Article

2022-06-22 Economy

Biden to call for 3-month suspension of gas and diesel taxes

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Besoeker 2022-06-22 06:40|| || Front Page|| [7 views ] Top

#1 Now is that the tax at the well head all the way through to pump or is this another kabuki theater of just at the pump? /rhet question

Posted by Procopius2k 2022-06-22 07:41|| 2022-06-22 07:41|| Front Page Top

#2 MSNBC, WaPo, ABC figures warn voters against gas prices influencing their vote in November

Posted by Skidmark 2022-06-22 08:48|| 2022-06-22 08:48|| Front Page Top

#3 "Ignore your economic pain caused by our incompetence and leftist policies! Republicans wanna push Covid into Grandma's nursing home...errr...abolish Medicare!"

Posted by Frank G 2022-06-22 09:00|| 2022-06-22 09:00|| Front Page Top

#4 18.4¢ off a $6 gallon of gasoline is laughable. Driving 25 miles to work and back might save you less than $2 per week ($2.70 for the F-150).

And 24.4¢ off a $7 gallon of diesel doesn't do jack squat for the supply chain.

And knowing the feds, they'll have to make up that loss of tax funds from somewhere.

Posted by Mullah Richard 2022-06-22 09:26|| 2022-06-22 09:26|| Front Page Top

#5 "Based on 25 miles each way".

Posted by Mullah Richard 2022-06-22 09:27|| 2022-06-22 09:27|| Front Page Top

#6 WTI is down $7/barrel at this time and down about $20/bar from June 9 price.

That's the equivalent of about 10-15 cents off a gallon

Posted by Lord Garth 2022-06-22 09:57|| 2022-06-22 09:57|| Front Page Top

#7 And cutting the appropriate amount of spending right?

If this is tax revenue supposedly going towards highway maintenance etc., will this revenue cut be offset by an account transfer from some other infrastructure program such as the Pakistani Women's Poetry Slam funding?

Posted by swksvolFF 2022-06-22 10:47|| 2022-06-22 10:47|| Front Page Top

#8 #4 18.4¢ off a $6 gallon of gasoline is laughable. Driving 25 miles to work and back might save you less than $2 per week ($2.70 for the F-150).

And 24.4¢ off a $7 gallon of diesel doesn't do jack squat for the supply chain.

And knowing the feds, they'll have to make up that loss of tax funds from somewhere.
Posted by: Mullah Richard 2022-06-22 09:26

...The way I understood it - and I will cheerfully admit to error - is that it would be at least the Federal tax, and the states are being 'encouraged' to suspend theirs as well.

The funny part here is that as usual, the brains in the EOB have no idea what they're doing. See, this would, if approved, suspend the tax for 90 days. Which means if it goes through right after Congress returns from the July 4 recess, it'll come back just in time to hit everybody with an 18 cent a gallon tax increase just before the elections.

It's like they're trying to top themselves now.

Mike

Posted by MikeKozlowski 2022-06-22 11:01|| 2022-06-22 11:01|| Front Page Top

#9
July, August & September.
The upcoming Fall and Winter months should be expensive for the Northerners this year.

We filled up today at SAMS $4.19 for 87 octane 90/10 blend. Our total wait-in-line time <5 mins. $50.00 after bumping to round the number up. Price/PG down a dime.

BTW: #8 & #4 Nail it.

Posted by NN2N1 2022-06-22 11:33|| 2022-06-22 11:33|| Front Page Top

#10 He won his primary handily, so maybe it's Georgia GOP voters who are the problem.

Posted by M. Murcek 2022-06-22 11:36|| 2022-06-22 11:36|| Front Page Top

#11 ^ oops, wrong thread

Posted by M. Murcek 2022-06-22 11:41|| 2022-06-22 11:41|| Front Page Top

#12 Filled the pimp mobile this morning. Slightly ove 15 gallons, $84 and some change. Filled the truck Sunday $140.

Posted by Deacon Blues 2022-06-22 13:08|| 2022-06-22 13:08|| Front Page Top

#13 🤣

Western Move to Choke Russia’s Oil Exports Boomerangs

How Russia is Making More in Oil Sales Now Than Begore the Invasion

With China and India buying the Russian oil shunned by the West, Moscow is earning more now than it did before the war.

When the United States and European Union moved to curtail purchases of Russian fossil fuels this year, they hoped it would help make the Russian invasion of Ukraine so economically painful for Moscow that President Vladimir V. Putin would be forced to abandon it. That prospect now seems remote at best.

China and India, the world’s most populous countries, have swooped in to buy roughly the same volume of Russian oil that would have gone to the West.

Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its currency has surged in value against the dollar.

Russian officials are smirking over a spectacular failure to cow Mr. Putin.

And the economic pain the oil boycott was meant to inflict is reverberating not in Moscow but in the West, especially the United States, where skyrocketing oil prices pose a potent threat to President Biden less than halfway into his term.

