Here's our usual start-of-Tuesday post. Gasoline prices were down yet again last week from $4.04 to $3.94:
Adjusted for inflation, the price of gasoline is down 23% since its June peak. Hooray for President Biden!
Likewise, the price of oil was down a couple of bucks too. As of today, West Texas Intermediate is at $89 compared to its June peak of $122. That's a decline of 27%.
POSTSCRIPT: I plan to adopt the Trump/GOP policy for this chart. If gasoline prices start going up, I will no longer post it.
But carjuice price average climbed to 3.94 yesterday from 3.93 on Sunday, so that's the new trend, & harbinger of a RED TIDAL WAVE in November.
I certainly hope that's the way things turn out in November, but I agree the hype and hubris by many in my tribe is not helpful. Don't be over-confident; work hard; stay disciplined; get out the vote. And then make sure to count the vote correctly so that it's fair to both sides.
Well, there goes the entire Republican platform for the fall mid-terms.
Also, yesterday's low price for regular gasoline along my route was $3.19.9.
But it's still $1 higher than when Biden took office!!!!
Maybe because of all those people who now have jobs!
The jobs aren't really "new." They're jobs that have been recovered since the insanity of lockdowns temporarily tanked the economy in Spring 2020.
"Lockdowns".
Now the GQP hates petroleum firms making windfall profits?
Bite your tongue!
When Biden took office crude was selling for less than the cost of producing it. That might seem at the moment to be a good thing for consumers but in the long run is a very bad thing.
There is no single value of ‘the cost of producing crude petroleum’. There actually isn’t a single price at which crude sells, either, because so much is sold on long-term contracts.
In the long run we need to transition away from fossil fuels.
Presidents get too much credit for lower prices and better economic conditions in general, and often too much blame for the reverse. So okay Joe, by all means take a victory lap when the prices return to the levels they were at in January 2021. To get there, President Biden needs to spend more time making exploration for oil and gas easier in the US, and anything else to promote better energy infrastructure, such as pipelines and refining capacity.
Yeah, and torpedo the Climate Bill (aka the Inflation Reduction Act) that he just signed?
LIBERATE MICHIGAN! LIBERATE MINNESOTA!...
LIBERATE ANWAR!!!
Dude, gas exploration is already huge. Catch up.
Us oil is dirty. You can extract all you want, it's 5$ gas by itself.
How long does inflation as a concern linger in the mind after it stops? Six months? One year? Two?
It's gotta end some time. Nobody (of appropriate age) is still freaking out about late 1970s inflation, so there's a point where it is not salient in voters' minds. When is that?
Q: If (big if) prices stabilize or drop in the next 3 months, will it cease to be a liability for Democrats?