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Gas almost $7 a gallon

Loren Pechtel

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Neither of you is correct. Inflation is not the fault of the workers nor the business owners it is the fault of the management of our fiat currency. So even Biden is not at fault.....although in the specific case of gasoline Biden did cause supply to be restricted by some of his policy.

If you want to look at who's at fault for inflation, look no further to has been bragging a mandate to keep inflation at least 2%..... the federal reserve seems to have overachieved their goal at this point. Our privately held federal reserve is working to achieve goals that government wants. And government just loves inflation because it automatically reduces the actual size of the deficit and increases everyones effective tax rate. More power to the government and less power and liberty for the people.
While the Fed could cause inflation if they chose to what we are seeing now is economic in origin, not Fed related. There are two big factors at work:

1) Supply chain issues drove up prices.

2) Covid hammering the labor force cut the supply of labor and the price (wages) has gone up as a result.

The fed has only very crude control, they could not have prevented what we are seeing now.
 

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I listened to the first five minutes then had to stop. It's absolute baloney. I have three engineers who work for me. Would like to have 4 at least. I've had to increase their wages by 30% in the last year. I've increased everyone's else's wages as well. I had to increase my prices to my customers. The customers have accepted so far. I would love to keep my prices the same, and grow sales as competitor's customers come to me. But it's impossible. I import an odd metal that quadrupled in price last year. I have to pass these costs on. I have several other business owners in my peer group. We talk about it all the time. We can't find workers. We can't find drivers. Most business owners hate hate hate to raise their prices because it can lead to customers looking elsewhere. Without customers, I'm sunk. I've raised prices 4 times in the last 2 years. And each time, I studied it for hours and couldn't sleep well until after the decision was made. I have one competitor who really targets my customers. But he has the same problem that I have. If he could find a way to do it cheaper and undercut me, he'd do it in a second. And vice-versa. I'm actually thinking about selling to him to get out of the stress. Again, all of my peers who own similarly sized businesses say the same thing. Anyone who thinks that labor shortage isn't leading to some inflation has no business experience. Okay - I'm off my rant!

So sorry to hear about your troubles, but when it comes to deciding whether national statistics or personal experience is more significant I go for the former.

Okay. I concede. Paying more for workers dosn't lead to inflation or price increases.

Considering that wages have risen by 5% over the past year while prices have increased by 8.6% in the same period, it is indeed mathematically true that inflation has been driven by price increases. As Robert Reich said, keeping those two figures in mind, wage earners have suffered an income cut to the tune of 3.6 percentage points. The assertion that wages drive inflation is absolute baloney.

Neither of you is correct. Inflation is not the fault of the workers nor the business owners it is the fault of the management of our fiat currency. So even Biden is not at fault.....although in the specific case of gasoline Biden did cause supply to be restricted by some of his policy.

If you want to look at who's at fault for inflation, look no further to has been bragging a mandate to keep inflation at least 2%..... the federal reserve seems to have overachieved their goal at this point. Our privately held federal reserve is working to achieve goals that government wants. And government just loves inflation because it automatically reduces the actual size of the deficit and increases everyones effective tax rate. More power to the government and less power and liberty for the people.

While it is true that inflation over longer periods of time is a monetary phenomena, it is not necessarily the case that current inflation is purely the result of past monetary policy. High inflation is a problem in many parts of the world - the US is not alone here - which makes blaming the Fed for our inflation seem rather naive. After all, one cannot reasonably blame inflation in Europe or China or Japan on the US Fed.
 

RVonse

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While it is true that inflation over longer periods of time is a monetary phenomena, it is not necessarily the case that current inflation is purely the result of past monetary policy. High inflation is a problem in many parts of the world - the US is not alone here - which makes blaming the Fed for our inflation seem rather naive. After all, one cannot reasonably blame inflation in Europe or China or Japan on the US Fed.
The US is still the world reserve currency which greatly affects other countries. Other countries central banks have to exchange those same dollars with US central banks because most of the world is priced in dollars. And to deal with that they have to play their own currency games. So yes, you can blame their inflation on our US privately held federal reserve. Although not their fault the US dollar is the worlds reserve currency, it is still feds fault for inflating the entire worlds reserve currency.
 

laughing dog

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While it is true that inflation over longer periods of time is a monetary phenomena, it is not necessarily the case that current inflation is purely the result of past monetary policy. High inflation is a problem in many parts of the world - the US is not alone here - which makes blaming the Fed for our inflation seem rather naive. After all, one cannot reasonably blame inflation in Europe or China or Japan on the US Fed.
The US is still the world reserve currency which greatly affects other countries. Other countries central banks have to exchange those same dollars with US central banks because most of the world is priced in dollars. And to deal with that they have to play their own currency games.
So yes, you can blame their inflation on our US privately held federal reserve. Although not their fault the US dollar is the worlds reserve currency, it is still feds fault for inflating the entire worlds reserve currency.
Sorry, that can only make sense if you can show that the Euro, the yen and the yuan have increased at the same rate as US money.makes no sense.

