Quit complaining about your gasoline prices, it’s all for the good of the liberal world order! Biden is blaming gas station owners for the increase in pump prices but at the same time, his administration is saying to suck it up because this is the liberal new world order.
Joe Biden blamed the corner gas station for high prices tweeting, “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.” Does he think the corner gas station sets the price for gasoline? Maybe if he yells at them, they might lower prices.
Billionaire Jeff Bezos was not pleased as he tweeted, “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.” On Sunday, Biden’s Press Secretary Karine Jean-Pierre fired back at Bezos, “Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That’s not “basic market dynamics. It’s a market that is failing the American consumer.” No, it’s the Press Secretary failing basic math. The price of oil has not come down to $15 over the past month. That is either an outright fabrication or a math error.
Don’t you realize that it’s important for you to suffer so Biden’s new liberal world order can be put in place at the expense of the lives and incomes of average Americans? Brian Deese, White House director of the National Economic Council, when was asked on CNN: “What do you say to those families who say, ‘Listen, we can’t afford to pay $4.85 a gallon for months, if not years. This is just not sustainable? ” This is about the future of the liberal world order, and we have to stand firm.”
The New York Post reported that in response to Biden’s demand that oil companies lower their prices, the president was trolled by Chinese state media. “Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before,” wrote Chen Weihua, EU Bureau Chief and columnist for China Daily, an English language media outlet owned by the Chinese Communist Party.
Oil prices rebounded over the weekend after the end of quarter correction but it’s moderating a little bit as traders come back to full swing. Saudi Arabia’s razor selling price on oil suggest demand in Asia is pretty strong but some people thought they’d raise the prices even higher. There’s a big debate what’s going to come first, the recession or record-breaking oil prices.
We still believe that oil prices are going to make new highs before we see the demand destruction get to the point where it’s going to alleviate the shortage situation. The 4th of July pullback is something that happens almost every year and we’ve seen that happen again. Now with the new quarter we think people will be putting on bullish positions on breaks throughout the back end of the curve.
Global oil inventories continue to tighten even though we’ve released record amounts from the global strategic reserve.
US natural gas has pulled back, but Europe is a mess. Bloomberg reports that, “European natural gas prices rose to the highest level in almost four months on persistent supply concerns amid the worst energy crunch in decades. Benchmark futures jumped as much as 8% for a fifth consecutive advance. European energy markets are in turmoil with Russia’s supplies at multiyear lows, coupled with intense competition for liquefied natural gas with Asia, where prices soared to the highest ever seen during the summer. Traders are also closely watching exports from Norway, where strikes planned for this week threaten to cut gas and oil production. Output at three fields began shutting on Tuesday as the labor action started, with two more walkouts planned in the coming days.