Posted by Spats White3102 2022-06-22 14:07|| 2022-06-22 14:07|| Front Page Top

#14 Indian imports of Russian oil are up 800 percent annualized. Russia is now the prime energy supplier and trade partner for India and China.

"India, an oil-hungry country of 1.4 billion people, has guzzled nearly 60 million barrels of Russian oil in 2022 so far, compared with 12 million barrels in all of 2021, according to commodity data firm Kpler. Shipments to other Asian countries such as China have also increased in recent months"

It's glorious. An enormous discount for India, which then can make profits by refining and basically re-exporting Russian oil to the United States.

India wins big time
Russia wins big time
China wins
Europe and the US lose big time
😃

Posted by Spats White3102 2022-06-22 14:19|| 2022-06-22 14:19|| Front Page Top

#15 ^ But Vlad has lost the ability to threaten to shut off oil to the West for extortion and bullying

Posted by Frank G 2022-06-22 14:20|| 2022-06-22 14:20|| Front Page Top

#16 All the non-western nations are getting in on the fun. Here comes Turkey, next South Africa... Boatloads of profits for INDIA!

"It seems a distinct trend is becoming ingrained now,” said Matt Smith, lead analyst at Kpler tracking Russian oil flows. As shipments of Urals oil to much of Europe are cut, crude is instead flowing to Asia, where India has become the top buyer, followed by China. Ship-tracking reports show Turkey is another key destination.

“People are realizing that India is such a refining hub, taking it at such a cheap price, refining it and sending it out as clean products because they can make such strong margins on that play" Smith said.

"In May, some 30 Russian tankers loaded with crude made their way to Indian shores, unloading about 430,000 barrels per day. An average of just 60,000 barrels per day arrived in January through March...

Posted by Spats White3102 2022-06-22 14:25|| 2022-06-22 14:25|| Front Page Top

#17 Do Americans know that their high prices for refined products they're importing from India is basically re-exported Russian oil?

Indians are buying from Russia at a 30-35% discount, and selling on to Americans at the inflated world price, for huge profits.

Americans are overpaying -- and buying RUSSIAN oil -- by 40-45%. American consumers are funding Russia's war effort.

Joe Biden is truly a financial genius!

Posted by Spats White3102 2022-06-22 14:34|| 2022-06-22 14:34|| Front Page Top

#18 Seeing this develop is a bad process for the west to endure. India is growing more powerful as they develop closer ties with Russia.This will be at the the expense of the West. This is long term. Israel transitioning to Netanyahu will In my opinion force Netanyahu to work a deal to enhance their mutual interests.Doing this will provide a pressure point hopefully for Israels security far better than NATO or Biden.

Posted by Dale 2022-06-22 14:43|| 2022-06-22 14:43|| Front Page Top

#19 #17 - Tell us again how much oil the US imports from India?

Posted by Matt 2022-06-22 14:52|| 2022-06-22 14:52|| Front Page Top

#20 The more money India has, the better they can finance fighting off both China and Pakistan. Also, once established as the refiner of choice for growing Third World markets, it will be easy enough for them to change the source of their petroleum feedstock, right? This will make it harder for either Russia or the Muslim oil producers to try to hold the world hostage, as Russia is trying now and as OPEC did after losing the 1973 Yom Kippur War.

The most important thing we can do as a species is increase resilience to both expected and unexpected shocks, even if there is an increased short term cost to our side to do so. Short term that means being glad India is milking the Russia situation while it lasts; longer term that means bridling the Democrats in Washington, DC and getting American oil pumping again.

Posted by trailing wife 2022-06-22 14:56|| 2022-06-22 14:56|| Front Page Top

#21 He's totally lost it...

Posted by M. Murcek 2022-06-22 14:56|| 2022-06-22 14:56|| Front Page Top

#22 India is growing more powerful as they develop closer ties with Russia.This will be at the the expense of the West.

It is truly bizarre to see the US giving us so many billions in free money, at American consumers' expense.... but we'll take it.

This will accelerate India's rise to power and deepen our friendship with Russia. Nothing but good for India

Posted by Spats White3102 2022-06-22 14:58|| 2022-06-22 14:58|| Front Page Top

#23 OK, so how much oil does the US import from India?

Posted by Matt 2022-06-22 15:02|| 2022-06-22 15:02|| Front Page Top

#24 None, but that doesn't matter! He's on a roll...

Posted by Frank G 2022-06-22 15:12|| 2022-06-22 15:12|| Front Page Top

#25 ^ "Was it over when the Indians bombed the Permian Basin?"

Posted by SteveS 2022-06-22 15:27|| 2022-06-22 15:27|| Front Page Top

#26 ^ We were forced to import oil from India after the Germans bombed Pearl Harbor!