Since you cannot show that, your analysis is unconvincing.
 

Loren Pechtel

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While it is true that inflation over longer periods of time is a monetary phenomena, it is not necessarily the case that current inflation is purely the result of past monetary policy. High inflation is a problem in many parts of the world - the US is not alone here - which makes blaming the Fed for our inflation seem rather naive. After all, one cannot reasonably blame inflation in Europe or China or Japan on the US Fed.
The US is still the world reserve currency which greatly affects other countries. Other countries central banks have to exchange those same dollars with US central banks because most of the world is priced in dollars. And to deal with that they have to play their own currency games. So yes, you can blame their inflation on our US privately held federal reserve. Although not their fault the US dollar is the worlds reserve currency, it is still feds fault for inflating the entire worlds reserve currency.
That's not the way it works--they aren't pegged to the US$. If one country has more inflation than another the currencies will drift apart. (Not that inflation is the only thing that will make them move. The first time I was in Japan a quick ballpark conversion was divide by three to get pennies. The economy has improved a lot since then, now a ballpark is to think of Yen as pennies.)
 

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Gas has risen by about a dollar a gallon over just the last few weeks. I'm not the only one speculating that the oil companies are trying to affect the midterms.
 

steve_bank

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The sunscreen agreement was always we protect the Arab oil states and they keep oil prices datble.

We went to war to liberate Kuwait and keep Iraq out of Saudi Arabia.

We support Saudi Arabia in their proxy war against Iran in Yemen.

When push comes to shove and we ask for help they say kiss our asses. Another example of ridiculous American foreign policy. Tehre was apathetic picture of GWB standing next to the king on a trip to plead for increasing production.

Maybe we should have let Hussien roll over SA and then go in.
 

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There is worse to come.
Opec+to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure

A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.

OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November.
 

Jimmy Higgins

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I read that the cuts are misleading as many smaller nations aren't actually meeting the production they are supposed to be supplying, so the actual reduction in production might be negligible. But let it be known, this is all Biden and Newsom's fault.
 

steve_bank

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Supply and demns.

Dend goes down during pandemic, less oi puped, ad refineries scale back.

Pandemic relaxed, demand goes up, and refineries can not not meet short term demand.

From reporting China relaxing its pandemic resttictions is increasing demand for gas. A large market.

Irt is not always exactly true of course, but supply and demand generally determine prices.
 

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How could the Democrats block Trump's proposal to buy American oil at $24 a barrel when the Republicans had a clear majority in both houses of Congress?
In both of Trump's Congresses (115th and 116th) Reps had a thin majority in the Senate. Far from filibuster-proof.
I am not saying that such a plan existed, just that your statement is not a refutation of it.
 

Derec

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There is worse to come.
I strongly suspect that the "shore up oil prices" is a smokescreen and also that the announcement has nothing to do with politics.
I think rather that KSA, which is pretty much carrying water for OPEC, especially on spare capacity, is not able to maintain the >10 Mbbl/d output.
Saudi Aramco has been long suspected of overstating their proven reserves. The production relies mostly on a handful of gigafields that have been producing for many decades. Ghawar, still responsible for about a third of Saudi production by itself, has been online since 1951.
There have not been many new oil fields found in recent decades, and Saudi projects are mostly about increasing production from existing wells using a variety of techniques, including fracking. But fracking is like a super straw, and you can drink your milkshake so much faster using it.
drink-your-milkshake-bill-hader.gif


So yeah, even if Saudi wanted to help out their funcle Joe, I do not think they really can.
 

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How could the Democrats block Trump's proposal to buy American oil at $24 a barrel when the Republicans had a clear majority in both houses of Congress?
In both of Trump's Congresses (115th and 116th) Reps had a thin majority in the Senate. Far from filibuster-proof.
In the absence of a filibuster and the presence of a Republican majority in both houses the statement "Democrats blocked Trump's proposal to buy American oil at $24 a barrel" is bullshit.
 

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Yeah... this reads like the US's oil reserves were nearly empty and the Dems filibustered an attempt to fill it... and cheaply. The US wasn't weakened by not providing the oil companies a handout. And now the oil companies are sucking in huge profits from these high commodity prices which again proves that the utopia of cheap US energy is just over that ANWR hill is nothing but a lie.
 

