Biden's energy secretary laughs and cedes all control to OPEC when asked about oil prices

[surada]

Simple, just take a year like 1972 and multiply by 10 to get the government's price in today's dollars. For real life inflation multiply by a minimum of 20. Those who prefer to go by the gold standard should multiply by 28 to 30+.

Thus, 36 cents in 1972 dollars is $3.60 by the government's faked numbers, conservatively real inflation would make that $7.20, and the gold bugs would see that 36 cents as $10.80 or more. So, gas at $3.39 is roughly 16 to 17 cents in 1972 dollars, i.e. half the price it was in 1972 in today's dollars.

This is they CPI index avoids including food and energy in their inflation calculations as well as other goods they misrepresent; they know the public is mostly stupid and will buy their numbers. Japanese and Euro banks don't use our Fed's numbers in their planning, they calculate their own.

Thank you.. You helped me. Stay with it and keep explaining to the Yahoos. You are needed here.

 

[jknowgood]

Gasoline is still a bargain... The price at the pump hasn't kept up with housing, education, healthcare, groceries or the price of automobiles.

You're an idiot prices for everything is up and we are looking at shortages everywhere. Oh and, bank of America is predicting another 45% increase in gas by June. Also Pelosi in their bill wants to stop all offshore drilling, that includes natural gas. Oh and your heating bill is going up 45% this winter. You loons are stupid to support this.

 

[surada]

Cross out the N and the R in Enron and You Get Exxon

LOLOL. Pinhead, you don't know squat about Exxon or ENRON.

 

[DudleySmith]

So? Nothing you said disputes the laws of supply and demand.

It disputes where you think it exists, and the fact is they can charge whatever they want, whether consumers like it or not, because both Republicans and Democrats take big bucks from Big Oil.

 

[surada]

You're an idiot prices for everything is up and we are looking at shortages everywhere. Oh and, bank of America is predicting another 45% increase in gas by June. Also Pelosi in their bill wants to stop all offshore drilling, that includes natural gas. Oh and your heating bill is going up 45% this winter. You loons are stupid to support this.

Wise up.. People are hoarding again. Why do YOU think US producers would raise the price of natural gas by 45%?

 

[DudleySmith]

Cross out the N and the R in Enron and You Get Exxon

Probably the same insider traders in both. Enron was expendable.

 

[jknowgood]

Wise up.. People are hoarding again. Why do YOU think US producers would raise the price of natural gas by 45%?

Holding natural gas? Why isn't there enough? Could it be Biden's energy policy?

 

[Harpy Eagle]

We all know Joe Biden is in bed with his middle eastern pals, but for his energy secretary to flat out laugh in the faces of people struggling to pay for gas right now is despicable. These people are garbage.

OPEC has always controlled the price of oil. That is why Trump threatened them into cutting production in 2020 so that prices would go up, the low prices were killing our oil companies profits and he could not let that happen.

 

[DudleySmith]

I'm pretty sure it was the adjustable rates mortgages that skyrocketed their interest payments that did that, not really gas prices.

One of the first real estate firms to fail was Thornburg Mortgages; they had nothing but premium high end mortgages with something like a .02 default rate. Not a bad or suspect loan in the entire holdings.

 

[surada]

Probably the same insider traders in both. Enron was expendable.

ENRON was already leveraged out the wazoo before they got involved in the white elephant Dabhol power plant with no energy source. Sometimes greed just blinds people.

 

[DudleySmith]

Holding natural gas? Why isn't there enough? Could it be Biden's energy policy?

LOL they're still burning off some 20% of gas production in the fields. There is plenty of excess being produced. It's still being over-produced in fact.

 

[Mac-7]

I'm pretty sure it was the adjustable rates mortgages that skyrocketed their interest payments that did that, not really gas prices.

The high gas prices came first and fed the flame of mortgage defaults

 

[Nostra]

It disputes where you think it exists, and the fact is they can charge whatever they want, whether consumers like it or not, because both Republicans and Democrats take big bucks from Big Oil.

No, it doesn't dispute anything I think, Dibshit.

 

[surada]

LOL they're still burning off some 20% of gas production in the fields. There is plenty of excess being produced. It's still being over-produced in fact.

Its a shame so much gas is still flared off.

 

[DudleySmith]

No, it doesn't dispute anything I think, Dibshit.

Feel free to keep babbling Free Republic nonsense, i dont mind; it just makes for more suckers to get fleeced by both Parties, and you dumbasses can keep jumping up and down like grade school loons when you beat some deviant criminal in an election by 2 points, as if the world changed or something.

 

[Nostra]

Feel free to keep babbling Free Republic nonsense, i dont mind; it just makes for more suckers to get fleeced by both Parties, and you dumbasses can keep jumping up and down like grade school loons when you beat some deviant criminal in an election by 2 points, as if the world changed or something.

I never said "Free Republic" anywhere.

 

[DudleySmith]

Its a shame so much gas is still flared off.

Companies signed a lot of drilling agreements based on Trump's attempts to export natural gas; the problem was these companies didn't want to spend any capital on on building pipeline capacity to handle it, they all jumped into options and derivatives markets, but they were still bound to all those drilling agreements, so the drilling kept going and going and going anyway, despite the glut and lack of any way to get it to market. Meantime Europe went ahead with the Russian pipelines instead and left Trump's deals to die. As usual companies pay their right wing PR hacks to blame everybody but the stupid management who made the poor decisions and had no sense of logistics.

this is what happens when a country stagnates; social mobility disappears and you end up with a handful of people at the top and their kids and grandkids control the economy,a lot of stupid arrogant halfwits with high self-esteem running both the big monopolies and in their hired flunkies in Congress and the Senate, the same way inbred nobility wrecked Europe every 30 years or so when a new generation of inbred sociopaths inherited their armies and kingdoms,

 

[BlindBoo]

We were energy independent a few months ago. Yes, you have some control then. But not now you stupid moron.

How do you explain the fact that as we reached energy independence, and our production was reaching 13 million barrels a day, our gas prices never fell until the Covid Pandemic shut down the economy?

 

[BlindBoo]

One of the first real estate firms to fail was Thornburg Mortgages; they had nothing but premium high end mortgages with something like a .02 default rate. Not a bad or suspect loan in the entire holdings.

You are correct. However I was responding to: "The last big recession began with high gasoline prices that drove the working poor underwater and and out of their homes"

High gas prices did not do that.

 

[jknowgood]

How do you explain the fact that as we reached energy independence, and our production was reaching 13 million barrels a day, our gas prices never fell until the Covid Pandemic shut down the economy?

We became an exporter to a importer, explain that?