This is not good for working class Americans, not good at all. With gas prices already jumping, oil futures have now eclipsed a 15-year high and the outlook does not look good.
(MSM) – […] West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.
The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.” (read more)
What was the last gas price in your neighborhood?
Yes, a president can and does control the price of gasoline. What can a U.S. President and administration specifically do? We have abundant U.S. energy resources. Quite literally the strongest in the entire world.
- Permit the use of preexisting approved leases in ANWAR (Alaska) to put more volume into the Alaskan oil pipeline that is severely underutilized.
- Finish the Dakota access pipeline.
- Re-approve the preexisting energy leases in New Mexico, Arizona, NE Atlantic and Gulf of Mexico.
- Retract the stoppage of the Keystone pipeline to permit efficient oil transport shipments from Canada.
- Stop blocking the expansion of coastal oil refineries in Texas, Louisiana and Alabama (regulatory issue), as well as Northwest, Northeast and Southeast Seaboard.
- Continue to develop natural gas as a clean burning fuel.
- Drive Liquefied Natural Gas (LNG) as an export.
.
Unfortunately, this would mean reversing the entire energy policy of the current administration. The existing energy inflation and high prices of oil, natural gas and gasoline are a direct and intentional part of Joe Biden’s policy. That policy is driven by the leftist demand for a “green new deal.”
None of the actions above require any approval from OPEC. Strategically, the ‘all of the above’ approach enhances U.S. national security and diminishes the influence of Russia, China and Iran. Within six months of the above, gasoline will plummet.
“If we ban Russian oil, we need to do it in a way that doesn't dramatically increase prices for American consumers. If the price of a barrel of oil goes to $150…you and I can afford that, but there are a lot of low income consumers who would be hurt.” pic.twitter.com/pQox571V65
— Chris Murphy 🟧 (@ChrisMurphyCT) March 6, 2022
Sunday 2/27 Gas was $3.299 in Ky.
Minutes after the F. Joe Bribem SOTU it went to $3.499.
Thurs it went up to $3.699 then to $3.999 Thursday afternoon.
Driving thru south to AL gas was $3.999 everywhere, and same today driving back to Ky. But when I arived in Ky tonight gas is back to $3.699.
Does anyone know what is going on?
In Oroville, CA 87 Octane is $4.79 to $5.29 up from $3.89 two weeks ago.
I live in Napa CA and gasoline prices are the highest I’ve ever seen it. This influx greatly increased the day Joe Biden took office. By the time the November elections roll around gasoline will very likely be approaching $8 /gallon. Without the government pumping free money into this economy activity will grind to a halt. Businesses around here have limited hours because of labor shortages. Help Wanted signs are in every business window. We are creating a bizarre economic scenario for ourselves.
Outstanding college loans 1.7 trillion. Auto loans around 2 trillion. Credit card debt 1.8 trillion. National debt at 30+ trillion. Mortgage debt in the trillions. The sovereign debt crisis world wide is out of control. Entitlements are not sustainable and retirement funds in the US are grossly underfunded. Europe has even bigger financial entitlement and funding issue. The US Federal Reserve is printing trillions in fiat money to keep bank balance sheets from completely collapsing. The new Modern Monetary Theory has, at it’s center, the hypothesis that countries like the US, who control their own monetary supply can print as much money as they like without problem because they control their own currency. For us old school people that’s a hard theory to swallow.
The false Covid panic diverted attention away from these very real economic crisis for the last two years. This has now reached it’s limit as most people are beginning to realize they have been played for fools. Now it’s on to Ukraine and more fools and more diversions. Many knowledgeable financial experts are wondering when the party is going to be over. Let’s hope our vaunted leaders don’t create a war to divert our attention one more time. A monetary crisis worldwide would create riots in the streets, topple governments, and cause a break down in society and civil structure as we know it. Don’t think it can’t happen…
It is worth bearing in mind, that Wuhan caused a massive downturn in GDP.
Filling that hole with printed cash does not cause inflation.
The only downside is the interest paid on the monies borrowed and not those printed.
It is a tightwalk, though.
The US dollar is overvalued compared to the Euro by factor 1.2 to 1.7.
This is obvious when looking at hotel prices, for example.
