Pete Posted March 11, 2022 Share Posted March 11, 2022 There’s a new villain in the US economy: Russian President Vladimir Putin. The White House now characterizes worrisome inflation as the “Putin price hike.” After the March 10 report showing inflation hit 7.9%, the highest level since 1982, President Biden put out a statement saying, “Families are starting to feel the impacts of Putin’s price hike.” During a March 9 trip to Texas, somebody asked Biden what he planned to do about rising gas prices. “Can’t do much right now,” Biden answered. “Russia is responsible.” Is it? A look at oil prices during the last 12 months tells the story. A year ago, the spot price for US crude was about $66. By mid February of this year, oil prices hit about $92, up 39%. Markets were not pricing in a Russian invasion of Ukraine at that time, so that oil inflation is due to other factors—mainly surging demand as the global economy recovers from the COVID pandemic and tight supply as big producers such as Saudi Arabia try to beef up profits. Russia invaded Ukraine on February 24. Europe, the United States and other allied nations slapped tough sanctions on Russia that curtailed Russian oil sales. Since Russia is the world’s third largest oil and gas producer, loss of any Russia supply pushes global oil prices up. The U.S. spot price peaked at $116 on March 4 but has since dipped back to about $106. So the jump from $92 to $106 now, a 15% gain, is on Putin. US Crude Oil Price, last 12 months. Source: US Energy Information Administration, St. Louis Federal Reserve U.S. gasoline prices follow oil prices, and the trend in pump prices has been roughly the same. Prices averaged $2.86 per gallon a year ago and $3.60 right before the Russian invasion. They’ve now hit $4.20. So yes, the Russian invasion has pushed prices up—but more than half the increase in both oil and gas prices during the last 12 months came before Russia’s war became a factor, and an outraged world responded. https://finance.yahoo.com/news/this-week-in-bidenomics-its-putins-fault-184245906.html Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 It should just be called the Trump price hike since his outrageous insane spending spree got us here. Not Putin or Biden. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 11, 2022 Platinum Contributing Member Share Posted March 11, 2022 Yet it's funny how the gas price started rising virtually on day one of this administration once they declared war on oil, nixing the XL pipline yet giving the green light to Nordstream 2.....which was a gift to Russia... It will always be Trumps or Putins fault.....Biden will never own it but MOST of America knows what's really going on. 3 2 Quote Link to comment Share on other sites More sharing options...
Mag6240 Posted March 11, 2022 Share Posted March 11, 2022 I'm willing to blame the overall "stay home stay safe" shut down as the #1 cause for all of this. Seriously should have just let the damn Covid run its course, instead of pushing fear and getting these moronic politicians thinking the only way out was to shut down, lock up, and throw money at people. Dumbest thing EVER. 2 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted March 11, 2022 Share Posted March 11, 2022 Lets ignore the last 20 years of insane spending eh and just blame it all on Biden cuz your too stupid to know what irresponsible debt spending does. . Mkay? Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 3 minutes ago, Anler said: Lets ignore the last 20 years of insane spending eh and just blame it all on Biden cuz your too stupid to know what irresponsible debt spending does. . Mkay? Remember when GWB was a small government Republican? Quote Link to comment Share on other sites More sharing options...
Anler Posted March 11, 2022 Share Posted March 11, 2022 Just now, f7ben said: Remember when GWB was a small government Republican? That was the last time I voted for the Republicans. I became a libertarian in 2003. Dubya ran on small, fiscally responsible, non interventionist govt and civil liberties and then threw it all out the window in a year. Then ran on big spending, high intervention, fuck your freedom govt and won again in 2004. What kind of retard do you have to be to go from one to the other in 4 years? Quote Link to comment Share on other sites More sharing options...
