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So this was what caused inflation to rise all around the world at the same time? Not supply disruptions due to the pandemic? Not the Ukraine war?Quote:
Originally Posted by Paladin
Unfortunately for your argument, US oil and gas production is higher than it's ever been. The only big fall in production actually occured in 2020.
https://www.eia.gov/dnav/pet/hist/Le...s=MCRFPUS2&f=M
1st: Yes it is the senile dumass took off two million barrels a day, which caused higher prices on everything and enriched iran which resuted in them re-arming hezbollah and hamas. we know where that went.Quote:
Originally Posted by filghy2
2nd: Wrong answer. We were were EXPORTING 1-2 million barrels a day and now we are still importing oil. And for a good while we were importing it from the ruskies. And we know where that went as well.
You don't seem to be able to understand how energy costs DIRECTLY impact the cost of Everything that needs any transportation to its final destination. It also directly impacts to cost of production of goods.
The above and the weakness displayed by biden-harris precipitated the russian and iranian attacks on Ukraine and Israel, respectively. Neither would have dared make these attacks if Pres Trump was still in office.
I'm not going to teach global macroeconomics and distribution to those who do not want to understand it.
Under Pres Trump we were EXPORTING oil which kept a lid on global prices. When the senile dolt took office he killed that and we are still importing oil, including from the ruskies through 2022, which inflated prices globally.Quote:
Originally Posted by Stavros
the increase in US production is simply not enough. They NEED it for military / aviation / shipping but they want to kill it off for the postulation.
Think things through!!!!!
Strangely, I can't find any analysis by actual inflation experts that supports your claim. This one, for example, says:Quote:
Originally Posted by Paladin
During the recovery from the pandemic, most industrialized economies have experienced substantial increases in inflation. We find that food and energy accounted for a smaller share of inflation acceleration in the U.S. than in the rest of the OECD data set. Strong U.S. demand for durable goods has driven its inflation acceleration, while also pushing up durable goods prices worldwide.
https://www.chicagofed.org/publicati...etter/2022/470
As you claim to be an expert in global macroeconomics, perhaps you could provide us with relevant links?
I'm sure Putin is shaking in his boots and making plans to withdraw right now. What are you going to say when Trump makes his Munich agreement to abandon Ukraine?Quote:
Originally Posted by Paladin
You could also do more research before making provocative claims which seem mostly to condemn President Biden as a 'senile dolt'. Imports from Russia which are barely 3% of the total are in fact refined products that began as crude in Russia before being refined in other countries, mostly India.Quote:
Originally Posted by Paladin
"The story begins in Siberia, which holds the majority of Russia's oil reserves. Russia produces 9.6 million barrels of crude oil per day, its single most important source of revenue.And it sells that oil to countries outside the U.S. and European Union, including China, the United Arab Emirates, Turkey, and India, home to the world's largest oil refinery, the sprawling Jamnagar refining complex.
Before the war in Ukraine, Jamnagar imported almost no Russian crude. Today, Global Witness found about one-third of its monthly crude imports are Russian. At Jamnagar, the Russian crude is blended with other foreign crude and refined into gasoline, diesel, and other products that can be legally bought by American companies.".
How Russian oil is reaching the U.S. market through a loophole in the embargo | PBS News
Congress can deal with this, if it chooses to, but will Trump want to annoy his best buddy Modi?
As for the broader profile, I don't see a lot that has been 'killed', and in my previous post I offered a link that explains why grocery prices are so high, and it has little to do with petroleum imports and exports, and everything to do with a few companies who control the core products people need screwing the Consumer for everything they can get. But either way you could consult the experts, no?
"In 2023, the United States imported about 8.51 million barrels per day (b/d) of petroleum from 86 countries. Petroleum includes crude oil, hydrocarbon gas liquids (HGLs), refined petroleum products such as gasoline and diesel fuel, and biofuels. Crude oil imports of about 6.48 million b/d accounted for about 76% of U.S. total gross petroleum imports.
In 2023, the United States exported about 10.15 million b/d of petroleum to 173 countries and 3 U.S. territories (American Samoa, Puerto Rico, and U.S. Virgin Islands). Crude oil exports of about 4.06 million b/d accounted for 40% of total U.S. gross petroleum exports. The resulting total net petroleum imports (imports minus exports) were about -1.64 million b/d, which means that the United States was a net petroleum exporter of 1.64 million b/d in 2023.
The top five source countries of U.S. gross petroleum imports in 2023 were Canada, Mexico, Saudi Arabia, Iraq, and Brazil.".
Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Quote:
Originally Posted by filghy2
Is that your patheric excuse for not answering these questions?Quote:
Originally Posted by Paladin
Maybe this explains a few thingsQuote:
Originally Posted by Paladin
I'm not a mind reader, but he is certainly NOT a happy camper right now, and neither is Xing (did I spell that right) or hamas, hesbollah, etc.