Or a beer in Bryant Park compared to Central Munich.
Or teachers’ wages.
A readjustment is imminent.
It’s the sovereign debt crisis that is the overwhelming issue. Funding entitlements and underfunded retirements and so much more that puts this all at risk. We are living in an economic house of cards and the Federal Reserve knows it. This monster issue has no real solution hence, the many distractions we are witnessing.
Yes. The price of gas is not the same everywhere.
ITs’ called Gouging .
“Does anyone know what is going on?”
We have people hell bent on destroying our country in charge. Been asleep for the last 2 years?
Gas in south florida went from 3.39 to 4.19 in a week. Higher at some trap gas stations.
Vegas: jumped $0.50 overnight. Cheapest $4.10 gallon.
We went from Covid-19 to RUvid-22. Same deal, the gas price will effectively keep you quarantined.
No mandate required.
Biden will make the gas price so high you will be screaming for mail in ballots.
My better 1/2 told me that he was taking me on an “expensive date”. Yeah! Fun!
We filled up the tank on the truck ($101) and then went to the grocery store ($70) for some steaks. Clearly I am an expensive date.
I am very worried that there are too many people now deciding between food and gas. This should be alarming for everyone.
I saw someone saying it will be a choice for some, between gas and medicine 😢
The rise in gas prices was when the housing bubble burst last time. People with mortgages that were so tight on their budget had to choose between gassing up their cars or paying the mortgage. Having to make difficult choices when their paychecks are not keeping up with the insane rises in costs for food and gas. I can see another housing crisis come from these insane inflation costs. It affects everything when the basics costs so much more and pay isn’t going up anywhere close to the costs.
I paid $5.99/gallon today.
FJB!
$4.99 … cash price at my local independent “cheap” station here in N.CA. We’ve gone into financial hunker-down mode. And yes, all my rich neighbors will be paying DOUBLE for their El Salvadoran gardeners.
Hello fellow N CA resident 🙂 Sac area here. Good to know I’m not alone
On one corner $3.69, across the street $4.39.
$3.79 here on Thursday. Filling up tomorrow and taking a couple of spare cans. Not that it will help, because will need to fill up in two weeks again, and will probably be even higher.
If a bad storm hits, how will people afford to run their generators, or if low income, afford to drive out?
Just got off the road. Fri morning, Sanford, FL, diesel was 4.15. Topped off Fri late afternoon for trip to NC, 4.45.
Diesel in Pickens, SC Sat 1 AM was 4.39.
Diesel tonight in Waycross, GA was 4.65-85. Many of the smaller towns along US 17 were well over 5.00, regular over 4.00. These are small, old farming and forgotten towns that the interstate passed by.
A Biden, “I did that” sticker goes on every pump when I fill up. I also have been using post it notes. One under the regular price that reads, “This was 2.15 under TRUMP energy plan.”
The other post it goes in the screen and says, “Biden voters, this is YOUR FAULT!” It’s high time to assign the blame right where it belongs.
Diesel here was 4.45 today
Where?
My Grandson, sons and of course me have been putting them not only on the gas pumps but food also ie Steaks. My Granson sent me a clip from Utube where the owner of the gas station said he was removing tons of them was taking them off of his pumps as he was speaking. Have to order more today. Glad I was such a good influence on them
Here in Albuquerque, NM gas went up from $3.59 to $3.89 (low grade) in one day. Brandon sucks!
Talked with people from church this afternoon. Apparently farmers that did not order soybean seeds already will not have any for planting time. Big supply issue with getting seeds.
Farmers are facing incredible increases in costs. Soaring diesel costs will just add to their headaches. If fertilizer is unavailable as many predict, yields will be much lower. I don’t think these price increases will go on much longer. I can’t see how the economy, and demand can continue.
Food scarcity will be an exasperating thing. Many will have to choose between driving to work and buying food. Many people sold their homes in the city for enormously amounts and bought outside the city much cheaper and decided on commuting. I’m sure they regret that move.
I just don’t see how this kind of inflation can continue before we see the situation reverse and a collapse of the economy bring prices crashing down. By then the damage will be too great though I fear.
DD
The only way demand goes down ENOUGH to see price drop, is if people stop buying.
