An inflation “SMILE” is coming under Joe Biden’s signature Bidenomics and foreign policies.
US gas prices are on the rise again per AAA. Whether Democrats can drain any more from the Petroleum Reserves is still a question. The average gallon of gas traded at $3.89, its highest level since October 2022. Economist Mohamed El-Erian said this was why people were worried about an “inflation smile.”
The surge in gas prices comes amid rising oil prices, largely spurred by supply cuts by key producers, including Saudi Arabia and Russia. Both benchmark Brent crude and West Texas Intermediate are trading upwards of $80 a barrel.
Saudi Arabia and Russia are reacting to Biden’s foreign policies. And the sanctions don’t work.
Texas power surged 800% in the first week of August. Electricity prices for the grid rose to more than $2,500 a megawatt-hour by August 8th. The power supply was down, and electricity alone cannot handle the load.
Politicians are canceling nuclear plants, coal, and oil refineries, leaving us with unreliable solar and wind, which cannot adequately store energy.
US natural gas is rising. Expect the winter to bring more aggressive inflation under Bidenomics. European natural gas supplies skyrocketed by 40%.
U.S. gas is on the rise.
US Natural Gas future rise 5% this morning. Below is the chart for yesterday’s close. This morning’s price is right under the $3 neckline now. pic.twitter.com/NiIRJbJFOr
— Gary (@Investor_Dayu) August 9, 2023
Natural gas is a low-carbon, normally cheap, and abundant form of energy without political intervention. Democrats want it gone. They call natural gas a transitional fuel.
Bloomberg reports that Chevron Corp. workers and Woodside Energy Group Ltd. facilities in Australia voted to strike. This has the potential to affect liquefied natural gas exports from the country, tightening the global market for fuel.
More information at Zero Hedge.
The future of natural gas:
In addition to 2Q earnings for big oil and other energy names, we discussed the future of natural gas on our bimonthly call today.
Natural gas accounts for about 40% of US electric generation, 20% of Europe’s and 3% of China’s.
Catch the full replay of our @BBGIntelligence… pic.twitter.com/tvhcZdjN4D
— Rob Barnett (@barnettenergy) August 2, 2023
Are the majority of Americans so numbed by Dumbocrat lies that they will accept almost any nonsense?; pay almost any price? Have the anarchists and other fear mongers worked their ‘magic’ so too many Americans will accept the autocrat totalitarianism that the Democrats are trying to feed them?