Posted on 06/29/2022 11:24:19 AM PDT by blam
While the Biden administration is hoping and praying that someone – anyone – will watch the comical “Jan 6” kangaroo hearsay court taking place in Congress and meant to somehow block Trump from running for president in 2024 while also making hundreds of millions of Americans forget that the current administration could very well be the worst in US history, it is quietly preparing for the worst.
As none other than pro-Biden propaganda spinmaster CNN reports, when it comes to what really matters (at least according to Gallup), namely the economy, and specifically galloping gasoline prices, the White House is in a historic shambles.
For an administration that ended last year forecasting a leveling off of 40-year high inflation and eager to tout a historically rapid recovery from the pandemic-driven economic crisis, there is a level of frustration that comes with an acutely perilous moment. Asked by CNN about progress on a seemingly intractable challenge, another senior White House official responded flatly: “Which one?”
The suspects behind the historic implosion are well known: “soaring prices, teetering poll numbers and congressional majorities that appear to be on the brink have created no shortage of reasons for unease. Gas prices are hovering at or around $5 per gallon, plastered on signs and billboards across the country as a symbolic daily reminder of the reality — one in which White House officials are extremely aware — that the country’s view of the economy is growing darker and taking Biden’s political future with it.”
“You don’t have to be a very sophisticated person to know how lines of presidential approval and gas prices go historically in the United States,” a senior White House official told CNN.
A CNN Poll of Polls average of ratings for Biden’s handling of the presidency finds that 39% of Americans approve of the job he’s doing. His numbers on the economy, gas prices and inflation specifically are even worse in recent polls. What CNN won’t tell you is that Biden is now polling well below Trump at this time in his tenure.
The CNN article then goes into a lengthy analysis of what is behind the current gasoline crisis (those with lots of time to kill can read it here) and also tries to explains, without actually saying it, that the only thing that can fix the problem is more supply, but – as we first explained – this can’t and won’t happen because green fanatics and socialist environmentalists will never agree to boosting output.
Which brings us to the punchline: as CNN’s Phil Mattingly writes, “instead of managing an economy in the midst of a natural rotation away from recovery and into a stable period of growth, economic officials are analyzing and modeling worst-case scenarios like what the shock of gas prices hitting $200 per barrel may mean for the economy.”
Well, in an article titled “Give us a plan or give us someone to blame“, this seems like both a plan, and someone to blame.
But unfortunately for Biden – and CNN which is hoping to reset expectations – it’s only going to get worse, because as we noted moments ago, while nobody was paying attention, Cushing inventories dropped to just 1 million away from operational bottoms at roughly 20MM barrels. This means that the US is officially looking at tank bottoms.
But wait, there’s more… or rather, it’s even worse, because as even Bloomberg’s chief energy guru Javier Blas notes, over the last 2 weeks, the US gov has drained 13.7 million barrels from the SPR, “and yet, commercial oil stockpiles still fell 3 million barrels over the period.”
Just imagine, Blas asks rhetorically, “if the SPR wasn’t there. Or what would happen post-Oct when sales end.”
OIL MARKET: Over the last 2 weeks, the US gov has injected 13.7 million barrels from the SPR into the market. And yet, commercial oil stockpiles still fell 3 million barrels over the period. Just imagine if the SPR wasn’t there. Or what would happen post-Oct when sales end #OOTT
— Javier Blas (@JavierBlas) June 29, 2022
And here is the punchline: at the current record pace of SPR drainage, one way or another the Biden admin will have to end its artificial attempts to keep the price of oil lower some time in October (or risk entering a war with China over Taiwan with virtually no oil reserve). This means that unless Putin ends his war some time in the next 5 months, there is a non-trivial chance that oil will hit a record price around $200 – precisely the price the White House is bracing for – a few days before the midterms. While translates into $10+ gasoline.
And while one can speculate how much longer Democrats can continue the “Jan 6” dog and pony show as the entire economy implodes around them, how America will vote in November when gas is double digits should not be a mystery to anyone.
Libtards bitch at republicans if gas exceeds $3 - now they have to bite their lip and pretend they don’t care when President Retard has caused twice that 🤪
And Republican’s in Congress gleefully go along with anything and everything this administration wants.
there is a non-trivial chance that oil will hit a record price around $200 – precisely the price the White House is bracing for – a few days before the midterms. While translates into $10+ gasoline.
—
LOL! Or perhaps, LOIL!
now they have to bite their lip and pretend they don’t care when President Retard has caused twice that 🤪
it’s only twice that today...
tomorrow it could be 3 times that.
That’s too bad /$
Passing the gun bill inthe senate has made the midterms much closer - too close to call as millions of 2A republicans stay home in November.
Nice job, McCarthy and McConnell
Tropical storm season kicked off June 15
All it would take is one hurrican/major tropical storm in Gulf of Mexico to shut down oil production
Also consider that the majority of US refining capacity is concentrated in Texas/Louisiana - again a hurricane/ tropical storm could shut off the flow of gasoline/diesel
Considering that FJB and his clown army have shown no capacity to plan for future and to react to crisis (Baby Food) this could be a real humdinger .........
If Biden puts in his $0.18 gas tax holiday, it will also expire in October, the same time supplies from the SPR stop flowing into the market.
Double whammy.
We're being destroyed by that sick phony president...America needs to stand up!!
ULTRA MAGA 2024
$10 gas in October = Voter Suppression.
The Biden Era will be known as Misanthropic. They hate all Mankind.
Ooops. Did I just say that out loud?
This might be how they justify the mail-in ballots. Voters can’t afford to drive to the polls.
Democrats May storm DC at this rate. They might actually get what the fraudulent Jan 6th committee pretend happened last year.
republicans = assistant demonKKKrats.
No wonder they don’t care.
Hmm...
You may just have something there.
Even worse, they may try to push “online voting.”
No. Someone will deliver the goods.
Thanks for the astute warning of the consequences of major storms in the Gulf.
God help us, our risks keep on climbing with this bozo in office.
A gas tax holiday will be a trap that Biden can't get out of. If prices are still sky high by October, in what scenario will he ever be able to stop it? He'll get blamed for jacking up prices even more. It will get extended over and over.
You always post the cheery articles.
You've said that before.
Shall I link you to the articles I've posted that have gotten 1-5 replies.
People often complain but like you, still show up and reply to these articles.
Ten dollars a gallon gasoline is NEWS in anyone's book.
So....
If you don't like them, stop coming.
BTW, have you noticed the lower number of posts on FR from years past. Take a look around on the threads today. Someone is complaining and whining to the poster about something...all the time.
I'm about to quit posting myself.
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