We’re talking FOOD here, so that means people stop EATING as in DEAD.
More Democrat voters, then!
Seriously, people can only “cut back” so much on food, and anyone already “on the margins”, well can’t even go to canned cat food, can they?
Next trip to the grocery store, take pics. A generation from now, nobody will believe there were ever buildings full of food, like we have now.
18yr young family Farmer called into Bannon Warroom said they lease property for soybean, corn, etc . Said between Gas price and product price – & since they don’t ‘own’ substantial land. They will be finding new jobs. There is no other avenue…
I still still see many many folks most with dogs sometimes two big dogs on leases walking them.
Who I really feel for are the elderly who were already on fixed incomes being hit with these extraordinary high prices.
Anybody still trying to house and feed a pile of dogs and cats not so much they ain’t hurting yet.
America is just gonna have to get uncomfortable before any uprising begins.
Most Americans ain’t even close to uncomfortable yet, its gonna take quite bit of suffering I predict to get through those thick dense dull skulls.
Western Montana $3.59-$4.45
Infuriating! No words..
Payson, Arizona, Regular… Cheapest $3.83… most expensive, $3.99… so far.
Strongly recommend starting your own business that involves driving places. Make it a documentary about your life that you plan to release one day but are busy filming right now.
Point being that you are legally able to deduct legitimate business expenses.
In Minneapolis suburbs, it was $3.79 at 2pm today and was $3.94 at 5:30 pm. Disgusting.
$3.99 East metro this morning, I filled up last night 10:00 pm at 3.79
$3.98 yesterday, today $4.23
$3.99 today….Before 2020 election was $1.95
Southern AZ…
Make posters with that info on it at election time in November
Regular unleaded was $3.95 this afternoon in Sykesville, MD.
Here in central Portland, OR price of regular is hovering around $4.00 give or take depending on brand and location. Don’t fill up that often lately, but next time I need gas expecting I’ll have to pay more, probably >=$5 . (Fuel costs tend to be higher in this area no doubt due to lack of regional refinery capacity.)
Parts of Santa Barbara are pushing $6/gal. I filled my truck at $5.10/gal. Worse than Obama’s prices. I spent $18 more to fill my tank than a couple weeks ago. For low wage workers that will be a hit to the bottom line.
So what if the peasants can’t afford gas?
Once the CIA, State Department, Graham, Rudio and Soros get us into WWIII with the Russians, there won’t be anyplace left for them to drive to anyway.
Costco in Washington State jumped 30 cents overnight $4.26.9. Jay Inslee has the mind of a 5th grader.
The fairy governor of the communist state of Washington is a WEF puppet. Total piece of shit
As everyone says “Elections have consequences. “
In Mesa, Arizona regular unleaded is $4.25.9, and Diesel is $4.49.9.
Insanity rules right now, and I can tell you that people in my circle are very concerned. The price of groceries is up significantly, and empty shelves are common, particularly for staples like pasta, beans, rice and bread.
Everyone better hang-on, it’s likely to get much worse before we see any improvement.
Every “solution” which flows from the Ukraine creation will inevitably, and consistently, target US.
Yes, that’s what this entire debacle is about: punishing the USA. I believe Biden, Putin, Xi already know what’s going to happen. The USA will become a 3rd world country by design. We will be forced into Green New Deal, which will destroy farming, supply chains, etc.
How do you defeat a country with 300 million to a trillion guns? You starve them.
Seems obvious Brandon COULD say, BECAUSE of the “Crises in Ukraine” he was reversing energy policy, for the duration, and just tell the greenies to shut the hell up.
One possibility is, behind closed doors they have NO idea how long “the duration” is.
Other possibility is this is intentional.
Either way, how long until enough people have had enough, and massively red-pill?
Maybe after 10.00 a gallon just maybe then
Saw 4.17
Tuesday or Wednesday, forget which, out of curiosity, I looked up a futures chart on unleaded gas. To my complete surprise, the April 22 contract was trading higher than the pump price I had just paid. I had never seen that before.
That evening, a friend was complaining to me that $20 wouldn’t by his weekly gas Sunday. People in the restaurant were looking at me like I was a lunatic when I explained that it had to be $4.50 a gallon at the pump by mid April. Futures price plus tax and distribution cost would be that at minimum.
