Joe Biden's Dangerous Energy Policy

It's Newt Gingrich, at Newsweek, "Biden's Energy Policy is Helping Dictators and Harming Americans."

Poll: Biden's Handling of Russia-Ukraine Crisis Hasn't Boosted His Public Approval Ratings

Evan at 42 percent, I'm surprised he's getting as much support as he is. The poll was conducted March 2nd to March 7th, and thus doesn't capture changing public sentiment over the this last week's rapid rise in gas prices. 

Entire lives and livehoods are being turned upside down by this oil crisis. It's obviously the Democrats' case for full decolonization of the economy has collapse and will burn them in the November elections. This is religion to these folks. Reason cannot break thought. We're about a fanatical adherence to faith doctrines. disconfirming evidence is whisked away with a condescending hand.

At the Wall Street Journal, "Biden, Democrats Lose Ground on Key Issues, WSJ Poll Finds":

WASHINGTON—President Biden and his fellow Democrats have lost ground to Republicans on several of the issues most important to voters, a new Wall Street Journal poll finds, a troubling sign for the party seeking to extend its controlling majority of Congress for another two years.

The new survey showed that 57% of voters remained unhappy with Mr. Biden’s job performance, despite favorable marks for the president’s response to the Russian invasion of Ukraine and a recent State of the Union speech, which provided him an opportunity to directly speak to millions of Americans. Just 42% said they approved of Mr. Biden’s performance in office, which was virtually unchanged from the previous Journal poll in mid-November.

Meanwhile, Democratic advantages narrowed over Republicans on issues related to improving education and the Covid-19 response. A 16-percentage-point Democratic edge on which party would best handle the pandemic was down to 11 points, while a 9-percentage-point lead on education issues was down to 5 points.

When asked about which party was best able to protect middle-class families, the 5-point advantage for Democrats four months ago evaporated and left the parties essentially tied on the question.

Voters also gave Democrats poor marks for handling inflation and the economy, which 50% cited as the top issue they want the federal government to address. The Ukraine conflict was No. 2, with 25% of voters saying it was most important. A majority of voters, 63%, said they disapproved of Mr. Biden’s handling of rising costs, the president’s worst rating on six policy issues surveyed in the poll. Meanwhile, 47% of voters said Republicans were better able to handle inflation, compared with 30% who preferred Democrats.

Underscoring the political problem for Democrats: More voters said that Republicans had a better plan to improve the economy, 45% to 37%, even though Sen. Mitch McConnell and Rep. Kevin McCarthy, the party’s leaders in each chamber, have advanced few specific economic-policy proposals they would pursue if they controlled Congress.

Since the last Journal poll, Americans have been confronted with a spike in Covid-19 cases from the highly contagious Omicron variant, bottlenecks in supply chains that left gaps in store shelves in January and surges in gasoline and other consumer prices that have driven inflation to a 40-year high.

“The mood of the country hasn’t gotten any better since the last poll. In fact, it’s gotten a little worse,” said Democratic pollster John Anzalone, who was the lead pollster for Mr. Biden’s 2020 presidential campaign and whose company conducted the Journal survey along with the firm of Republican pollster Tony Fabrizio.

Still, the challenges for Democrats haven’t significantly changed how voters said they expect to vote this year: 46% of voters said they would back a Republican candidate for Congress if the election were today, compared with 41% who favored a Democrat, with Republicans gaining support among Black and Hispanic voters since the last Journal poll...

Biden Democrats Say Americans Should Suffer Astronomical Gas Prices for the Good of Ukraine (VIDEO)

It's Laura Ingraham --- looking hot and on breathing fire at the same time --- slams the kooky Biden administration's demand that Americans lower their standard of living for Ukraine.

Killer Inflation

Margaret Talev just minutes ago on Wolf Blizter's "Situation Room": Gas prices could go double-digits.

Here's the data, on Twitter:

Economic Instability Means More Headwinds for Democrats

It couldn't have happened to a nicer party!

It's Amy Walter, Cook Political Report, "More Sanctions on Russia, Means More Economic Instability and Headwinds for Democrat."

