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| Biden admin could fight inflation by axing tariffs on China imports, but . . . (Page 2/2) |
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williegoat
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NOV 23, 06:42 PM
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I asked two separate questions which were unrelated outside of their economic topic. The second, regarding tariffs was in response to the thread topic.
The other, regarding oil production, relates to my understanding that Biden has put the brakes on new exploration, extraction and transportation of American oil. Am I wrong that we produce less now than we did under the previous administration? Do we now depend on foreign oil more than we did over the last few years?
(OK, I asked three questions. The third one was rhetorical.)[This message has been edited by williegoat (edited 11-23-2021).]
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williegoat
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NOV 23, 06:44 PM
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| quote | Originally posted by Jake_Dragon:
 Click to show |
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I kept clicking, but she wouldn't show them to me. 
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rinselberg
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NOV 23, 07:27 PM
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I dunno about the Biden administration.
| quote | | [From January 20 to October 31 of this year,] the Bureau of Land Management approved 3,091 new onshore drilling permits — permits it could have deferred, or on which it could have imposed more rigorous restrictions. That’s an average of 332 [new onshore drilling permits] per month, according to the [Bureau's] data, surpassing the number of approvals in the last three years of the Trump administration. |
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"[The Biden administration] is breaking a promise to block [oil and gas] drilling on public lands"
Adam Federman; in the Washington Post; November 19, 2021.
https://www.washingtonpost....a96e00fa3_story.html
That's just the numbers of new onshore drilling permits. So only one of the complex array of various pieces on the game board. A fact or factoid that may (or may not) provoke further discussion.[This message has been edited by rinselberg (edited 11-23-2021).]
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maryjane
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NOV 24, 01:52 AM
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| quote | Originally posted by williegoat:
I asked two separate questions which were unrelated outside of their economic topic. The second, regarding tariffs was in response to the thread topic.
The other, regarding oil production, relates to my understanding that Biden has put the brakes on new exploration, extraction and transportation of American oil. Am I wrong that we produce less now than we did under the previous administration? Do we now depend on foreign oil more than we did over the last few years?
(OK, I asked three questions. The third one was rhetorical.)
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There is NO shortage of crude ready to be produced. By that I mean, producing from wells already drilled or from drilling additional wells in already proven fields.
Yes, we produced more under previous administration right up until pandemic hit. Once it hit, and refined fuel demand (gasoline,diesel, jet fuel) dropped significantly the crude oil storage capacity was full and there was no where left to store excess produced oil. Gulf Coast tank farms were full for most of 2020 as was the big hub at Cushing OK. Production had to stop, unless you are in favor of just dumpiung it out on the ground...
Since no one is able to foretell the future or how much demand there will be months in advance, production remained low the first 6 months of 2021. Demand increased beginning around July 4 and production and transport to the hubs has yet to catch up with increased demand.
We are capable of producing more than we need from proven underground reserves, but not at the blink of an eye.[This message has been edited by maryjane (edited 11-24-2021).]
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cliffw
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NOV 24, 10:07 AM
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| quote | Originally posted by rinselberg:
The Biden administration could try to tamp down on inflation by reducing or eliminating tariffs on U.S. imports from China, but . . .
"The inflation-fighting step Biden has yet to take"
John Harwood for CNN Politics; November 21, 2021.
https://www.cnn.com/2021/11...a-tariffs/index.html
"One of the top 100 online media news reports you should read today"
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YOU EXPECT ME TO READ A NEWS MEDIA REPORT FROM A COMPANY WHICH WRITES WITH DULL CRAYONS AND CAN NOT COLOR WITHIN THE LINES ?
DO YOU DO ANY CRITICAL THINKING ?
WHAT IS THE MOST INFLATIONARY COST DRIVER ?
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williegoat
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NOV 24, 12:14 PM
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| quote | Originally posted by maryjane:
There is NO shortage of crude ready to be produced. By that I mean, producing from wells already drilled or from drilling additional wells in already proven fields.
