White House economic adviser Brian Deese suggested the pain at the pump was a price Americans had to pay for the "future of the liberal world order," in a CNN interview on Thursday. "CNN Newsroom" host Victor Blackwell played a clip of President Biden telling a reporter at Thursday's NATO Summit that Americans can continue to pay a premium for gas "as long as it takes" to win the war in Ukraine. Blackwell asked Deese how the White House would respond to Americans worried that they won't be able to survive paying close to or over $5 a gallon, potentially for "years" to come.
Biden: My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now. Response of Big Oil: Working on it Mr. President. In the meantime - have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester...
https://www.bloomberg.com/news/arti...igh-gas-prices-as-long-as-it-takes-biden-says US Will Face High Gas Prices ‘as Long as It Takes,’ Biden Says
Oil from U.S. reserves sent overseas as gasoline prices stay high HOUSTON (Reuters) -More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs The flow is draining the SPR, which last month fell to the lowest since 1986. https://news.yahoo.com/oil-u-reserves-head-overseas-110438513.html?fr=sycsrp_catchall
Annual inflation rate in the US unexpectedly accelerated to 8.6% in May of 2022, the highest since December of 1981 and compared to market forecasts of 8.3%. Energy prices rose 34.6%, the most since September of 2005, due to gasoline (48.7%), fuel oil (106.7%, the largest increase on record), electricity (12%, the largest 12-month increase since August 2006), and natural gas (30.2%, the most since July 2008). Food costs surged 10.1%, the first increase of 10% or more since March 1981. Big increases were seen in prices of meats, poultry, fish, and eggs (14.2%). Other increases were also seen in cost of shelter (5.5%, the most since February 1991), household furnishings and operations (8.9%), used cars and trucks (16.1%) and airline fares (37.8%) while cost of new vehicles eased slightly (12.6% vs 13.2%). Meanwhile, core inflation rate slowed for a second month to 6%, compared to expectations of 5.9%. source: U.S. Bureau of Labor Statistics
Overall, our analysis suggests the war in Ukraine will add about 2% to global inflation in 2022 and 1% in 2023, compared to our pre-war forecast in Winter 2022. https://www.barrons.com/articles/war-in-ukraine-driving-global-inflation-51657294183
Thanks Biden! Fact check: Does U.S. have 'more oil and gas permits than ever?' https://www.wral.com/fact-check-does-u-s-have-more-oil-and-gas-permits-than-ever/20439116/
The number of Permits doesn’t equal the amount of oil and gas production. The truth is if we want more oil and gas production from federal lands WE NEED LESS PERMITS. I get that sounds counterintuitive but try to understand these companies live to gobble up permits to control the land but don’t work the resources. In Colorado on 40% of the permitted land for energy development is being worked in anyway. That includes things like surveying. The majority of the permits are just being held. These are permits with viable energy resources. We should pull the permits of unworked lands if not worked in a year or if not producing in two years.