As Soon as Political Outsider Takes Office We Have Cheap Gas, Cheap Food, Become Energy Independent, and No Wars

Via Instapundit, "YEAH, PRETTY MUCH":

How War in Ukraine Drives Up Inflation at U.S. Farms, Supermarkets, Retailers

At the Wall Street Journal, "The global supply chain is slow, but the economic fallout from the invasion of Ukraine is swiftly raising prices for producers and consumers world-wide":

Russia’s invasion of Ukraine has set the stage for faster-rising consumer prices, with the mayhem of war driving up manufacturing costs for food, consumer goods and machinery in places far from the battlefield.

The conflict is stressing an already strained global supply chain, and its economic impact will likely be felt in households world-wide, at supermarkets, retailers and the gas pump. While higher costs will take time to work their way from producers to consumers, executives and analysts expect the war’s fallout to worsen inflation already stoked by shortages of goods and workers.

“It seems to be overshadowing everything now and reversing the improvement that we were seeing,” said Kathy Bostjancic, chief U.S. economist at Oxford Economics.

The short-term consequences have been serious. Grain markets recently hit a 14-year high in anticipation of a diminished harvest in Ukraine, which would raise costs to feed the world’s cattle and poultry.

Aluminum prices rose in anticipation of sanctions on Russia, a major supplier of the metal used in soda cans, aircraft and construction, as well as on fears that Moscow could halt exports.

Crude oil prices rose 25% last week, to more than $118 a barrel, the highest level since 2013. Gas prices have gone up an average of 43.7 cents a gallon in the U.S., according to data from price tracker GasBuddy. On Sunday, the national average was $4.02 a gallon, according to GasBuddy.

On Friday, Russia, one of the world’s largest suppliers of fertilizers such as potash and nitrogen, said it could suspend exports. Farmers and consumers will bear the cost of any prolonged shortage. Ingka Group, which owns and operates furniture giant IKEA’s stores, said Thursday that prices would rise more than expected this year after it warned the war in Ukraine was causing serious supply chain disruptions. IKEA said its global prices would rise about 12%, up from earlier estimates of 9%.

Some analysts and company officials caution that it is too early to know exactly what the long-term effects of the war will have on the global economy, and not all think the conflict in Ukraine will have a major impact on supply chains. Businesses have rebounded from global conflicts in the past and can mitigate the effects by finding alternative suppliers elsewhere.

But the invasion of Ukraine has already slowed the journey of goods traveling by various means. Many Western shipping companies are steering clear of Russian ports, an important Asia-to-Europe rail line is used less, much of the Black Sea remains out of bounds and many air cargo flights are either banned from or are avoiding Russian airspace, a key route for goods moving between Europe and Asia. Shipping and airfreight rates have moved higher.

Rising energy and food prices are only the most obvious pressure points for consumers. “Now that we are seeing increases across other commodities, like aluminum, palladium, copper,” Ms. Bostjancic said, “that is going to feed through to some degree to consumer prices as well.”

Ukraine industries, including car-part manufacturers, breweries and an alumina refinery, have halted production. A giant steel mill owned by ArcelorMittal SA, one of the country’s largest industrial enterprises, closed Thursday. That and other plant closures in the country, along with Russia’s difficulty in getting some of its steel out, are expected to accelerate already rising steel prices...

Still more.

 

California Gas Prices Hit More Than $5.00 Per Gallon on Average for First Time, Breaking Record Highs for the State (VIDEO)

I'm glad I'm not commuting to work everyday. I teach online. You wouldn't believe the continuing strong demand for online classes. Kids don't want to come back on campus, and not just because they might get sick. No, they like "going to school" in their pajamas. They don't have to pay for gas, parking, and maintenance on their vehicle. 

My college administration was stunned when on-campus classes were under-enrolled for the spring semester, which was supposed to be the first time everyone was fully "on-campus" since March 2020. 

Didn't work out that way. Even employees aren't looking to go back if their gasoline budget balloons to $600 a month and counting.

