Biden's Economy?

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Vēritās
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Re: Biden's Economy?

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Gadianton wrote:
Fri Aug 12, 2022 2:33 am
That's right. Biden got his "inflation reduction act" passed, and within hours, inflation went down and the stock market went up. All the personal doing of Joe Biden.
If the tables were turned, that would be precisely what the Right Wing media and all the Trumpers would be saying. Because they're dishonest idiots. If I ever came across a Liberal on social media making such a claim I'd chew them out for being stupid just the same, but I've never had to.

This reminds me of FOX News just weeks after Trump took office, trying to credit him for low unemployment. And Trump trying to take credit for record low unemployment among black people which happened a few months after he took office, after it had been nosediving throughout Obama's second term.
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Re: Biden's Economy?

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Gadianton wrote:
Fri Aug 12, 2022 2:33 am
That's right. Biden got his "inflation reduction act" passed, and within hours, inflation went down and the stock market went up. All the personal doing of Joe Biden.
He's had to empty the strategic oil reserve to get gas prices down. Hopefully I can at least drive my truck until November 2022. I doubt it will even matter if Republicans take the house and senate but if Democrats retain control it will be a mandate for high gas prices. Let's place a wager on who thinks that gas prices will not skyrocket soon after the November 2020 elections. Are you going to buy stock in oil companies before that Gad?

What is inflation now? 7.0%? Wasn't 2.0% inflation the acceptable amount before? I'm not sure why we want any inflation. But 7.0% inflation is nothing to brag about in my opinion.
The best part about this is waiting four years to see how all the crazy apocalyptic predictions made by the fear mongering idiots in Right Wing media turned out to be painfully wrong...Gasoline would hit $10/gallon. Hyperinflation would ensue.
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Doctor Steuss
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Re: Biden's Economy?

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Hawkeye wrote:
Fri Aug 12, 2022 3:46 pm
Gadianton wrote:
Fri Aug 12, 2022 2:33 am
That's right. Biden got his "inflation reduction act" passed, and within hours, inflation went down and the stock market went up. All the personal doing of Joe Biden.
He's had to empty the strategic oil reserve to get gas prices down.
The amount in the Strategic Petroleum Reserve right now is pretty close to what it was throughout Reagan, and Bush Sr.

Incidentally, the Strategic Petroleum Reserve was less when Trump left office than when Obama left office, despite oil trading in the negative during his administration.
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Re: Biden's Economy?

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Hawkeye wrote:
Fri Aug 12, 2022 3:46 pm

He's had to empty the strategic oil reserve to get gas prices down.
A measly 1 million barrels per day being sold on the market since April 1 is quite literally a drop in the bucket compared to what we have in reserves. We consume roughly 19 million barrels per day, or 7 billion barrels per year. The strategic oil reserves are over 35 billion barrels which means we have enough oil in reserve to supply the entire country with importing oil for more than five years.

Hawkeye wrote:
Fri Aug 12, 2022 3:46 pm
Hopefully I can at least drive my truck until November 2022
The fact that you drive a truck proves you don't care about gas prices at all. You sell eye glasses for a living, you don't do construction.
I doubt it will even matter if Republicans take the house and senate but if Democrats retain control it will be a mandate for high gas prices. Let's place a wager on who thinks that gas prices will not skyrocket soon after the November 2020 elections. Are you going to buy stock in oil companies before that Gad?
I've been shorting the oil market over the past three months and have made quite a bit.
What is inflation now?
Over the past month it was 0%. Stop acting like you don't know. You were obsessed with inflation over the past 18 months.
Wasn't 2.0% inflation the acceptable amount before?
That is the target level by the Fed "Acceptable" by whom? It all depends on what wages are like. If wages are dropping then 2% inflation still looks like 7% inflation with current wage hikes.
I'm not sure why we want any inflation. But 7.0% inflation is nothing to brag about in my opinion.
You're the one who predicted $10 gas, hyperinflation like the world has never seen, and blamed it all on the mere fact that we elected a Democrat. The recent numbers disprove all of your ignorant mantra.