Pump price was 3.40 mid week, 4 even today. Diesel, 4.5 to 4.75 now. I drive a gas super duty that needs tires. I don’t plan on buying them, as a tank of gas now equals one tire.
Thank God it’s not a diesel.
I have an old Buick a parent can no longer drive, or I’m sunk.
The folks that are seeing prices fluctuate are seeing stations engaging in price discovery, ie gouging.
There are two things that could cause an immediate collapse in oil. First, Putin will wreck the oil market by cutting prices to collapse sanctions. Eventually, this will play out.
The other possibility is for me to move from S&P option to oil options. That would do it in one day!
SW Missouri—between $3.13 and $3.59.
Going to stick up on organic fertilizer and seeds tomorrow for our backyard garden.
Going to increase our preps also.
Scary times…praying for us all!
$4 a gallon today in a small town 35 miles north west of Fort Worth,Texas.
Britain will help EU and West away from Russian gas – Boris sets out new energy plan
BORIS Johnson vowed Britain will play a leading role in weaning the West off Russian gas.
Q: Will Biden buy UK or or gas?
No he’d rather buy IRANIAN OIL in a quid-pro-quo deal
POS
https://www.express.co.uk/news/politics/1576526/Russian-gas-UK-energy-plan-boris-johnson
The Fed Government will never allow ANWR to go through. It’s such a shame! They keep saying it’ll harm wildlife. It’s ridiculous. Trump would’ve let it happen if the election wasn’t stolen.
I thought PDJT did clear the way for ANWR?
Any tips on preparing squirrel?
Maybe I’ll invest in snares for all the rabbits in my yard.
Just for grins and giggles consider that the Gasbuddy app is currently showing that at Furnace Creek Ranch in California, one of the lowest places in America, regular is $7.02 per gallon.
Thanks, Brandon!
There are a lot of speculators driving up the market in order to get rich, if you want to slow them down the margins have to raised. Low margins just pennies on the dollar allow the speculators drive up prices and make huge profits.
Right now oil futures are a speculators wet dream.
Did they not pass a law that people or business entities buying gasoline futures must be in a position to take delivery? I thought they passed that in 2008-2009.
If I wasn’t cynical, I’d say this was a Machiavellian scheme to sidesteps the anti-Oil extreme Left of the Progressives, by saying we need to produce more domestic Oil to fight those evil Russians!
I paid $3.79 yesterday, other stations in the area are $3.99 up to $4.15.
Perhaps the truckers circling the beltway need to demand the suggestions Sundance has, or they will shut ‘er down. DJoe won’t be able to get home to Delaware on the weekend for his Borg Brain to be recharged.
He goes everywhere in Marine One. ‘Bout the only time he gets into a vehicle is for a photo-op.
We live in an older house with an oil furnace. It’s cost prohibitive to replace it and filling the tank will cost $2000+ at current prices. Next winter is going to be rough for us if oil continues to go up. I certainly hope, by some miracle, this is short lived and the price comes down soon.
There is a new oil furnace is the house we bought 2 yrs ago. Have never even seen if it works. We’re on heavily wooded acreage so we’ve been heating with wood the last 2 winters.
Ironically, when Trump was in office, oil heat was cheaper than natural gas or electricity.
Wish we had wooded acreage, but our house is in the middle of suberbia. At rate things are going, we’ll probably be forced to set the furnace at 55, use space heaters to heat individual rooms, and hope we don’t burn the house down in the process…
The oil-filled radiator space heaters are safer than the open grill kind. Just saying. I own a number of them – but they have to be plugged into separate circuits because they use a lot of power.
Energy is everything.
Suburb just north of Seattle…filled up at the same station I always use on Thursday February 24th – $4.15 Noticed on Sunday 27th it had gone up to $4.19 – by Wednesday March 2nd it was $4.25…filled up again two days ago and it was $4.29 and then this morning, it was $4.59! Up over 10% in less than 10 days!
Let’s Go Brandon!
Just like 2008 except with inflation. We can expect a contraction in the economy as people reduce purchases of other goods and services and we’ll probably see the housing market implode and stock market slide.