Following up from yesterday, "Gas Prices in Los Angeles," at KABC News 7 Los Angeles:

Biden Wokeness on Energy Is Weakness

From Ned Ryun, at American Greatness, "Wokeness on Energy: Is Weakness Biden’s energy policy is bankrupting the country and making us a paper tiger abroad?"

Gas Prices in Los Angeles

On Twitter earlier today:

Now this would be accurate price for Los Angeles: pic.twitter.com/Jo34sNPtM7

— Donald Douglas 📘 (@AmPowerBlog) March 6, 2022

Consumer Prices Rise 7 percent, Fastest Pace Since 1982

Price hikes are not going down, despite what all the leftist Biden shills on TV tell you. (Or Biden's media cronies at the Washington Post. Gawd, that newspaper is a jock.)

At NYT, "Consumer prices popped again in December as policymakers await an elusive peak":

Inflation closed out 2021 on a high note, troubling news for the Biden White House and for economic policymakers as rapid price gains erode consumer confidence and cast a shadow of uncertainty over the economy’s future.

The Consumer Price Index climbed 7 percent in the year through December, and 5.5 percent after stripping out volatile prices such as food and fuel. The last time the main inflation index eclipsed 7 percent was 1982.

Policymakers have spent months waiting for inflation to fade, hoping supply chain problems might ease, allowing companies to catch up with booming consumer demand. Instead, continued waves of virus have locked down factories, and shipping routes have struggled to work through extended backlogs as consumers continue to buy goods from overseas at a rapid clip. What will happen next might be the biggest economic policy question of 2022...

More at Memeorandum. 

Surging American Demand Ripples Through the Global Economy

The economy is expected to grow at an annualized rate of 7 percent for the fourth quarter, but big numbers won't help the White House. Voters are really souring on this administration, most likely from relentless inflationary pressures, felt everyday at the gas pumps especially. 

At WSJ, "Booming U.S. Economy Ripples World-Wide":

FRANKFURT—A booming U.S. economy is rippling around the world, leaving global supply chains struggling to keep up and pushing up prices.

The force of the American expansion is also inducing overseas companies to invest in the U.S., betting that the growth is still accelerating and will outpace other major economies.

U.S. consumers, flush with trillions of dollars of fiscal stimulus, are snapping up manufactured goods and scarce materials.

U.S. economic output is set to expand by more than 7% annualized in the final three months of the year, up from about 2% in the previous quarter, according to early output estimates published by the Federal Reserve Bank of Atlanta. That compares with expected annualized growth of about 2% in the eurozone and 4% in China for the fourth quarter, according to JPMorgan Chase.

Major U.S. ports are processing almost one-fifth more container volume this year than they did in 2019, even as volumes at major European ports like Hamburg and Rotterdam are roughly flat or lag behind 2019 levels. The busiest U.S. container ports are leaping ahead of their counterparts in Asia and Europe in global rankings as volumes surge, according to shipping data provider Alphaliner.

In Europe, “durable goods consumption is showing nothing like the boom that is ongoing in the United States,” said Fabio Panetta, who sits on the European Central Bank’s six-member executive board, in a speech last month. Consumption of durable goods has surged about 45% above 2018 levels in the U.S., but is up only about 2% in the eurozone, according to ECB data.

Factory gate prices in China are far outpacing consumer prices, signaling a gulf between weak domestic demand and strong overseas demand that is powered in particular by U.S. hunger for China’s manufactured goods.

While tangled global supply chains also play a role in driving global inflation, economists and central bankers are increasingly pointing to ultrastrong U.S. demand as a root cause.

“Are we crowding out consumers in other countries? Probably,” said Aneta Markowska, chief financial economist at Jefferies in New York. “The U.S. consumer has a lot more purchasing power as a result of fiscal policy than consumers elsewhere. Europe could be in a stagflationary scenario next year as a consequence.”

The U.S. accounts for almost nine-tenths of the roughly 22-percentage-point surge in demand for durable goods among major advanced economies since the end of 2019, according to data from the Bank of England.

