Biden is no friend to the Workingman

[royamcr]

Originally Posted by WTF

Any President that runs up 9 trillion in debt in 4 years is no friend of the working man!

It was 7.8 trillion, guess he needed 4 more years to pay it down. lolol

[royamcr]

Originally Posted by Tiny

That’s great news, about the alien technology!!!

I’m not sure which specific refineries Barleycorn was talking about. One may be the refinery in St Croix that’s currently shut down because of the EPA:

https://www.epa.gov/newsreleases/epa...ble-permitting

There have apparently been some environmental problems with this facility, although I’m not sure whether they’re severe enough that we should keep them shuttered given our current situation.

I stand by what I wrote about the effect of the positions of the Biden administration on carbon emissions on refining capacity.

We lost around 1million bpd of refining capacity due to the Pandemic. Guess biden did that... Trump also bankrupted over 100 oil companies. That was a great job there.

[royamcr]

In May, the Environmental Protection Agency ordered it shut down after a series of accidents that showered oil droplets on nearby homes and shrouded neighbors in noxious odors, sending residents to emergency rooms. It is mired in litigation, including class-action lawsuits.

Dammit Biden fuck this one up. He snuck out and sabotaged the facility...

Originally Posted by Tiny

That’s great news, about the alien technology!!!

I’m not sure which specific refineries Barleycorn was talking about. One may be the refinery in St Croix that’s currently shut down because of the EPA:

https://www.epa.gov/newsreleases/epa...ble-permitting

There have apparently been some environmental problems with this facility, although I’m not sure whether they’re severe enough that we should keep them shuttered given our current situation.

I stand by what I wrote about the effect of the positions of the Biden administration on carbon emissions on refining capacity.

[royamcr]

Originally Posted by Tiny

Nothing Biden could have done my ass. You mentioned one thing, open back up to China, or at least slash the tariffs on toys, clothes and kitchen implements and the like. And the second and more significant would have been not to pass the American Rescue Plan, which even Larry Summers said was going to supercharge inflation.

I'd dare say a couple of those refineries mothballed during COVID would have re-opened if not for Biden's threats to knife the fossil fuels industry. Same for utilizing some of the excess capacity in the oilfield last year. That would have had a favorable effect on gasoline and other petroleum product prices. He rescinded many of Trump's executive orders that lowered the level of regulation on business. Good or bad, that drives up costs which are passed onto the consumer in the form of higher prices.

As to inflation hitting as soon as we opened up the economy, it was 1.4% YoY when Biden took office. And at least where I live, everybody had been back to work for six months. The first big bump up, to 4.2% in April and 5.0% in May, occurred when those $1400 per person checks were being spent. I guess everyone was buying stuff, like adav8s28's buddies who got new big flat screen TV's!!!

Inflation was already running 7.5% the month before Russia invaded Ukraine. Blaming inflation on Putin and Ukraine and entirely giving the Biden administration and Congress a pass is disingenuous. You're not giving the Trump administration a pass, are you, even though those big spending bills during COVID originated in Nancy Pelosi's House?

Part of the agreement for the tariffs was for China to import 200billion more from US and that is just Phase 1. They fell way short of that so far at about 60%. So why would we reduce tariffs if China didn't hold up their end of the deal. The inflation caused by the tariffs is already baked into imported goods. Doubtful removing tariffs would lower prices that much. Most of inflation is supply related, not price.

[Tiny]

Originally Posted by royamcr

We lost around 1million bpd of refining capacity due to the Pandemic. Guess biden did that... Trump also bankrupted over 100 oil companies. That was a great job there.

Damn royamcr, I was wanting to give this place a rest for a while. I've wasted way too much time here. But you got me back, for one post at least.

From the Washington Post, the great friend of the Republicans and foe of Biden,

Even at this moment of windfall refinery earnings, when the profit margin on each barrel of oil processed has jumped from a dollar or two a year ago to as much as $18 today, investors are hardly jumping at the opportunity to enter the sector. They fear the profits are short lived. The administration’s environmental priorities...would make many refineries obsolete in the not-too-distant future.

“I don’t think you are ever going to see a refinery built again in this country,” Chevron CEO Michael Wirth said in an interview with The Washington Post this month.

“It’s been 50 years since we built a new one,” Wirth said. “In a country where the policy environment is trying to reduce demand for these products, you are not going to find companies to put billions and billions of dollars into this.”

https://www.washingtonpost.com/busin...it-gas-prices/


As to your other posts, I noted there were environmental problems with the refinery in St. Croix and also noted that the Democrats' American Rescue Plan was a bigger contributor to inflation than Chinese tariffs. The Peterson Institute estimates trade liberalization could reduce CPI inflation by 1.3% on a one-time basis. That used to be a lot. I don't know about now though, when it's running 8%. Maybe it's not a lot any more.

https://www.piie.com/sites/default/f...nts/pb22-4.pdf

And yeah, right, Trump bankrupted 100 oil companies. Haha!

[Bighoo1]

Just go borrow $80k for those solar panels on your roof that will last about 10 years so you can get that $7500 tax credit and you won't have to worry about a cold winter hahaha And then maybe we can get the government to issue some stupidity loan forgiveness checks. $$$ solves everything if you have some. It's the new progressive math. And send me a couple of illegals, they can stay in my garage for free if they cut my grass once a week.Have I left anything out??

[Tiny]

The CPI inflation number is out this morning, 8.3%. The Dow is down 850 points as a result. The price of food was up 11.4% YoY.

Originally Posted by Tiny

The next CPI number will be out on Tuesday. If I were a betting man, I'd bet it will be around 8% or higher.

[WTF]

Originally Posted by Tiny

“I don’t think you are ever going to see a refinery built again in this country,” Chevron CEO Michael Wirth said in an interview with The Washington Post this month.

“It’s been 50 years since we built a new one,” Wirth said

So you're saying it is Joe Biden's fault that there hasn't been a refinery built since his election?

What about Trump? Why weren't any built under his reign?

Ir Obama?

Or Bush?

Or Clinton?

Or Bush?

Or Reagan?

Thank God for Jimmy Carter!

[WTF]

Originally Posted by Bighoo1

Just go borrow $80k for those solar panels on your roof that will last about 10 years so you can get that $7500 tax credit and you won't have to worry about a cold winter hahaha And then maybe we can get the government to issue some stupidity loan forgiveness checks. $$$ solves everything if you have some. It's the new progressive math. And send me a couple of illegals, they can stay in my garage for free if they cut my grass once a week.Have I left anything out??

Somebody is fucking you without lube if that is wtf you paid.

You can get and average of about 1500 kilowatts per month off a 24k investment.

Which may still be a tad high for a decent roi but still not 80k!

[Jacuzzme]

Biden is doing a bang-up job with the IRA Reduction Act.

[royamcr]

Originally Posted by Jacuzzme

Biden is doing a bang-up job with the IRA Reduction Act.

Great for DCA.