Biden says high gas prices will continue until Russian aggression in Ukraine is ended.

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Americans will endure high gas prices “as long as it takes” to quell Russian President Vladimir Putin’s Ukraine invasion, U.S. President Joe Biden said Thursday. Did he check with Americans before saying that? A reporter at a NATO summit press conference in Madrid asked Biden how long it’s fair “to expect American drivers and drivers around the world to pay that premium for this war,” referencing Ukraine. “As long as it takes, so Russia cannot, in fact, defeat Ukraine and move beyond Ukraine,” Biden said.

National average gas prices have topped $5 a gallon this month—a new record, despite Biden’s historically large release of national reserves earlier this year. Biden has called on Congress to suspend the federal gas tax for three months to help alleviate the economic burden to consumers, but has encountered resistance from his own party. When you check in with them, Americans don’t seem to be on board.

The majority of the country—60% of Americans—disapprove of Biden’s leadership, according to a new Associated Press-NORC Center for Public Affairs Research poll, the results of which were released Wednesday. When it comes to his handling of the economy, the results are worse, with nearly 70% disapproving, including 43% of Democrats.
https://finance.yahoo.com/news/biden-te ... 04016.html
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Biden says high gas prices will continue until Russian aggression in Ukraine is ended.

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Unfortunately he is probably correct. Unless we pass a windfall profit tax on the oil companies or nationalize them. The other option is to do like we did in WWII and put price controls on items like gasoline to prevent price gouging. We also rationed it but that is not needed at this point.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

Re: Biden says high gas prices will continue until Russian aggression in Ukraine is ended.

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tonguengroover wrote: Sat Jul 02, 2022 9:39 am Biden is weak. He needs to tell oil companies to knock this shit off.
Gas will remain high because futures trading, capitalism which if allowed will ruin it's own self.
Well he could do so, but the SCOTUS would intervene and say it can't do that.
SCOTUS EPA Ruling Signals Court Will Strike Down Rules Limiting Corporate Profit

“Capping carbon dioxide emissions at a level that will force a nationwide transition away from the use of coal to generate electricity may be a sensible ‘solution to the crisis of the day,’” Chief Justice John Roberts wrote on behalf of himself, Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett. But “it is not plausible that Congress gave EPA the authority to adopt on its own such a regulatory scheme.”
“Today, the Court strips the [EPA] of the power Congress gave it to respond to ‘the most pressing environmental challenge of our time,’” Elena Kagan wrote in the dissent joined by Stephen Breyer and Sonia Sotomayor.
On June 30, the Supreme Court reversed the Court of Appeals’s ruling. For the first time, the majority specifically used the “major questions doctrine,” which requires that Congress clearly spell out the powers of an administrative agency to make “decisions of vast economic and political significance.”

Full article here https://truthout.org/articles/scotus-ep ... te-profit/

The SCOTUS rulings tells us that it will use the "major questions doctrine" to strike down regulations that limit corporate profits, regulations on industry and more regulation of personal privacy rights.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

Re: Biden says high gas prices will continue until Russian aggression in Ukraine is ended.

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Thinking this morning that this might be a different kind of WWIII than we all envisioned, but if congress enacts price controls on things like gasoline it would feel more like a real war. For us it's a proxy war but not for the Russians, defense industries though will be in high production replacing our arms and armaments which is just like a real shooting war. WWI and WWII might be unique to the last century.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Biden says high gas prices will continue until Russian aggression in Ukraine is ended.

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Biden Urged to Embrace Windfall Tax as Exxon Says Profits Doubled in Second Quarter

ExxonMobil indicated in a securities filing submitted just ahead of the holiday weekend that its profits doubled in the second quarter of 2022 compared to the first three months of the year, potentially reaching as high as $18 billion as the fossil fuel behemoth takes advantage of Russia's war on Ukraine to push sky-high gas prices onto consumers.

The Wall Street Journal reported that while the company's new projections "aren't precise and exclude certain factors, including specific costs incurred by Exxon," the corporation's second quarter "could be its most lucrative in at least 25 years."
Full story here https://www.commondreams.org/news/2022/ ... nd-quarter

Even if the congress could pass the windfall tax bill, which I doubt, thanks top two pseudo Democrat Sensors. The SCOTUS would probably declare it unconstitutional as taking the right to profit from companies was not written in the Constitution and not covered by the originalist authors.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

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