Yes, we produced more under previous administration right up until pandemic hit. Once it hit, and refined fuel demand (gasoline,diesel, jet fuel) dropped significantly the crude oil storage capacity was full and there was no where left to store excess produced oil. Gulf Coast tank farms were full for most of 2020 as was the big hub at Cushing OK. Production had to stop, unless you are in favor of just dumpiung it out on the ground...
Since no one is able to foretell the future or how much demand there will be months in advance, production remained low the first 6 months of 2021. Demand increased beginning around July 4 and production and transport to the hubs has yet to catch up with increased demand.
We are capable of producing more than we need from proven underground reserves, but not at the blink of an eye.
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Thank you. Economics is not one of my strong points.
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rinselberg
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NOV 24, 05:57 PM
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| quote | Originally posted by cliffw:
YOU EXPECT ME TO READ A NEWS MEDIA REPORT FROM A COMPANY WHICH WRITES WITH DULL CRAYONS AND CAN NOT COLOR WITHIN THE LINES ?
DO YOU DO ANY CRITICAL THINKING ?
WHAT IS THE MOST INFLATIONARY COST DRIVER ? |
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I'm confident that I will have a much clearer picture about the current inflation and inflationary trends, and how much of it is transitory, vs how much is structural and persistent--about a year from now.
"Hit me up" about it towards the end of 2022.[This message has been edited by rinselberg (edited 11-24-2021).]
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cliffw
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NOV 25, 11:52 AM
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| quote | Originally posted by cliffw:
WHAT IS THE MOST INFLATIONARY COST DRIVER ? |
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| quote | Originally posted by rinselberg:
I'm confident that I will have a much clearer picture about the current inflation and inflationary trends, and how much of it is transitory, vs how much is structural and persistent--about a year from now.
"Hit me up" about it towards the end of 2022.
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The Biden admin could fight inflation by axing Federal gas taxes. Energy is required at every stage of anything price inflated. From production, powering producing facilities (lights, temperature control, equipment needs), making boxing and other packaging, shipping, warehouse facility needs, ... the list is endless. When all of that costs more, the customer pays those costs.
Speaking about taxes, every tax, produces inflation. So much so that money needs to be printed. Have you ever heard of the inflation tax ?
Did the Gooberment loans for college tuition lead to higher college costs ? Yes.
Gooberment causes inflation. Supply and Demand be damned. Competition reduces inflation. Gooberment regulation only makes it harder to compete.
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olejoedad
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NOV 25, 01:44 PM
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A bit on the silly side, but...
If the government prints money on a whim, why does anyone need to pay taxes?
I know, I know....🤔
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rinselberg
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NOV 25, 03:17 PM
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| quote | First, because inflation reflects the huge surge in demand for durable goods, not the much slower growth in overall demand, a smaller Biden spending plan wouldn’t have made much difference. Even if demand had been a point or two lower, the rush to buy stuff as opposed to services would still have overwhelmed our logistical capacity.
Second, because inflation reflects bottlenecks rather than a general problem of too much money chasing too few goods, it should come down as the economy adjusts. Inflation hasn’t been as transitory as we hoped, but there is growing evidence that supply chains are getting unkinked, which should eventually provide some consumer relief.
Finally, even if inflation stays elevated for a while, do we really want to slow the whole economy because bottlenecks are causing some prices to rise? One way to describe the argument of inflation hawks is that they’re saying that we should eliminate hundreds of thousands, maybe millions of jobs because the docks at the Port of Los Angeles are congested. Does that make sense?
Now, matters would be quite different if we saw signs of a 1970s-type wage-price spiral. But so far we don’t. And for the time being, at least, policymakers should have the courage to ride this inflation out. |
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That's how it ended. Here's the entire Op-Ed, which is about double the amount of text that I duplicated here, with three data plots.
"Wonking Out: Going Beyond the Inflation Headlines"
Paul Krugman for the New York Times; November 19, 2021.
https://www.nytimes.com/202...my-supply-chain.html
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