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.