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Get Ready For Some Serious And Long Term Pain From Energy Prices
2022 Jun 9, 4:00am 377 views 9 comments
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2
WookieMan
2022 Jun 9, 4:47am
WookieMan
2022 Jun 9, 4:47am
I think the bigger problem is that there's less international leisure travel because of covid. So while work from home has reduced consumption, more people than ever are going on road trips, buying campers, etc. and traveling here instead of elsewhere. If you look at all the hip cities like an Austin, Denver, Nashville, etc. There's a shit ton of stuff you can do 4-8 hours drive away from those places. So I'd guess people are using more fuel for that. And obviously the warmer months allow for more outdoor fun.
4
pudil
2022 Jun 9, 5:28am
Moronic.
Weened from Russian oil. Lol! You mean buying all their oil from “Nice” countries like Saudi Arabia where gays are hung and women can’t drive.
Meanwhile, China and India will enjoy cheap energy from Russia to fuel their growth because they are smart enough to stay out of these European entanglements.
WTF are we helping Ukraine? They aren’t in NATO. WTF are we in NATO? Let Russia take all of Europe. They have gutted their militaries and under funded their NATO commitments for 60 years.
America first, America only. Here’s an idea. Claw back that 40 billion we gave to Ukraine and use it to build state of the art chip manufacturing here. Put Taiwan out of business and let china have it. Ban oil exports from the US and bring our energy prices down to Saudi levels. Let Europe figure out where they are going to get their energy. I heard Greta had some ideas.
Weened from Russian oil. Lol! You mean buying all their oil from “Nice” countries like Saudi Arabia where gays are hung and women can’t drive.
Meanwhile, China and India will enjoy cheap energy from Russia to fuel their growth because they are smart enough to stay out of these European entanglements.
WTF are we helping Ukraine? They aren’t in NATO. WTF are we in NATO? Let Russia take all of Europe. They have gutted their militaries and under funded their NATO commitments for 60 years.
America first, America only. Here’s an idea. Claw back that 40 billion we gave to Ukraine and use it to build state of the art chip manufacturing here. Put Taiwan out of business and let china have it. Ban oil exports from the US and bring our energy prices down to Saudi levels. Let Europe figure out where they are going to get their energy. I heard Greta had some ideas.
5
zzyzzx
2022 Jun 9, 6:00am
zzyzzx
2022 Jun 9, 6:00am
WookieMan says
This. Americans who used to vacation outside the US will now visit Florida. People who used to visit Florida, not go to the beaches in Maryland, Delaware, NJ, etc. People who used to visit the beaches in Maryland, Delaware, NJ now go to local Chesapeake Bay beaches (Sandy Point State Park, Point Lookout, North Beach, etc). I saw this happen last time gasoline got expensive. So when your hotel room at the Jersey Shore is even more expensive this year, now you know why. The equivalent of this is presumably happening elsewhere, as other places in the Northeast have local beaches, and the Great Lakes have beaches, etc. which are all going to be full of people vacationing locally.
So when you see your local beaches more (or way more) crowded than usual, it doesn't mean that the economy is good, it means that it's bad.
I think the bigger problem is that there's less international leisure travel because of covid. So while work from home has reduced consumption, more people than ever are going on road trips, buying campers, etc. and traveling here instead of elsewhere. If you look at all the hip cities like an Austin, Denver, Nashville, etc. There's a shit ton of stuff you can do 4-8 hours drive away from those places. So I'd guess people are using more fuel for that. And obviously the warmer months allow for more outdoor fun.
This. Americans who used to vacation outside the US will now visit Florida. People who used to visit Florida, not go to the beaches in Maryland, Delaware, NJ, etc. People who used to visit the beaches in Maryland, Delaware, NJ now go to local Chesapeake Bay beaches (Sandy Point State Park, Point Lookout, North Beach, etc). I saw this happen last time gasoline got expensive. So when your hotel room at the Jersey Shore is even more expensive this year, now you know why. The equivalent of this is presumably happening elsewhere, as other places in the Northeast have local beaches, and the Great Lakes have beaches, etc. which are all going to be full of people vacationing locally.
So when you see your local beaches more (or way more) crowded than usual, it doesn't mean that the economy is good, it means that it's bad.