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Holy Crap that Biden is doing a bang-up job! I just filled up my tank at $3.45 a gallon. He's done a great job in lowering the price of gas despite a war in Europe.
 

Harry Bosch

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Holy Crap that Biden is doing a bang-up job! I just filled up my tank at $3.45 a gallon. He's done a great job in lowering the price of gas despite a war in Europe.
Even back under $5 here in the Bay Area of California.
I'll betcha that Derec will join this thread shortly and sing the praises for Biden's oil/gas strategy!
 

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Under three dollars a gallon many places here in Michigan. Except for here in the Saginaw townships. It just broke under $3.80 here the day before yesterday. The most expensive in the state.
 

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I actually started a thread on Nextdoor on how our gas prices are so much higher than anywhere else in the state. Many people didn't know about it and now they're really pissed.
 

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Paid $3.08 in North C. Springs last week...
I wasn't buying, but I noticed yesterday that the expensive place by the highway was 3.09.
Tom

ETA ~Depending on how you calculate inflation, the big drop in fuel prices could be huge ~
 

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Gas price is down, inflation is slowing, wages are rising, unemployment is non-existent, the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians at next to no cost to us.

I predict none of this will change opinions of Joe Biden in any way.
 

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Gas price is down, inflation is slowing, wages are rising, unemployment is non-existent, the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians at next to no cost to us.

I predict none of this will change opinions of Joe Biden in any way.
It has changed my mine. I voted for Mr Biden because he was not Mr Trump. I had fairly low expectations for his policies and effectiveness as a POTUS. Given the external events beyond his control and his policy responses, I view him as “stealthy” effective.
 

Harry Bosch

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Gas price is down, inflation is slowing, wages are rising, unemployment is non-existent, the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians at next to no cost to us.

I predict none of this will change opinions of Joe Biden in any way.
It has changed my mine. I voted for Mr Biden because he was not Mr Trump. I had fairly low expectations for his policies and effectiveness as a POTUS. Given the external events beyond his control and his policy responses, I view him as “stealthy” effective.
Totally agree. I also had very low expectations for Biden. He's done amazingly well considering the fact that the house and the senate are so evenly split. He may go down as one of our greatest foreign policy presidents. He's the first president to do something about the supply chain (the chips). He got an infrastructure bill passed. I think that he'll pass several important bills during the upcoming lame duck session that will be incredibly important. And now he's brought the price of gas down substantially despite an Europe war and the supply chain mess. I think that we all should join Derec and sing "for he's a golly good fellow" to praise Biden!
 

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Gas price is down, inflation is slowing, wages are rising, unemployment is non-existent, the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians...
Maybe the term "Let's Go Brandon" will take on new meaning.

But, as legitimate criticism of Biden falls off, I expect a flood of nonsensical crap like Hunter's Laptop.
Tom
 

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Gas price is down, inflation is slowing, wages are rising, unemployment is non-existent, the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians at next to no cost to us.

I predict none of this will change opinions of Joe Biden in any way.
It has changed my mine. I voted for Mr Biden because he was not Mr Trump. I had fairly low expectations for his policies and effectiveness as a POTUS. Given the external events beyond his control and his policy responses, I view him as “stealthy” effective.

Biden is a great President and I expected no less. His smarts and experience virtually guaranteed that from day one. But he is a really bad candidate. His repetitive cadence and otherwise terrible diction renders him unable to toot his own horn effectively, or to raise emotional opposition to an opposing candidate.
I think it’s possible that Trump would be the only RW candidate he could beat in ‘24.
 

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So does this mean that all across the USA there are stickers on gas pumps with Joe Biden pointing to a low gas price, saying "I did that!"?

I mean, it wasn't true when it was a high price, either. But the irony is hilarious.
No.
I don't think Biden is great. He's better than that.

It's kinda why I like him. Low drama, high competence, the country as a whole is improving...

No bullshit like stickers on gas pumps or signatures on government issued checks. Just quietly gets done what we need done.

Let's Go Biden!
Tom
 

bilby

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So does this mean that all across the USA there are stickers on gas pumps with Joe Biden pointing to a low gas price, saying "I did that!"?

I mean, it wasn't true when it was a high price, either. But the irony is hilarious.
No.
I don't think Biden is great. He's better than that.

It's kinda why I like him. Low drama, high competence, the country as a whole is improving...

No bullshit like stickers on gas pumps or signatures on government issued checks. Just quietly gets done what we need done.

Let's Go Biden!
Tom
I'm not suggesting that any new stickers should be put on gas pumps; I am laughing at the fact that they were, by the GOP fanboys, and that they're now still in place, but sending the opposite message to that intended by the morons who put them there.
 

