According to the White House, gasoline prices are averaging over $8.00/gallon in the EU, so $5.00/gallon is not so bad.
Of course the 800-lb gorilla that is ignored is the self-imposed embargo on Russian oil. Russia supplied about 40% of the oil for Europe before the sanctions. While US imports of Russian oil were small, US exports of oil and gasoline to Europe mean that we are seeing similar increase in gasoline prices. The sanctions means that total Russian oil production has declined when the market was already tight, which is contributing to a world-wide surge in oil prices.
The increase in prices means that Russia is making more money while selling less oil. Meanwhile the current average price for gasoline in Russia is only $3.18/gallon. Take that Putin!
Jen Psaki has moved on to MSNBC. The BS is still the same.
The White House continues to blame Putin for the rise gasoline prices. The reality is that the self-imposed oil embargo is a much bigger factor than anything Putin has done.
This situation reminds of a scene from Blazing Saddles, except that Russians are not as stupid as the townspeople in the movie.
As sad as it is to say this…the performance of this new White House spokeskook really kinda proves that circle back psaki was perhaps the most competent person in the Biden administration…
the first thing this idiot did on her first day was go on about how “acutely aware” she is of the fact that she’s the first black lesbian press liar
It’s sad that it’s taking an inflation crisis, a border crisis, a crime crisis, a push toward recession, standing on the doorstep of ww3, massive infringement on the rights of parents and a general feeling (61% in a poll I heard being discussed yesterday) that the American dream is no longer in reach to get there…
But people are sick of the left.
And oh by the way Biden’s plans to ripple Russia’s economy…like everything else that bozo does…have failed. They might be in better economic shape than we are.
“ The Russian ruble is the best-performing currency in the world this year.
Two months after the ruble’s value fell to less than a U.S. penny amid the swiftest, toughest economic sanctions in modern history, Russia’s currency has mounted a stunning turnaround. The ruble has jumped 40% against the dollar since January. “It’s an unusual situation,” said Jeffrey Frankel, professor of capital formation and growth at the Harvard Kennedy School.” Russia's ruble is the strongest currency in the world this year - CBS News
Democrats have a buy high and sell low investing strategy. They refused to allow Trump to buy for the SPR (Strategic Petroleum Reserve) in 2020 when prices crashed.
Now Biden is rapidly sucking the SPR dry and sending the oil to Europe.
With the Eastern U.S. already facing a possible heat wave this weekend, the nation’s power grid regulator has a dire warning: Large swaths of the country are at risk of blackouts this summer as climbing temperatures cause surging demand for energy.
In its annual summer assessment released this week, the North American Electric Reliability Corporation noted that the Upper Midwest is facing a capacity shortfall leading to a “high risk of energy emergencies.” The entire Western U.S. also could face a power outage emergency in the event of spikes in energy use.
We should hurry out and buy an electric car before they are all gone.
The prices would probably be even higher without taking oil out the SPR, but draining the SPR gives at best only a temporary improvement.
Western sanctions have resulted in a drop of 1 million barrels per day in Russian production. That is likely to increase to 3 million barrels per day later this year if the sanctions remain in place.
The SPR has only about 500 million barrels. The SPR could be completely exhausted by the end of the year if Biden continues to use it to offset the drop in Russian oil production.
Expect oil prices to go through the roof as the SPR runs dry. We could be looking at $10/gallon or higher for gasoline if the US continues this policy of economic suicide.
Of course, the key thing that the White House is looking at is how to delay the coming catastrophe until after the November elections.