“Very strong U.S. demand is certainly where [global supply bottlenecks] started,” said Lars Mikael Jensen, head of network at container ship giant A.P. Moller-Maersk A/S.

“It’s like a queue on a highway. The increase in volume in the U.S…takes ships away from other markets,” said Mr. Jensen. “Problems in one place will trigger problems somewhere else, we live in a global world.”

The U.S. economy will likely grow by around 6% in 2021 and 4% or more in 2022, the highest rates for decades, analysts say. Strong U.S. growth momentum is expected to push the unemployment rate to the lowest level in almost seven decades by 2023, according to Deutsche Bank analysts.

U.S. economic output is likely to surpass its pre-pandemic path early next year, while output in China and emerging markets will remain about 2% below that path through 2023, according to JPMorgan Chase.

U.S. wages are growing by about 4% a year, above the precrisis trend rate, compared with less than 1% growth in the eurozone, according to data from the Bank for International Settlements, a Switzerland-based bank for central banks.

“We threw a lot of support at [the economy] and what’s coming out now is really strong growth, really strong demand, high incomes and all that kind of thing,” said Federal Reserve Chairman Jerome Powell after the central bank’s recent meeting. “People will judge in 25 years whether we overdid it or not.”

The Fed said it would more quickly scale back its Covid-19 bond purchases and set the stage for a series of interest-rate increases beginning next spring.

In Europe, the ECB pledged to continue buying bonds at least through October 2022, and said it was unlikely to raise interest rates next year. Underlying U.S. inflation, annualized over two years, has risen above 3%, roughly double the level in the eurozone, according to data that adjust for the impact of the pandemic and changes in volatile food and energy prices.

“The strong post-pandemic recovery that was originally expected for 2022 still hasn’t materialized,” said Timo Wollmershäuser, head of forecasts at Germany’s Ifo think tank. The institute recently lowered its growth forecast for Germany in 2022 by 1.4 percentage points, to 3.7%, citing ongoing supply bottlenecks and a new wave of Covid-19.

The Fed’s assertiveness is pushing up the value of the U.S. dollar and putting pressure on emerging-market central banks to increase interest rates even before their own economic recoveries are assured or risk depreciating currencies and runaway inflation.

Mexico’s central bank on Dec. 16 said it would increase its benchmark interest rate by 0.5 percentage point to 5.50% after inflation rose to a 20-year high of 7.4%.

In Europe, the ECB pledged to continue buying bonds at least through October 2022, and said it was unlikely to raise interest rates next year. Underlying U.S. inflation, annualized over two years, has risen above 3%, roughly double the level in the eurozone, according to data that adjust for the impact of the pandemic and changes in volatile food and energy prices.

“The strong post-pandemic recovery that was originally expected for 2022 still hasn’t materialized,” said Timo Wollmershäuser, head of forecasts at Germany’s Ifo think tank. The institute recently lowered its growth forecast for Germany in 2022 by 1.4 percentage points, to 3.7%, citing ongoing supply bottlenecks and a new wave of Covid-19.

The Fed’s assertiveness is pushing up the value of the U.S. dollar and putting pressure on emerging-market central banks to increase interest rates even before their own economic recoveries are assured or risk depreciating currencies and runaway inflation.

Mexico’s central bank on Dec. 16 said it would increase its benchmark interest rate by 0.5 percentage point to 5.50% after inflation rose to a 20-year high of 7.4%.

Russia’s central bank said Friday it would increase its key interest rate by 1 percentage point to 8.5%, and might raise rates again soon, after inflation hit a near six-year high of 8.4%.

Businesses are pouring money into the U.S., looking to take advantage of what some expect to be a sustainable increase in demand. In some cases, they are bringing production closer to American consumers, looking to avoid supply shocks related to the pandemic and global trade wars...

Still more.

 

Think Gas Prices Are Too High? In This California County, a Gallon Costs $6

Shoot, I see signs for $6.00 in Santa Monica. It ain't just one county.

