Posted on 09/08/2023 9:04:23 AM PDT by Kaiser8408a
Its hard to watch Biden and The Progressive Greens destroy the enegy security of this great nation. Biden is draining the Strategic Petroleum Reserve, probably in a misguided attempt at ensuring we never go back to abundent petroleum again. Crude oil inventories are now the lowest since 1985.
Authored by Simon White, Bloomberg macro strategist,
Household spending has kept the US economy afloat, but as growth slows a continued rise in oil and gas prices is poised to push personal consumption expenditure (PCE) lower and thus trigger a near-term recession – with stocks and bonds unpriced for such an outcome.
Once again it has been the redoubtable consumer that has thus far kept a recession at bay. However, Bloomberg Economics (BBE) pointed out in a recent article that negative household sentiment – in confluence with other drivers of household spending – suggests that we should already be in a recession.
A regression model (using income, wealth and real rates) pins PCE growth roughly where it is. But if we add in the University of Michigan’s Consumer Sentiment index, it indicates much weaker PCE growth and thus an economy that would likely be already be in the midst of a slump.
This highlights that the US economy is potentially on thin ice, with that ice represented by hitherto positive consumer sentiment, driven in no small part by gas prices (and sentiment on how high they are perceived to be) that remain comparatively cheap to the levels they reached last year.
The US warhawks seemed focused on Ukraine’s security, but don’t seem to care about US energy security or the personal welfare associated with open borders. Just ask Mayor Adams of New York City.
Biden speaking on US green energy.
(Excerpt) Read more at confoundedinterest.net ...
The economy has been contracting for 2 years now. There has not been any growth. This will accelerate the contraction and push the economy closer to the tipping point where it collapses.
Seems like the only people doing well in this economy are the illegal aliens crashing our border, those who transport and house them, and the arms and big pharma industry. Oh, and the politicians.
selling the reserve is an easy source of cash...............
Golly if this is Pedo Joe’s idea of a booming economy I am going to really hate what a recession looks like...
All while the Dims claim they hate their mother Russia.
One of the saving graces for the administration is that the SPR is not really in trouble
The Strategic Petroleum Reserve (SPR) at it fullest is right at 714 million barrels of oil. There is currently 350+ million barrels in there as of late July. The US, despite Biden’s efforts, still produces around 13 million barrels a day and the country uses just under 20 million. So at a 7 million barrel loss it will take two months if nothing changes for the reserves to actually run out if we were doing it all by ourselves using just the reserves. But we import twice as much as we export at 8.32 million barrels a day. So we actually gain 1 million barrels a day in the exchange. And unless Biden gets loose from his handlers, even he can’t screw that one up...so far.
wy69
Tips? We ARE in a recession-—I have never seen business this bad in the 35 years I’ve been at my company. It’s “scary” slow!
Deep State is also continuing to export record amounts of our energy.
Where’s it going...?
Bidenskyyyyynomics might save the left wingnuts’ “democrazy” but it’s starving American families.
When is this going to be tried for the TRAITOR that he is?
Wait for the BRICS currency kicks in (whenever that happens)
AS if it had 14% now.... OPEC+ extended 2.6 million bpd cuts 3 days ago thru 2024. They are gearing up to refuse sales to all nations i.posi g oil price caps on any member.
Already Russia has sold more oil this year than they did at any time 2015-2021, and at higher prices as Washington loses the petrodollar and control of Japan, India, etc.
Biden’s amature hour SecState and foreign policy team is worse than a failure.
China needs the Reserve to be drained so that we cannot power our ships and will be reduced after a short time to what nuclear powered ships we have. Maybe it is time to go back to sail. Modernize Old Ironsides’ armament and send her to sea.
The Biden administration is canceling the only seven oil and gas leases in the Arctic National Wildlife Refuge in Alaska.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.