Posted by magpie 2022-06-22 15:27|| 2022-06-22 15:27|| Front Page Top

#27 Y'all aren't thinking straight if you believe this is a good situation for America. "Spats" is right. This is the biggest US policy fuckup we've ever seen. Unfuckingbelievable.

We are literally overpaying for oil by at least 25-30%. Stupidest damn administration ever

Posted by Oil Derek 2022-06-22 15:33|| 2022-06-22 15:33|| Front Page Top

#28 As the Orange Man showed, we have enough and more than enough to export. The problem isn't the war. The problem is the government here.

Posted by Procopius2k 2022-06-22 15:36|| 2022-06-22 15:36|| Front Page Top

#29 Bitch all you want about spinning up more production but it simply ain't. gonna. happen. Not before 2024 at the earliest. Horse, barn

The only way out of this deep hole we're in is to flood the market with Saudi and Russian oil. The price would fall below $90 very quickly.

Posted by Oil Derek 2022-06-22 15:39|| 2022-06-22 15:39|| Front Page Top

#30 What does Jean-Paul think? He sometimes gives us the European perspective.

Posted by trailing wife 2022-06-22 15:46|| 2022-06-22 15:46|| Front Page Top

#31 For Matt: According to EIA.gov, U.S. imports from India vs All Suppliers by month, crude oil and products — Oct. 2021-March 2022 inclusive as 000 bbl:

All Countries
251,790 254,162 265,228 252,916 236,641 262,282

India
3,683 1,944 2,920 1,564 1,281 1,685

Lots more of interest at the link.

Posted by trailing wife 2022-06-22 15:55|| 2022-06-22 15:55|| Front Page Top

#32 Thanks, tw. I fully agree with the argument (like P2k's #28) that Slow Joe has screwed up US energy policy beyond words, but, respectfully, Mr. Spats doesn't get to make up facts to support that argument.

Posted by Matt 2022-06-22 16:05|| 2022-06-22 16:05|| Front Page Top

#33 The oil price we pay is determined by worldwide forces, at the margin and by the global swing producers. Has nothing to do with how much we import from country X or Y.

It's Russia that's created discontinuities in the global market to punish the West and benefit India and China. We should reverse our sanctions policies that are just reaming our own consumers. So fucking stupid

Posted by Oil Derek 2022-06-22 16:11|| 2022-06-22 16:11|| Front Page Top

#34 Anyone have a bad feeling a major bridge is about to collapse, thus proving the need not only for gasoline taxes, but more gasoline taxes?

And in the meantime oil companies catch major flak from politicians and activists as the price continues to reflect a decreasing supply and dollar.

Posted by swksvolFF 2022-06-22 16:41|| 2022-06-22 16:41|| Front Page Top

#35 Anyone have a bad feeling a major bridge is about to collapse, thus proving the need not only for gasoline taxes, but more gasoline taxes?

Till you find out that the state, in which the collapse happens, has been moving their cut of the road tax to cover pension obligations rather than working on the roads it was intended for.

Posted by Procopius2k 2022-06-22 17:00|| 2022-06-22 17:00|| Front Page Top

#36 Remind me to stay out of Denver.

Posted by swksvolFF 2022-06-22 17:04|| 2022-06-22 17:04|| Front Page Top

#37 ^^^^#35
Has there been an audit of the High Speed Rail program in California?

Posted by NoMoreBS 2022-06-22 17:09|| 2022-06-22 17:09|| Front Page Top

#38 Great to be back on the "ridicule anyone who notices out loud the price of gasoline' ride.

"Everyone who hates high gasoline prices is a Putin loving Republican who would love to see Europe under an Iron Fist for money to buy $9 coffee", great tack, moar please.

Posted by swksvolFF 2022-06-22 17:11|| 2022-06-22 17:11|| Front Page Top

#39 One can't guess the where or the how,
But when shooters get boring... kerpow!
And out of the smoke,
Hair on fire, run the woke,
Screaming, "Common sense gas control now!"

Posted by Pancho Whager8933 2022-06-22 19:03|| 2022-06-22 19:03|| Front Page Top

#40 And out of the smoke,
Hair on fire, run the woke,

May I suggest

Hair on fire, run woke

scans better?

Posted by trailing wife 2022-06-22 22:36|| 2022-06-22 22:36|| Front Page Top

23:53 Zhang Fei
22:44 Matt
22:36 trailing wife
22:34 trailing wife
22:20 trailing wife
22:06 Zhang Fei
21:47 Zhang Fei
21:22 Zhang Fei
21:13 Zhang Fei
21:04 Waldemar Phurt8378
20:38 CrazyFool
20:28 Frank G
19:34 Chuckles Bonaparte1031
19:31 Chuckles Bonaparte1031
19:11 Oye Como Va
19:03 Pancho Whager8933
18:55 Palmerston
18:35 badanov
18:19 Abu Uluque
18:07 BrerRabbit
17:51 magpie
17:48 Besoeker
17:46 Pancho Whager8933
17:43 Abu Uluque