A Recession on the Way?

I don’t see how that’s relevant to this s discussion.

The discussion is about gas prices, not oil production.

The two are not connected? Did Trump repeal the sacred law of supply and demand? Enquiring minds want to know…

They can afford production cuts. Meanwhile Russia and China are trying to move away from trading it in dollars.

I understand that what's best for oil investors isn't necessarily best for consumers.

Well yeah. Oil is sold on a market. Y’all got me there!

Sounds like a win/win for those only interested in feeding their outrage.

I thought it was about how Biden had cut production and pipelines while emptying out the SPR in order to artificially drive down prices before the election and that we were weeks away from running out of diesel fuel?

Not everyone is going along with the cuts:

Russia Boosts Fuel Shipments After Pledge to Deepen Export Cuts

By Tsvetana Paraskova - Dec 20, 2023, 4:30 AM CST

Russia has been raising its exports of fuels in recent weeks as refiners ramped up processing and Moscow lifted most restrictions on exports of fuels that were introduced in September.

Russia’s fuel exports by sea averaged around 2.4 million barrels per day (bpd) in the four weeks to December 17—the highest volume of fuel shipments since the middle of September, per data from analytics firm Vortexa compiled by Bloomberg.


https://oilprice.com/Latest-Energy-...ments-After-Pledge-to-Deepen-Export-Cuts.html


And folks have been trying to get away from the dollar since as long as I’ve been paying attention but it never quite pans out:

Russia's oil deals with India should terrify countries trying to abandon the dollar

https://www.businessinsider.com/ded...dia-rupee-oil-trade-warning-us-dollar-2023-11

No, you intellectually dishonest man, you made a claim; you back it up with evidence.

https://www.ncsl.org/state-legislat...strikes-down-student-loan-forgiveness-program

The topic under discussion is the economy.

It's a tarp!

Did I miss anything actually relevant in the last 4 pages of arguing with Federal Fetus and UA again?

Maybe we can get @Tuckerfan to use his powers of trudging through twitter garbage for gems to update the greatest hits threads appropriately? Come on TF, you like sniffing through pointless shit for gems.

Strong wage growth gave Americans a $1,000 spending boost in 2023

Americans had more money to spend in 2023, a new US Treasury report shows.

US real wages — wages adjusted for inflation — have risen 0.8% over the last 12 months, according to the Treasury Department's recent research "The Purchasing Power of American Households." The growth is 0.2% percentage points higher than the average annual real wage growth in the 10 years before the pandemic.

That income growth brought along increasing consumer purchasing power. In 2023, the median American worker can afford the same goods and services they did in 2019 — and still would have $1,000 left.

Thanks to a strong labor market, US household income is rising faster than consumer products and service prices, the report says. Workers are benefiting from pay raises that outpaced inflation, and they can buy or save more in return.​

Source:
https://finance.yahoo.com/news/stro...-a-1000-spending-boost-in-2023-194703857.html

Of course, I'm sure there's a reason this doesn't count.

But @Steal Your Face still can't afford a sandwich.

Those Commie Murdochs are at it again.



https://bsky.app/profile/georgetakei.bsky.social/post/3khd4ktelne2u

Ah yes, that recession will hit any day now.
And Seattle will destroy jobs.

It reminds me of a conversation I had with my faux watching grandfather a few years before he started losing the faux mind. He told me he knew the world was destroyed by Obama (This was way back when). I am driving him through south florida and talking to him about the family he knows up in NY. I asked him if this looked like what he remembered of Germany during the korean war when he was there in the military helping to rebuild. He tells me no it is much worse.

This is the same man who told me if it wasn't true he did not want to know when years before I was going to use my smart phone to prove something to him.

They live in a pleasant enough reality with all sorts of great things that they never had when they grew up in the depression, and life is awesome for them with their huge TV's, nice homes, appliances, cars, doctors, roads, better electricity, and so much greatness, and they really wish things were destroyed because they cannot admit a black man being in charge didn't destroy everything.

I am finding out this exists on the left too. GLBT people have awesome lives from when I grew up. Yes, there are some attacks and shit going on, but we are worrying about pronouns, and we are all over the place. Gay bars down here did not re-open after the pandemic because the gays didn't need the safe spaces and were everywhere else. Now it is the end of the world because we need to all lock step on the they them issue, and there is some push back in the sports area.

It focusses the mind on a very unhealthy victim complex and brings this depression and negativity into the community. We do have to remember how far we have come because the pity party does effect those of us in certain situations, like teenagers, who are prone to doom and gloom. When you push a false narrative that the world is falling apart you start to feed the nightmare.

I know some folks here with a deep and robust understanding of the oil market had some serious and totally non-partisan concerns about the Strategic Petroleum Reserve.

Which is why I am curious that it has been almost a week since the new numbers were released and not a word about how we added over a million barrels in the last month:

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W

And not a single word about the announcement that the Energy Department has said that 4 million barrels of oil it was requiring to be returned next summer will now be due in February AND IN ADDITION they will be purchasing an additional 3 million barrels for Fed delivery ON TOP OF the existing replenishment contracts?

https://www.reuters.com/markets/com...gic-petroleum-reserve-energy-dept-2023-12-01/

Not a single word from all these very serious and concerned people?

Or maybe the news was so important a thread was started and I just missed it.

I’ll go check.

Also, considering I have been informed by some VERY KNOWLEDGEABLE PEOPLE that all Biden cares about is lowering prices ahead of the election why is he going above and beyond to speed up replenishment?

Or maybe that's a drop in the bucket, barely worth mentioning unless it services some prescribed, short-term perception.

Speeding up from "snail" to "turtle."

Anc gets the Sunday morning talk show talking points each week and posts them here because just like the Sunday morning shows, he knows nobody will ask him the hard questions and those that do will get shouted down.

So did neither of y’all read the Reuters article to the end or was it just too complicated for you to understand?

Just thought I’d leave this here….

I’m just saying… can we ditch all the doom and gloom about this economy?

On an open global market like all US produced oil. Where would you like it to go?

Folk like UA cry about oil so much I can only figure they want to guzzle it like brats at the teat.

And the shit they spout, I can only figure they HAVE. And their parents.

So I’m just spitballing numbers here but bear with me… you’d like a system where oil producers are forced to sell oil to America for $70/barrel when they could sell it on a global market for $100/barrel? There are several countries that do this so it wouldn’t be a unique thing… but what you are saying in that case is that you’d like a nationalized oil market. Government to seize the means of production from a private sector. Wouldn’t that make us more like Venezuela than you’d care to admit?

You are assuming there is more behind their thinking than Biden Bad.