OK, a whole lot of taxpayer (actually China borrowed) money was blown on useless green schemes...
and this does WHAT to the cost of gasoline, which kept on running, for all practical purposes, exactly the same fleet of cars it had?
This says refinery issues to me, and a problem that is so bad that no refinery wants to break ranks and sell cheaper.
Little if any of the $6 trillion borrowed over the last 4 years came from China, most of it has been monetized by the Fed. None of it came from taxpayers, because we have been running trillion dollar plus deficits since 2009.
U.S. demand for gasoline has been on the decline since 2007, and U.S. supply has increased. So it’s not exactly the same fleet of cars (i.e. 14.7% U-6 unemployment, etc...).
Global oil supply has kept pace with global demand.
So I say the problem this round is excessive government borrowing and spending to fund green schemes, as well as other waste. Green schemes only represented about 10% of the stimulus, but that’s still significant, since the funds could have been used to promote new oil refineries or pipelines. And where did the money come from? Mainly the Fed and commercial banks, not China.