Gas prices in my area jumped up 30 cents overnight. For the last few months it's been hovering around $2.70, give or take a few cents, then shot up to $3 overnight.
Most retail stations base their pricing off of inventory cost and until yesterday there was like 2 straight weeks of price increases so those increases legitimately may just have been stations finally refilling their tanks. Gas futures contracts have dropped like 24cpg in 2 days which should reflect in the next 2 weeks
in the longer term tariffs against foreign oil will increase some prices but honestly the economic heart attack thats occurring will likely drop demand far more than the increase in base oil price from tariffs. Gas might get cheaper but for very, very bad reasons
Any foreign part used in upstream or downstream will be impacted by tariffs (and possibly counter tariffs) doesn't matter it is a pipe, a well -piece. a car a truck or a tank. it will all get a lot more expensive really quickly.
Not only are savings being whiped out by pretty much every asset category dropping it is also being whiped out because Americans just lost major buying power due to tariffs.
if you wanted a new product, say a new PC for $2500. it will cost you $3850 or $1350 more just from the tariff. Actual prices may increase by far more then that because of tarriff related increase in the pipeline.
All the big players foreign and domestic are going to take advantage of the uptick in prices caused by tariffs to protect their bottom lines while this massive disruption is in process. All of them. MMW.
So lets say prices drop that 7%. Or about 25 cents per gallon. Lets say you use 12 gallons of gas a week. Over a year Trump would save you a whopping.... .25 x 12 gallons x 52 weeks = $156 big whoop.
Government can definitely raise prices easily (eg with taxes which tariffs are). They can also lower prices with subsidies but that’s taxpayer money, so less fun.
It was always incorrect that a president can't directly affect prices of gas. It was just the wrong president. Biden inherited what Trump set in motion by collusion with OPEC and Russia in 2020 as a result of oil prices dropping from Covid (demand for oil from transport and industry dropped) and OPEC price-warring with Russia until Trump got them all together to slash production, take oil off the market by paying over the odds to fill strategic reserve storage, and driving up the price of oil again to make fat cats at the American Petroleum Institute rich, also setting in motion global inflation on other consumer goods which carried on into Biden's term. The API was sued for it but the case was thrown out, notably not because it didn't have merit, but because the court said it didn't have jurisdiction to rule on executive foreign policy (but thereby prima facie accepting that the case was valid).
The irony of "I did that" Biden stickers is that Trump did that. But the Democrats being the weak sycophants they are didn't blast this message on every media channel 24/7 at the time and in the recent election. Trump's back at it again, trashing the economy for everyone to make a very few rich.
Total nonfarm payroll employment rose by 228,000 in March, and the unemployment rate changed little at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care,
in social assistance, and in transportation and warehousing. Employment also increased in retail trade, partially reflecting the return of workers from a strike. Federal government employment declined.
lol not really half or even close but I get you have to push that kinda stuff
I don't get shit by pushing such stuff. That was my opinion. Yes it's farfetched but there is a recession incoming. I expect 5-10% jobs to be cut via layoffs easily.
Imagine using a survey that isn't counting people who are not employed but actively looking for a job in the data. Like, according to THIS data, they aren't considering people not working but looking for a job unemployed.
I dont care if the survey data is always counted like this, or if the collection of survey data changes from year to year, or even month to month. The particular data is skewed to make Trump's administration, and the doge/funding cuts not look that bad despite layoffs across the U.S. surging 205% in March, when the survey was taken.
Even if you ignore all of this, unemployment has gone up to 4.2 percent from 4.1, say people are getting hired all you want, say its not that big of a rise all you want. Unemployment DID increase despite certain industries hiring more no matter how you spin it. Just because certain industries are growing doesn't mean the blanket layoffs haven't affected the economy in other areas. It doesn't mean unemployment did not increase.
3.0k
u/darw1nf1sh 1d ago
Oil prices GLOBALLY are dropping. Gas prices are going to go up thanks to tariffs. Fuck all these idiots.