Posted on 02/10/2022 9:06:24 AM PST by rktman
If you think the highest overall inflation rate in 40 years of 7% is bad, get ready for a real shock coming to a pump near you. Oil prices are surging so much that, ironically, even the "Green New Deal" president is begging global and domestic producers alike to ramp up production and pump, pump, pump! And despite his releasing millions of barrels of crude from the strategic oil reserve and pleading with oil-rich nations to increase their output, prices continue to climb.
In early December, oil was trading at $65 per barrel. Today, it's over $90, which is more than a 50% increase in a little over a couple of months. This past week, the average price of gasoline in the United States hit a seven-year high at the pump, but there's still much more to come. And while the U.S. Energy Information Administration these past few weeks predicted that prices will now decline continuously well into 2023, oil traders are pricing for $100 per barrel and higher in the next several months.
(Excerpt) Read more at americanthinker.com ...
“Now we used the emergency reserves and the oil is still going higher.”
And war is coming.
That’s what got this whole freaking train wreck started.
What sucks is that even if the GOP sweeps into congress with large majorities this November and DJT reassumes the office of POTUS in 2024, no oil producer will risk going forward with a project like Keystone. When the political winds shift as they inevitably will, they’re not going to take the chance of getting financially destroyed when the Green NaziRats cancel it.
“Been ranting about this since Biden axe murdered the American oil industry on the day he took office.”
But on the upside he’s stopping global warming and saving the planet if not the universe.
raise the price till people can’t afford to goto work... that’s the plan
The Strategic Oil Reserves are intended to be used in times of a crisis. Like war. Regardless, the amount in the reserve when full would only satisfy a day’s national consumption. It’s a spit in the proverbial bucket. We go through this silly exercise every time gasoline prices go up. The result is the same. The lame, stupid populace falls for the bullshit anyhow.
When one slush fund is halted, another will be created.
Isn’t it about time the sin tax is raised.
I thought he authorized selling oil from the SR to China and a couple other countries?
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.