While Putin, the Trump kids, and their fellow billionaires are rubbing their hands in glee, it’s going to be a hell of a year or three for the other 99% rest of us…
NYT ten minutes ago announced the economy grew 2% in the first quarter in face of the war and increased gas prices etc.
Also only a few of those billionaires' companies made money in the first quater. The only sector that is making a killing is energy. IMHO the whole thing is a scam -- energy prices are fixed via OPEC and companies are profiteering.
The price of oil to fill a tanker (crude oil) is primarily determined by global supply and demand, with over 50% of the cost driven by the spot price of crude oil, which is traded in a global market. Key factors influencing this cost include OPEC production decisions, geopolitical events disrupting supply, market sentiment, and the U.S. dollar value.
OPEC is becoming irrelevant, because of Trump's war. the UAE has left OPEC, Nigeria is fixing to. The only oil coming out of the Mid East, is oil being pumped off Kharq Island, into ships that are going to China and India, they pass the Iranian traffic lane near Larak Island, which is monitored by Iran and have to pay a $2 milion toll.
The normal traffic lanes are mined . and re mined by the IRGC's dhows and fast boats.
Maritime Insurance like Lloyds of London rates for shipment out of the Gulf are so high, that commercial tankers don't move.
There are two pipelines that bypass the gulf, one is UAE's pipeline to the port of Fujairah on the Gulf of Oman, but in normal times it could only carry 1.5 million gallons per day, now it is pumping 2 million. 2 million gallons is one tanker load, So one tanker of oil leaves the Gulf of Oman per day, and Iran has threatened to take out the pumping station.
The other is the Saudi pipeline from it's south oil fields to Yanub, it carries 7 million a day.
However the Suez canal is not deep enough for a fully load tanker, so it has to exit via the strait of Bab al Mandeb, which is under the eye of the Houthis'.
The Houthis have not yet set up a toll station like the Iran's have done at Larak Island., but it is expect that the don't.
Anyway the spot price of oil, the price paid for oil by the buyer, is no longer determined by OPEC.Trump's war killed that. OPEC no longer controls production because of Trump;s war.
By the way, other countries will be leaving OPEC, including Venezuela,and because of Trump's war there is a shift from the Petrodollar to the Petroyuan.
Iran sells its oil, for yuan, and crypto, only stable coin and of all things Trump coin.
Selling for Trump coin is a bribe.to let oil destined for China and India through.
Some 45 ships headed to China, and India have gotten through so far, despite the blockade.
China is dependent on Iranian oil, and has warned Trump.
Meanwhile Iran shares borders with seven countries, and there are caravans of trucks going both ways, carrying oil out, and food and other stuff in.
We are now experiencing chain disaster capitalism--creating disaster after disaster to keep the monster of greed appeased. We get war, destruction, starvation, heat waves, droughts, floods, mass migration, and torture regimes, while the oligarchs just get richer. I'm sure they can hardly wait for the Apocalypse, or the AMOC collapse, whichever comes first.
Remarkably, no one was punished for the 2008 Repugnican recession. In fact, the banksters used some of their bailout bucks (where’d that $ come from?) to reward themselves with BONUSES. Gosh, why’d that happen? We bravely looked forward not backward. Democrats writ large would do well to 86 (which means “get rid of”, not “murder”, unless you’re a mobster) or at least ignore the corporate Democrats/donors/consultants who insist on spinelessly perpetuating inequality. Otherwise, the expected victories this fall, the result of voters rejecting Repugnican behavior, will be perceived as supporting the underlying “business as usual” mantra of the Third Way types. Oh, and when do we get to see the autopsy, Ken? If Dem leadership continues to ignore their base, fails again to throttle SCOTUS, I may have to quit voting while increasing my support of Kentucky’s economy.
Yes, the next crash is coming. I must point out, however, that when Obama took office and had a chance to prosecute the money boys who destroyed so many Americans' lives, he mumbled something about needing a financial system and let them ALL off.
And when OCCUPY WALL STREET took to the streets, Obama did NOT get on board, from a legal and regulatory position, and join forces with the populace's sentiment to take corrective action.