6
Bd6r
2022 Jun 9, 6:28am
Bd6r
2022 Jun 9, 6:28am
pudil says
Perhaps allowing drilling on Federal lands, building of new pipelines to bring Canadian oil, stopping vilification of oil companies which make useful products, and re-starting building of nuclear power plants would be sufficient. I believe in latter years of Trump Presidency we became self-sufficient in hydrocarbons.
Moronic.
Weened from Russian oil. Lol! You mean buying all their oil from “Nice” countries like Saudi Arabia where gays are hung and women can’t drive.
Meanwhile, China and India will enjoy cheap energy from Russia to fuel their growth because they are smart enough to stay out of these European entanglements.
WTF are we helping Ukraine? They aren’t in NATO. WTF are we in NATO? Let Russia take all of Europe. They have gutted their militaries and under funded their NATO commitments for 60 years.
America first, America only. Here’s an idea. Claw back that 40 billion we gave to Ukraine and use it to build state of the art chip manufacturing here. Put Taiwan out of business and let china have it. Ban oil exports from the US and bring our energy prices down to Saudi levels. Let Europe figure out where they are going to get their energy. I heard Greta had some ideas.
Perhaps allowing drilling on Federal lands, building of new pipelines to bring Canadian oil, stopping vilification of oil companies which make useful products, and re-starting building of nuclear power plants would be sufficient. I believe in latter years of Trump Presidency we became self-sufficient in hydrocarbons.
7
RWSGFY
2022 Jun 9, 8:36am
RWSGFY
2022 Jun 9, 8:36am
We were not buying a single drop of Russian oil under Trump. Once Biden came into office it went to 700,000 barrels per day. We can easily compensate (and then some).
8
Bd6r
2022 Jun 9, 8:38am
Bd6r
2022 Jun 9, 8:38am
RWSGFY says
Thank you Brandon!
We were not buying a single drop of Russian oil under Trump. Once Biden came into office it went to 700,000 barrels per day. We can easily compensate (and then some).
Thank you Brandon!
9
clambo
2022 Jun 9, 8:43am
We have enough natural gas to run our cars for 200 years.
The problem is they pushed battery cars (which run on natural gas, coal, nuclear, etc) instead of promoting CNG filling stations.
I’m pissed about gasoline prices too, but I like that even dimwit Democrats will blame Biden, whether he deserves blame or just some of it.
I have seen this before when Carter was president.
The problem is they pushed battery cars (which run on natural gas, coal, nuclear, etc) instead of promoting CNG filling stations.
I’m pissed about gasoline prices too, but I like that even dimwit Democrats will blame Biden, whether he deserves blame or just some of it.
I have seen this before when Carter was president.
High energy prices create political instability. In any country, those in power are blamed for the high energy prices. There is the feeling that if those in power are voted out, the problem will be solved. I will leave you to reflect on that.
I just sat in on an excellent podcast by Gideon Rachman of the Financial Times of London. He was interviewing an international energy expert. This expert made a surprising finding. The United States is now the largest producer of crude oil and natural gas in the world (as a result of shale oil.)
Those of you here in the US who are getting hit by high gas prices have one question in your mind:
"If we have all this oil and natural gas, why are we paying such high gasoline, diesel, and natural gas prices?"
This question crosses my mind often. I find the answer most unfair. We in the US are forced to pay the world market price for energy.
The energy expert gave the good news that Europe should be weaned from Russian oil and natural gas within 2 years. Putin currently earns some $300 billion US each year from worldwide sales of oil and natural gas. When he loses Europe as a major customer, he will not be able to make up the loss by sales to China and India. China is making very tough deals for low-priced oil and gas from Russia. India is starting to buy oil and natural gas from the US.
There is also the issue of the $8.4 billion Nordstream 2 pipeline built to transport natural gas from Russia to Europe. Russia's Gazprom invested $4.2 billion in this pipeline. Likewise, a consortium led by Shell Oil Company invested $4.2 billion US in this pipeline. This massive sum of money will now have to be written off. The companies sustaining these huge losses will be asking for government reimbursement.
This energy transition is going to be very expensive and painful for all of us. Putin believes that we in the West are not strong enough to take the pain. We will give in and start buying oil and natural gas from him again. A few small countries will give in. It will be of little help to Putin or the rest of us.