Russian Oil Import Ban

[Hay Dude]

Russian oil provides something like 1% of the US supply. If that was the only factor US prices would barely budge.

But we have a lot of profiteering by the US oil oligarchy (who made $46 billion profit last year) and OPEC is keeping prices high as well.

Actually it’s over 7% up from 3% just a few years ago. I am for banning Russian oil, but 7-8% is a considerable amount when we are experiencing “oil shortage” price gouging.
And I’d venture to guess I buy more diesel fuel than 99% of all TBN members, unfortunately.

 

[ruffdog]

Russian oil provides something like 1% of the US supply. If that was the only factor US prices would barely budge.

But we have a lot of profiteering by the US oil oligarchy (who made $46 billion profit last year) and OPEC is keeping prices high as well.

See the prices even though we had not banned Russian oil yet? The oil cartel is laughing all the way to the bank.

 

[Snobdds]

Oil spiked again today, to almost 130/barrell. Whooo boy.

Inflation will be 10% by year end. Then the fed will have to dramatically raise interest rates. Then growth will crater. Then we will have stagflation.

 

[jyoutz]

No argument but compared to slave or near slave labor anywhere in the US is more expensive which is one reason why we do what we do, over regulation is the other. But on the other hand what would it do to inflation if we spent all our money here? If there were "American made" gas stations I'd go out of my way to patronize them.

I agree that we need to keep our money here or at least with our allies. Most of the Alaska oil production costs is due to the nature of Alaska. Once you leave the southern coast, everything costs 5 times as much, and I’ve seen the pipeline in the arctic circle of Alaska. It requires tremendous money to operate with heating stations at intervals along the line. Then setting up work camps in remote areas and flying in everything. Wages are almost double and the equipment for producing oil in that frigid environment is specialized and expensive. Oil is much cheaper to produce in the lower 48 and companies prefer to do this.

 

[jyoutz]

Oil spiked again today, to almost 130/barrell. Whooo boy.

Inflation will be 10% by year end. Then the fed will have to dramatically raise interest rates. Then growth will crater. Then we will have stagflation.

Yup. 1970 again.

 

[Snobdds]

I am so glad I put a sizeable chunk into bitcoin. It's not subject to the whims of the financial cartel.

Bitcoin is acting like the best store of value for this crazy time.

 

[ultrarunner]

An honest admission.

Is talking about voting considered “politics”?

As people age, they begin to “realize” all the expenses of life, like retirement savings, homes/real estate, college for their kids, and heavier tax burdens.
This is why older people tend to vote the way they do. Younger people tend to vote more idyllically and more emotionally. They are also more freshly off sitting in HS and college classrooms.

Theres a great old proverb about this, but we cant say it.

I see it all the time...

Cities like San Francisco have been attracting young ideal from everywhere... willing to rent a couch for a thousand a month just to call SF home in their 20's

Overtime the sentiment generally fades when maturity kicks in and an honest cost benefit can be done...

Without a high paying job most will not achieve the life they seek and realize the grass is greener just about anywhere...

In the last 30 days 5 early 30 something's that moved here for school or SF proper have returned home to NJ, PA and CO... with plans to buy a house and settle down...

 

[Hay Dude]

It is, but you wonder how Bitcoin has much to offer to the person living paycheck to paycheck getting slaughtered at the pump and grocery store

 

[jyoutz]

You would think with mid term elections approaching that the politicians would bring the gas prices down.

There isn’t many political opinions. This is a market situation.

 

[sea2summit]

Russian oil provides something like 1% of the US supply. If that was the only factor US prices would barely budge.

But we have a lot of profiteering by the US oil oligarchy (who made $46 billion profit last year) and OPEC is keeping prices high as well.

You are looking way to narrow mindedly. It's not a "us and them" it's what happens when all the other folks now need a new source of oil since they also won't use Russia's?