[ May 2, 2024 ]
And “the President” has actually said says he wants to imprison those working in the oil industry. How much more will America take before she explodes?
COLUMN: Joe Biden has a big diesel problem
The last time commercial diesel inventories were this low in mid-Oct, Harry S. Truman was US President
New York harbor spot prices are >$200 per barrel
And US diesel refining margins hit a record high todayhttps://t.co/ZqBVAPQ34k pic.twitter.com/SXGPzS883t
— Javier Blas (@JavierBlas) October 18, 2022
$200 Diesel Puts Biden in an Ugly Corner
Story continues below advertisementAmerican stockpiles of distillate fuel are exceptionally low, which could mean higher costs for everything from trucking to farming to construction.
Javier Blas, Bloomberg, October 18, 2022 at 8:26 AM EDT
Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. A former reporter for Bloomberg News and commodities editor at the Financial Times, he is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”
What do Joe Biden and Harry S. Truman have in common?
Both presidents ran the US when American stockpiles of distillate fuel were exceptionally low. Currently, the US has just 106 million barrels of diesel and heating oil in commercial stocks; the last time inventories were that low in mid-October was in 1951, when Truman was in the White House. Typically, inventories should be 30% higher this time of the year.
Such low levels are alarming because diesel is the workhorse of the global economy. It powers trucks and vans, excavators, freight trains and ships. A shortage would mean higher costs for everything from trucking to farming to construction.The diesel crisis leaves the Biden administration facing very difficult choices. If he leaves the market alone, prices are likely to rise further before they drop; if he intervenes, either setting up minimum inventory levels or restricting exports, price increases will likely be felt elsewhere into the world. Either route will have big implications for inflation at home and for energy security in Latin America and Europe.
Wholesale diesel prices in the spot market of New York harbor, a key pricing point, have surged this week to more than $200 per barrel. Excluding a three-week period from late April into mid-May, that would be a record high. As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel hitting a record high of $86.5 per barrel, up roughly 450% from the 2000-2020 average of $15.7 per barrel.
That’s great for refiners, but bad for everyone else depending on the fuel. Retail prices have increased nearly half-a-dollar in just two weeks.
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15 Comments1 year agoOn his Friday show Mark Levin said the U.S. has just 25 days of diesel. Get ready for massive food shortages this winter and other supply issues this fall.
1 year agoDementia Joe is doing just what he said he would do. Don’t be surprised to see stupider things come out of the Biden White House in the next two years unless the Republican Senate and House impeach this traitor.
1 year agoMany liberal commie demos admitted that they voted for bills they knew would cause the problems like this in the US.
1 year agoDiesel is the most important fuel.
It is the fuel of everything that carries your stuff
Your food, your traded goods across the seas, the rail, the trucks and generators.
The Biden junta with its globalist climate cult allies have been on a jihad to kill diesel or make it so expensive that the inflation caused by its scarcity would change human behavior as demanded by the likes of the WEF, the pushers of the Green New Deal, the Greta Cult, and the rest of the saboteurs of our living standards.
Diesel can also get you off the grid if needed.
Diesel engines are the most adaptable engines and can run on a wide variety of fuels, from natural gas to biofuel, vegetable oil, fish oil, peanut oil, heating oil, getropa oil, kerosene, distilled wood fuel and any concoction that burns and cab be pressurized.
Should all gas stations and tesla chargers go down, most Diesel vehicles would be up and running with minor modifications ( if any at all) and you back on the road able to relocate should things get really hairy at home.
This is why globalist regimes around the world have been at war against Diesel for some time.
Russia and Ukraine produce many of the additives necessary for commercial Diesel fuel. It is thus understandable that Diesel prices can increase.
But those factors can ne mitigated by domestic production and a little ingenuity.
Not in Biden’s regime which wants to fundamentally transform the USA into a third world country.1 year agoReply to ArmarosBiofuels have to go through a special process that makes it much more expensive than regular diesel. The Navy tried it already.
1 year agoReply to SnowedinThey already tried “Electric Vehicles” ….. look up “electric cars 1890 to 1930”
A couple of other things to remember …….
If you cannot grow it, you must mine it ……
There are only two “fuels” ….. hydrogen and carbon …… one is very compact, dense, and contains a lot of energy ……. one is a ‘gas’ and difficult to process and transport.1 year agoReply to GrendelI already knew about the electric cars that they had back then , Briggs and Stratton came pout with an experimental electric vehicle but only made one. There was also an electric car that had a conventional gasoline engine powered an electric generator that the car ran off of. The British were driving steam powered vehicles in the 1850’s
1 year agoReply to SnowedinThe British were using steam-powered dump trucks on large construction projects as late as the mid-1930s.
1 year agoYET, distilling “diesel fuel” IS one of the first steps in the processing of “crude oil”. The pRESIDENT biden IS SELLING OUT America and thus, the American People!!
1 year agoDiesel in Australia is 50 cents per litre dearer than E10, diesel was always cheaper than petrol!
1 year agoEveryone else depending on the fuel – like the entire country – EVERYTHING will skyrocket in price
1 year agoHere, diesel has gone from $4,39 to $5.19 in 1-1/2 weeks.
This is all Biden …… and Biden MUST pay.
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