I have limited my driving, which is easy since I’m retired, and I am sure others will be doing the same. I expect the supply will increase as this happens and hopefully the price will fall again.
The installed criminals in the WH did this!
$3.59 Sam’s Club in Brunswick, GA yesterday. 5% less when I use their card.
I saw $3.99 at the Racetrack next door, and over $4.00 at another station. Stations on US 17 are $3.89 for cash. It’s double from 2 years ago.
Diesel is $4.60-$5.00.
In Mesa AZ, I just paid $4.89/ gal. for premium. So, $4.39/gal. for regular unleaded.
Russia already past its little credit-card de-banking piffle:
Russian Banks to Replace VISA and Mastercard with New “Mir” System in Partnership with China’s Union Pay
next in the cross-hairs: the petrodollar
Another knee jerk move by “woke” Visa and Mastercard to stick their nose into politics.
I hope all these “woke”corporations suffer to utter extreme.
Western NY $3.75 to $4.19. Diesel $4.79.
In Melbourne Australia I paid $2.16 per liter today for premium unleaded. I think its around 3.7 liters per gallon. Which works out to be roughly $6.00 a gallon we’re paying here. Outrageous prices. Especially considering the distances ordinary working folk travel to and from work each day. The people in the outer suburbs will be hit hardest.
SW burbs of Chicago, Diesel over 5 dollars, regular, 4.35 Sunday evening.
Suburban is a synonym for Republican, and the Democrats have been at war with the suburbs for a long time.
Suburbanites who enjoy upper-middle class incomes send their children to private schools. Meaning non-union schools, meaning schools where wacky leftist values may not necessarily be pounded into the poor, weak children. All most objectionable to Democrats.
The far-left and environmentalists (same thing) have a most inclusive, expansive plan for our future. AOC’s Green New Deal, and all that. Food should be produced on the littoral areas to our cities, and in every available space – vacant lots, roof tops etc. The rural areas need to be returned, as much as possible, to nature. Travel to the hinterlands needs to be restricted, with permits and passes required to travel outside your home range. This eccentric obsession is most suspiciously important to the Left.
Human beings should be urban beings. The freedom of travel, the freedom of the private automobile is objectionable to leftists. The environmental movement is almost one huge elaborate moral concoction against travel.
Co-Vid swiftly morphed into a conspiracy against the travel industry. This will not end.
If your lifestyle is the 1960s lifestyle of the commuter: you travel an hour a day in your mini-van or your SUV to your job in the city, because you need that big car to shuttle your kids to soccer, or you need a big vehicle to bring home the groceries from Costco on Saturday, you now have a huge bullseye on your ass. I hugely doubt you’ll win this one.
No one is gonna win this one, every body is going lose big time, wait for it.
“The existing energy inflation and high prices of oil, natural gas and gasoline are a direct and intentional part of Joe Biden’s policy.”
The operative word is ‘intentional’. The Ukraine war is the perfect crisis the left needed to raise the price of fossil fuels so high that their ‘green’ energy would be competitive with it. If people stop using their cars , so much the better. If they get cold in their homes, let them wear sweaters.
AZ and WI has shown there was overwhelming 2020 election fraud. PA, GA, MI, NV should be completing their forensic audits too. There should be enough to recall the Presidential election, Pence be dammed and remove FJB and reverse all the horor he has implemented.
Mid-Eastern PA, at local BJ’s $3.90 for 87 octane, (must be a member) other stations $4.18 TO $4.24.
Here in Bavaria:
1.62 euro per 1 L / 1€ = $1.17 1 L = 0.264172 gallons => $7.175 per gallon
That is the cheapest within 15 miles.
We’re closing in on 4.00 a gallon in East TN.
Gas in Fort Myers, Florida $3.99 for regular at Race Trac station. Paid $43. to fill up a Hyundai Kona when the tank was not even empty. I can see $5. – $7. gas in the near future.
If you are in New Jersey, you DO NOT have to be a member of COSTCO to get gas there.
Also, when gas gets this high (and changes constantly) just check the prices on the Garden State Parkway. They change prices three time a week, where as other gas stations can change price daily.
Usually gas on the GSP is way more expensive, but in these conditions, it might be cheaper on certain days. 🤔