUPPLY problems of most if not all essential products, including now, energy. This is a formula for disaster. And it is all created by those running the Democrats. This is why they HAD to get rid of Trump.
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SOME inflation is OK and normal. However, we are in a period of HYPER-Inflation with decreasing earnings, stagnant wages, decreasing effective wages and huge SUPPLY problems of most if not all essential products, including now, energy. This is a formula for disaster. And it is all crated by those running the Democrats. This is why they HAD to get rid of Trump.
And there huge numbers of make believe moderates pretending that it isn't a formula for complete economic collapse that might just bring on world communism, which those same fake moderates really are hoping for.
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We are in fact under a government overthrow right now.
Most people think that an overthrow happens very quickly, but they don't. The one we are witnessing is happening fairly predictably.
The lunatic left, better known as communist, have finally seized a political party. We have a puppet president and a puppet administration being run by the lunatic left. And a whole congress of useful idiots too busy counting their newfound wealth as they are being bought off by the lunatics.
Everything this country is going through is orchestrated. Run away inflation, high energy cost, bare shelves, open border, and a war on the other side of the world. They are trying to bring down the government so they can install their own.
History is repeating itself, and a huge majority of Americans can't see it. I keep saying we are headed to breakup of the United States as the free states will break away and leave the US to the blue shitholes. It's probably time.
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We are in fact under a government overthrow right now.
Most people think that an overthrow happens very quickly, but they don't. The one we are witnessing is happening fairly predictably.
The lunatic left, better known as communist, have finally seized a political party. We have a puppet president and a puppet administration being run by the lunatic left. And a whole congress of useful idiots too busy counting their newfound wealth as they are being bought off by the lunatics.
Everything this country is going through is orchestrated. Run away inflation, high energy cost, bare shelves, open border, and a war on the other side of the world. They are trying to bring down the government so they can install their own.
History is repeating itself, and a huge majority of Americans can't see it. I keep saying we are headed to breakup of the United States as the free states will break away and leave the US to the blue shitholes. It's probably time.
This used to be tinfoil hat, conspiracy theory stuff, now we are right in the middle of it, squirming. If Jan. 6th was an insurrection like almost everyone is saying, I'm guilty of several, mostly in college. They were called "panty raids".
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