Derec

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Gas price is down,
Which of Biden's policies do you credit for that? Cancelling KXL pipeline maybe?
In reality gas prices are following oil prices which retreated because of slowing down of the demand. Oh, and Biden drawing down the strategic petroleum reserve to bare bones, which is something that should not be done just to bring gas prices down a bit.
inflation is slowing,
Due to actions taken by the Fed, not the Biden administration.
wages are rising, unemployment is non-existent,
Which is a double-edged sword, as it can fuel inflation.
the government is administratively functional for the first time in three years, construction is booming, the pandemic is largely under control, and we're fighting a war with Russians at next to no cost to us.
You are understating the cost of the Ukraine military aid, but yeah, there are things Biden is doing well - functional government and the infrastructure bill most of all.
I predict none of this will change opinions of Joe Biden in any way.
It will not change mine. My opinion has been that he is doing some things well, and others poorly. Like pushing for the $3.5T Spendapalooza which would have driven inflation even higher. Or ditching Iowa in favor of SC as a payback to Clyburn.
 
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Derec

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He may go down as one of our greatest foreign policy presidents.
The Afghanistan withdrawal was especially successful. Maybe Norwegians can give him the Nobel Peace Prize for that.
He's the first president to do something about the supply chain (the chips). He got an infrastructure bill passed. I think that he'll pass several important bills during the upcoming lame duck session that will be incredibly important.
Yes, he did pass some good bills. However, what bill(s) do you think he will able to pass in the three weeks (not counting the holiday week between Christmas and New Year's) remaining in this Congress?
And now he's brought the price of gas down substantially despite an Europe war and the supply chain mess.
And how exactly did he do that? Other than by draining the strategic reserve which is not supposed to be drained to score political points ahead of an election.
I think that we all should join Derec and sing "for he's a golly good fellow" to praise Biden!
I would not go that far for sure. Like almost all politicians, he is a very mixed bag.
 

Harry Bosch

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He may go down as one of our greatest foreign policy presidents.
The Afghanistan withdrawal was especially successful. Maybe Norwegians can give him the Nobel Peace Prize for that.
He's the first president to do something about the supply chain (the chips). He got an infrastructure bill passed. I think that he'll pass several important bills during the upcoming lame duck session that will be incredibly important.
Yes, he did pass some good bills. However, what bill(s) do you think he will able to pass in the three weeks (not counting the holiday week between Christmas and New Year's) remaining in this Congress?
And now he's brought the price of gas down substantially despite an Europe war and the supply chain mess.
And how exactly did he do that? Other than by draining the strategic reserve which is not supposed to be drained to score political points ahead of an election.
I think that we all should join Derec and sing "for he's a golly good fellow" to praise Biden!
I would not go that far for sure. Like almost all politicians, he is a very mixed bag.
I wouldn't call the Afghanistan withdraw "especially successful". It was messy and chaotic. As most withdraws are. But I agree with you that he did it, and the US is probably in a better position to be done with Afghanistan and out of there. The stated purpose of the strategic reserve is to "... SPR, the world's largest supply of emergency crude oil was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program." I'd say that we had some disruptions in the supply chain!

Regarding important bills going before the lame duck the huge one is the Revising the Electoral Count act. This is vital. Stunning that republicans are against it. But this bill would prevent future coups like what Trump had planned in 2020. They might also pass equal marriage protection laws, Ukraine funding, and of course our favorite cause: helping the DACA people.

Of course my above post was being ironic. I was picking on conservatives blaming Biden for high gas prices. The fact is that presidents have very little power to control the price of oil/gas.
 

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He may go down as one of our greatest foreign policy presidents.
The Afghanistan withdrawal was especially successful. Maybe Norwegians can give him the Nobel Peace Prize for that.
The difficulties the US dealt with in the withdrawal was mainly due to America not turning its back on the Afghans that helped during the... occupationish thing. Has the US military just left, things could have gone more smoothly for the US, but worse for the Afghans and terribly for the collaborators.

It was a messy withdrawal, but on a scale for withdrawals in areas where we didn't win, it actually went pretty well. Especially with the speed the Afghan military evaporated. Most people thought it'd take a month or months, not hours.
He's the first president to do something about the supply chain (the chips). He got an infrastructure bill passed. I think that he'll pass several important bills during the upcoming lame duck session that will be incredibly important.
Yes, he did pass some good bills. However, what bill(s) do you think he will able to pass in the three weeks (not counting the holiday week between Christmas and New Year's) remaining in this Congress?
Let's be clear, he managed to pass a lot more legislation that anyone thought possible in the first two years with a 50-50 senate.

All things equal, it is hard to imagine a President doing any better under the political, medical, and geopolitical circumstances.
 
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