USA 2020 Elections: Thread

[grarpamp]

Just one of many harmful Idiocies of Biden-Dems...


Gas Prices Hit Another Record High Today, What's Biden Doing?

"We did it Joe!"

Record high gas prices for the 11th straight day...

MishTalk.com's Mike Shedlock checks in on gas prices... and the Biden
administration's plans to deal with them...

AAA reports Increased Gas Demand Pushed Pump Prices Higher

    Since Monday, the national average for a gallon of regular
gasoline has increased by 10 cents to $4.58. According to new data
from the Energy Information Administration (EIA), total domestic
gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last
week. On the other hand, gasoline demand increased from 8.7 million
b/d to 9 million b/d. Tighter supply and increased demand have pushed
pump prices higher. This supply/demand dynamic, combined with volatile
crude prices, will likely continue to keep upward pressure on pump
prices.

Gas price info courtesy of AAA
What's Biden Doing?

    Biden: "You know, we have no plan" pic.twitter.com/sXOUy9CkHI
    — The Post Millennial (@TPostMillennial) May 10, 2022

The truth accidentally comes out: "We have no plan to bring down
energy prices today" [corrected to they, from we]

    Q: What are Democrats doing?

    A: Nothing that makes any sense

    The House passed a bill establishing the first federal law against
price-gouging by oil and gas companies. All Republican members voted
against it, along with four Democrats.

    We need to get Big Oil out of politicians pockets.💸
pic.twitter.com/Ue3EwcBAIh
    — Ryan Shead (@RyanShead) May 19, 2022

The Consumer Fuel Price Gouging Prevention Act was sponsored by Rep.
Kim Schrier (D-Wash.) and Katie Porter (D-Calif.).

Under the bill, "Companies would be barred from charging
“unconscionably excessive” prices for gasoline or other fuels during
the emergency.

The Federal Trade Commission could investigate allegations of price
gouging at the federal level, while state attorneys general could take
action at the retail level.
Idiocy is Striking

As noted previously, the big oil refiners own less than 5% of the
145,000 retail stations.
Where Your Money Goes On a Gallon of Gas

Please consider Why Most Gas Stations Don’t Make Money From Selling Gas

    Gas stations typically only receive a fraction of the price listed
on the sign. And after factoring in overhead — labor, utilities,
insurance, credit card transaction fees — the average profit is
winnowed down to ~$0.03 to $0.07 per gallon.

    Now, there is a lot of variance here: Some owners The Hustle spoke
to claim to make $0.30+/gallon; others, as little as $0.01.

    But assuming daily sales of 4k gallons at $0.05/gallon, your
typical station might only bring home $200-300/day from gas.

    By contrast, those coin-operated air machines you find at most
stations can rake in $300 to $500 in profit per month — even after
paying the companies that lease them out.

Most of the stations with big markups are in out of the way places
where you are thankful to have gas at all.

Death Valley comes to mind.
The Real Money is Made Inside the Store

    Today, 80% of all gas stations have a convenience store on site.

    According to a study conducted by the National Association of
Convenience Stores, 44% of gas station customers go inside. And among
them, 1 in 3 ends up indulging in some kind of treat.

    The goods inside these stores — Doritos, sunglasses, lotto
tickets, energy drinks — only account for ~30% of the average gas
station’s revenue, yet bring in 70% of the profit.

Strategic Reserve Release

Hey, what about Biden's Strategic Oil Reserve release?

OK: Let's check in on that.

Please note this White House Briefing

President Biden Announces Release from the Strategic Petroleum Reserve
As Part of Ongoing Efforts to Lower Prices and Address Lack of Supply
Around the World.

When was that?

Excuse me for pointing out, November 23, 2021.

Also forgive me for asking "Did it work?"

Nonetheless, Biden doubled down.
April 21, 2022 Fact Sheet

Please consider the April 21, 2022 Fact Sheet.

    Biden Administration Responds to Putin’s Price Hike by Awarding
First Barrels from Historic Strategic Petroleum Reserve Release &
Deploying Affordable Clean Energy

    With these announcement, President Biden is demonstrating both his
unwavering commitment to doing everything in his power to ease the
pain American families are facing today at the pump as a result of
Putin’s Price Hike, while continuing to take strong action – right now
and without delay – to achieve lasting American energy independence.

    Largest-Ever Release of Oil from the Strategic Petroleum Reserve.
President Biden announced the largest-ever release of oil from the
Strategic Petroleum Reserves, which will put one million additional
barrels on the market per day on average—every day—for the next six
months. The release will provide a record amount of supply to the
market until the end of the year, when domestic production is expected
to increase by 1 million barrels per day.

Political Strategy vs Strategic Release

For starters, until this announcement, the November release was the
biggest ever. How did that work out?

Second, there is nothing all all strategic about either of these releases.

This is nothing more than a political strategy by the President. The
ridiculous effort in Congress today is more of the same.

At most there will be a temporary drop in price of 15 cents a gallon.
But eventually the reserves will have to be filled back up in case
there is a genuine strategic need.

And at what price will that happen?

Meanwhile, Biden is begging Venezuela and Saudi Arabia to pump more
even though we have sanctions on Venezuela.

    *YELLEN: AIM TO DO WHAT WE CAN TO REDUCE RUSSIA OIL, GAS REVENUE

    Russian Oil Revenues Soar 50%, Hitting A Record Highhttps://t.co/1ebnAvONAv
    — zerohedge (@zerohedge) May 18, 2022

Biden's Plan in Action

US and EU sanctions have driven up the price of oil and natural gas so
much that Russia is actually benefitting from the sanctions!

That my dear readers is Biden's plan in action. The Republican plan is
to pump more US oil.

Even if the latter cannot happen immediately, no plan at all is better
than mess the Democrats have concocted.

In case you missed it, please see MishTalk TV With the Head Energy
Trader at Price Futures Group

Flynn notes the targeted release cannot happen because the pipes do
not have the physical capacity.

Rather than blame themselves, Democrats blame gas gougers. What a hoot.