And gas prices dropping has more to do with China's drop in demand and Europe's transitioning away from dependence on Russia. Biden's release of less than one half of 1% of the strategic oil reserves helps, but not nearly as much as people think. And stop acting like he's giving it away. He's selling that oil for top dollar at the current market value when that oil was likely purchased when prices were less than half what they are now. That's money the government is making while heling drive down costs.
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Re: Biden's Economy?

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Vēritās wrote:
Fri Aug 12, 2022 4:24 pm
The strategic oil reserves are over 35 billion barrels which means we have enough oil in reserve to supply the entire country with importing oil for more than five years.
Are there strategic reserves outside of the SPR? The current maximum authorized storage capacity for the SPR is 714 million barrels.
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Re: Biden's Economy?

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Doctor Steuss wrote:
Fri Aug 12, 2022 4:31 pm
Vēritās wrote:
Fri Aug 12, 2022 4:24 pm
The strategic oil reserves are over 35 billion barrels which means we have enough oil in reserve to supply the entire country with importing oil for more than five years.
Are there strategic reserves outside of the SPR? The current maximum authorized storage capacity for the SPR is 714 million barrels.
I'm going by this stat https://www.worldometers.information/oil/us-oil/

But now I'm thinking it is ambiguous because of the way the word "reserves" is thrown about. If there are actually 714 million barrels of oil in "strategic" reserves then 180 million barrels over 6 months is still far from "emptying" it.
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Re: Biden's Economy?

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Hawkeye wrote:
Fri Aug 12, 2022 3:46 pm
He's had to empty the strategic oil reserve to get gas prices down.

That’s fiction, but it leads to a question. If Biden controls gas prices (as you allege) and is using high gas prices to pad both the nation’s tax coffers and his personal accounts (as you allege), then what is it that he - or Democrats - gain from releasing strategic oil reserves in an attempt to lower gas prices?
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Re: Biden's Economy?

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Vēritās wrote:
Fri Aug 12, 2022 4:36 pm
Doctor Steuss wrote:
Fri Aug 12, 2022 4:31 pm

Are there strategic reserves outside of the SPR? The current maximum authorized storage capacity for the SPR is 714 million barrels.
I'm going by this stat https://www.worldometers.information/oil/us-oil/
Ah, it looks like that's the "proven" amount of oil we've got in the ground to pump. I have a pathological compulsion to say this, but the "pump our own oil" push for so-called energy independence is so incredibly silly and shortsighted, selling our long-term security for short-term politics.

Let other people sell us their oil, gulldernit. Fill up our reserves with OPEC stuff. The stuff is finite.
But now I'm thinking it is ambiguous because of the way the word "reserves" is thrown about. If there are actually 714 million barrels of oil in "strategic" reserves then 180 million barrels over 6 months is still far from "emptying" it.
Sorry, for the clumsy way I worded my post. 714 is the current max that is allowed for it to be. According to the EIA, it's at 464m currently (relatively close to what it was when Reagan finished Round 1).

It's definitely been tapped over the last few quarters, but empty? LMAO. Incidentally, the highest it has ever been, and the only time it was ever at it's maximum authorized capacity, was during Obama. Trump's presidency left the SPR 8% lower than it was when he took office. Which is wild, considering people were essentially paying others to take oil contracts. Could've topped off the SPR for free.
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Re: Biden's Economy?

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Vēritās wrote:
Fri Aug 12, 2022 4:36 pm
Doctor Steuss wrote:
Fri Aug 12, 2022 4:31 pm

Are there strategic reserves outside of the SPR? The current maximum authorized storage capacity for the SPR is 714 million barrels.
I'm going by this stat https://www.worldometers.information/oil/us-oil/

But now I'm thinking it is ambiguous because of the way the word "reserves" is thrown about. If there are actually 714 million barrels of oil in "strategic" reserves then 180 million barrels over 6 months is still far from "emptying" it.
The 35 billion is total “proven” oil reserves. That represents oil that it is economically feasible to recover. As the price goes up, so do the proven reserves.

Proven reserves are not the Strategic Oil Reserve.
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Re: Biden's Economy?

Post by Chap »

This graphic seems relevant to the discussion:

Strategic Petroleum Reserve (United States)

Image
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