Joe Biden’s ship of state is sinking before it left the dock. The media will camouflage the event but it will show up in prices of home heating oil, businesses, and in peoples’ gas tanks.
US oil prices have skyrocketed 69% since November’s election based on Thursday’s close at $63.50 a barrel.
That’s easily the biggest post-election gain through this point in the presidential cycle since NYMEX oil futures began trading in 1983, according to a CNN Business analysis. The next closest post-election rally occurred when crude jumped 31% after President George H.W. Bush’s victory in 1988.
Gasoline prices are also on the rise, climbing 27% since the election, with the national average hitting $2.70 a gallon this week, according to AAA.
The article from WSMV News 4 states: The monster gains in the energy market are not about politics or even policy. Rather, they underscore a growing sense that the worst of the deadly pandemic is in the rearview mirror — and the US economy is poised to roar back to life. Wall Street, backed by easy money from the Federal Reserve, is making a massive bet that Americans’ thirst for oil will rise dramatically.
OPINION
Easy money from the Federal Reserve is political. Wall Street and its quest for stimulus without end are realized in the Biden administration. However, it’s all temporary. Stimulus and easy money are not real, and they only stimulate until the money runs out. Our spending and our debt exceed the worth of our economy and our dollar is slipping. Our enemies abroad are salivating and ready to feast on our bones.
As far as the economy roaring back, that’s likely to be somewhat disappointing in some states. With Joe Biden killing the fossil fuel industry and alienating countries like Saudi Arabia who sell oil, the US will suffer in the long run. The sole reason Barack Obama’s weak economy survived was due to the revolution in fracking of natural gas. Biden, or should we say his handlers, won’t support natural gas.
Bad trade deals and bad policies are back. For instance, more pipelines might be shut down and we sold out middle-class fossil fuel jobs to the Paris Accord.
The cooking oil prices are rising due to decreased production in exporting countries and stockpiling by a section of hoarders amid the pandemic. Expect a lot of hoarding and people cashing in.
When the Biden-Harris government start to steal even more money from the middle class with exorbitant tax and spend policies, it might be too late for people to wake up to the reality of socialism.
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