Pete Posted March 11, 2022 Author Share Posted March 11, 2022 More bang for the buck under trump. Gas was $2. Food much cheaper. Chips weren’t 2/$10.. WTF..The Left immediately began the deterioration of this country right after they stole the election. 3 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 2 minutes ago, Pete said: More bang for the buck under trump. Gas was $2. Food much cheaper. Chips weren’t 2/$10.. WTF..The Left immediately began the deterioration of this country right after they stole the election. Trumps inflation took a year to really manifest itself ....now we are paying for his insane spending spree Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 4 minutes ago, Anler said: That was the last time I voted for the Republicans. I became a libertarian in 2003. Dubya ran on small, fiscally responsible, non interventionist govt and civil liberties and then threw it all out the window in a year. Then ran on big spending, high intervention, fuck your freedom govt and won again in 2004. What kind of retard do you have to be to go from one to the other in 4 years? Yup....fuck Republicans Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 11, 2022 Share Posted March 11, 2022 8 minutes ago, Pete said: More bang for the buck under trump. Gas was $2. Food much cheaper. Chips weren’t 2/$10.. WTF..The Left immediately began the deterioration of this country right after they stole the election. Employment losses were massive. Supply chains crashed. Nobody bought gas. Thanks trump. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted March 11, 2022 Platinum Contributing Member Share Posted March 11, 2022 16 minutes ago, Anler said: Lets ignore the last 20 years of insane spending eh and just blame it all on Biden cuz your too stupid to know what irresponsible debt spending does. . Mkay? I see everyone blame trump on here not Biden for spending, which Trump did spend and spend,.. People on here seem to blame Biden for high gas prices for the shut down of Keystone and his anti oil pro green policy..That's what I see mostly 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 Just now, Rigid1 said: I see everyone blame trump on here not Biden for spending, which Trump did spend and spend,.. People on here seem to blame Biden for high gas prices for the shut down of Keystone and his anti oil pro green policy..That's what I see mostly Well Biden hasn’t had a lot of time to deserve anywhere near the blame Trump should get. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 11, 2022 Share Posted March 11, 2022 Just now, Rigid1 said: I see everyone blame trump on here not Biden for spending, which Trump did spend and spend,.. People on here seem to blame Biden for high gas prices for the shut down of Keystone and his anti oil pro green policy..That's what I see mostly Well since Clinton we have been down a road to ruin and every player since 2001 has played their part. Trump definitely played a role in what we are going thru today but some dont want to acknowledge that like everything will go back to normal once he is back in charge. Its already too late. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted March 11, 2022 Platinum Contributing Member Share Posted March 11, 2022 1 minute ago, f7ben said: Well Biden hasn’t had a lot of time to deserve anywhere near the blame Trump should get. Ummm, Biden has been making policy for 40+ years, that's 40+ years of budget voting.. Trump had 4 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted March 11, 2022 Platinum Contributing Member Share Posted March 11, 2022 1 minute ago, Anler said: Well since Clinton we have been down a road to ruin and every player since 2001 has played their part. Trump definitely played a role in what we are going thru today but some dont want to acknowledge that like everything will go back to normal once he is back in charge. Its already too late. This is true.. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 1 minute ago, Rigid1 said: Ummm, Biden has been making policy for 40+ years, that's 40+ years of budget voting.. Trump had 4 Trump was the worst peacetime spender in history. No democrat has ever gotten close to his level of spending. Those are facts and we are feeling the inflation from his insane spending policy along with his fed reserve going completely rogue Quote Link to comment Share on other sites More sharing options...
Mag6240 Posted March 11, 2022 Share Posted March 11, 2022 1 minute ago, f7ben said: Trump was the worst peacetime spender in history. No democrat has ever gotten close to his level of spending. Those are facts and we are feeling the inflation from his insane spending policy along with his fed reserve going completely rogue Why did the government spend so much? Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 Just now, Mag6240 said: Why did the government spend so much? Because that’s what our worthless government is best at and the tea party disappeared as soon as an R was in charge Quote Link to comment Share on other sites More sharing options...
Mag6240 Posted March 11, 2022 Share Posted March 11, 2022 Just now, f7ben said: Because that’s what our worthless government is best at and the tea party disappeared as soon as an R was in charge Really... Nothing to do with Covid shut downs? Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 11, 2022 Share Posted March 11, 2022 1 minute ago, Mag6240 said: Really... Nothing to do with Covid shut downs? Trump was destroying spending records prior to covid and he was asking for even more than he got. Remember he wanted 2 trillion additionally for infrastructure? Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 11, 2022 Share Posted March 11, 2022 Not surprised the Ted cruise narrative is being spewed by all the trump munchkins here. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted March 11, 2022 Platinum Contributing Member Share Posted March 11, 2022 14 minutes ago, f7ben said: Trump was the worst peacetime spender in history. No democrat has ever gotten close to his level of spending. Those are facts and we are feeling the inflation from his insane spending policy along with his fed reserve going completely rogue I can agree, but if you looked at the spending Biden supported over his career I'm sure it is more than Trump..Just another way to look at things Quote Link to comment Share on other sites More sharing options...
Pete Posted March 11, 2022 Author Share Posted March 11, 2022 8 minutes ago, Mainecat said: Not surprised the Ted cruise narrative is being spewed by all the trump munchkins here. Like the 4 years of your horseshit Russia Russia Russia? You and you’re maggot followers tried your best. How’s it feel to come up empty handed? 1 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted March 11, 2022 Share Posted March 11, 2022 Quote Link to comment Share on other sites More sharing options...
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