At WSJ, "Mono County, Calif., has the highest gasoline prices in the state with the country’s top prices as costs soar across the U.S.":

Think Gas Prices Are Too High? In This California County, a Gallon Costs $6 (@acaldwellwsj / Wall Street Journal)https://t.co/zlmvxjrDcDhttps://t.co/TnBWIi1miK

— memeorandum (@memeorandum) November 21, 2021

BRIDGEPORT, Calif.—When Miguel Lujan needs gasoline for his truck, he gets it in Carson City, Nev., located 80 miles from his hometown. It’s worth it, the store clerk and roller-derby player says, to pay one-third less than the local average of nearly $6 a gallon.

California currently has the highest gas prices in the nation, an average of $4.70 a gallon of regular unleaded, according to AAA. Gasoline prices in the U.S. were up 50% in October from the same month last year, amid rising inflation.

The most expensive gas in California is here in Mono County, a 13,000-person tourist destination on the border with Nevada that is home to the Mammoth Mountain ski resort. The average price for a gallon of regular unleaded is $5.66, according to AAA.

In Bridgeport, a town of about 550 that serves as the county seat, the two gas stations were selling regular unleaded for $5.95 and $5.99 a gallon last week. In the nearby town of Lee Vining, which serves as a gateway to Yosemite National Park, a gallon of regular cost $6.09.

Mr. Lujan said he makes the trip to Carson City about three times a week and sometimes takes the bus to save on gas. He fills canisters, routinely keeping about 100 gallons stored in his house.

He started buying gas out of state soon after moving to Mono County four years ago. “The first year I was here, I spent more on gas than anything else,” he said.

President Biden on Wednesday called on the Federal Trade Commission to investigate whether oil-and-gas companies are illegally keeping prices high. Outside analysts were skeptical whether the FTC will find sufficient evidence to substantiate those claims.

California has long had the highest gasoline prices in America. It has the highest tax, at nearly 67 cents a gallon, and only a few aging refineries, which sometimes go offline because of maintenance or other issues, are capable of producing gasoline that meets the state’s standards meant to reduce air pollution.

Though $5.66 represents a new high, inflated gas prices are nothing new in Mono County. Local residents and analysts attribute that to a variety of factors including its distance from population centers from which deliveries including gasoline come. Sacramento, the closest major city, is about 200 miles northeast.

Even with the high prices, gas stations are able to operate primarily because of tourists who buy gas on their way through, according to Linda Smith, a clerk at the Lee Vining Chevron station.

“They come in and complain,” Ms. Smith said of customers unhappy with the station’s prices. The most common reason she gives, she said, is that it is difficult to operate a business in a remote area that relies on seasonal tourists.

“We’re a pass-through town,” she said.

Station owners in Lee Vining and Bridgeport didn’t respond to requests for comment. Owners of gas-station franchises typically set their own prices based on factors such as wholesale costs, expenses and competition.

Some people stop at the stations in Mono County simply to gawk at the prices.

Tony Malais pulled over at the Lee Vining station Tuesday afternoon on his way back to Boise, Idaho, from Southern California. He had filled his Cadillac sedan in Northridge, outside Los Angeles, for $3.79 a gallon and hoped to make it to Nevada before needing to fill up again.

He had already stopped to take a photo of the station’s price sign on his way into California. This time he bought a soda. “I had heard it was about $5 a gallon. But I was surprised to see it over $6,” he said.

Pam Mowat, a real-estate agent who also runs a vacation and rental property business in Mono County, stopped by the Chevron on Wednesday. She said sky-high prices at the few area gas stations was a fact of life that local residents had gotten used to.

“I live here, I don’t have a choice,” said Ms. Mowat, who spent about $55 for roughly nine gallons of regular. She said she was headed to Reno later in the day, and would fill her Subaru Forester there, where AAA reported an average price of $4.20 a gallon for regular.

Rose Lierly said it isn’t just gas prices that are high in Bridgeport. Costs for nearly all supplies for Big Meadow Brewing Co., a small brewery she runs with her husband, have been on the rise in recent months.

“I used to buy [cases] of bottled water, 48 for $5.25. Now I get 32 for $5.25,” Ms. Lierly said. “It’s just because we are so remote here and freight charges are going up.” ...