He did nothing, and within a year, the right wing created the TEA PARTY movement to corral and subvert Americans' anger and give birth to the MAGA infection.
So who's to blame, really? The people we KNOW are only in it for themselves; or the people who were SUPPOSED TO BE the good guys.
The spot price of oil is around $120 a barrel, som eplaces$160. The future price varies, whether it is West Texas Intermediate, Brent, Murban (UAE), but the gap is narrowing. The future price is all stock market and that is manipulation by Trump, like declaring that Iran has surendered, then his sons jump in and place a bet.
Give it three more months and you will be paying $8 a gallon.
Before Trump's war, we exported 2 million gallons per day, and imported oil, to keep the price of oil high and profits rolling in. Now, the oil companies are exporting 4 million barrels a day. which is driving oil prices higher. and immensely profitable for the oil companies. The increase in export is because of the oil shortage.
Saudi Arabia and the Gufl Cooperating council produced 20% of the worlds oil, now it is a trickle, what gets out goes to China and Pakistan.
Even worse, for humanity, the south Pars gas field is in Persian gulf, it is owned/worked jointly by Oman and Iran. From it we get LNG, helium and urea. Helium is essential in production of microchips, so Korea is a producer of microchips, no helium nomicrocdhips, and the world runs on microchips. I don't know Taiwan's reserves, but Taiwan is the worlds major producer of advanced micrchips.
Urea is a fertilizer, without urea, corn (maize) does not produce ears, only silage), other crops are depending on the fertilizer from LNG. We are looking at world wide famine, which means mass migration from the global south to the global north. And in America food prices like never seen before. as the US is a net exporter of natural gas, which will raise the price of food. especially maize.
Give it three months, maybe 6. I paid $6.20 a gallon, three days ago to fill up same gas cans.
I hope that some states and some the transporation industry users sue for price fixing. Last week I laid out how the bottle neck is at the refinery level in this country, the base line is $54 per gallon and the markups are unconscionable.
Baseline for refined gas is $54 a gallon? And we buy it for $4 a gallon, why the gas companies are downright altruistic taking a $50 a gallon loss.
Cracking towers produce: kerosene, diesel, gasoline, jet fuel, and diesel, along with lighter byproducts like propane and butane,
Actually diesel comes up before gasoline and takes less energy to produce, hence it is cheaper to produce, so it should be, and was cheaper at the pump, until the public caught on and started to buy diesel cars like the VW Rabbit, and even GM converted a gas engine into diesel for the Cadillac (big mistake, it didn't work), in response the oil copanies raised the price of diesel. and the consumer shifted back to gas.
I see you mistyped, I do that sometimes, instead of $54 a ga;llon you meant $54 a barrel.
Trump has been manipulating the futures market. He makes a tweet and the futures price drops, it is irrational,
The spot price is headed to $200 a barrel and the future price is headed down, and somebody or bodies are making a killing. Don Jr, Eric and Barron my guess.
Some say Barron is already a multi millionaire, off the stock market alone. Polymarket is his friend.
What makes the current nosedive more tariffying (sic) is that the entire administration is staffed by incompetent suck-ups led by a demented old fool with no impulse control and the delusion that he is the next emperor of the world. In other words, we have no government capable of putting Humpty Trumpty back together again. Worst of all, we can see the crash coming, but there is no place for any of us to run to avoid the catastrophe, because it will be global.
This raises an uneasy question as to why, unlike previous economic disasters, we could see this one coming well in advance, but let it happen anyway. In 2026, we might well be celebrating the failure of a 250-year experiment.
Trump is stealing from the American consumers through higher gas prices. He said America was becoming really rich because we produce a great amount of oil, except it’s Trump’s donors and oil producers who are getting rich from higher oil prices. The American consumers are already paying for this war. It is time for US oil producers to fund this war and end their price windfall. In World War II, the US raised taxes to fund the War and we had excess profit taxes to stop War Profiteers.
Congress needs to do the same thing today: immediately impose excess profit taxes, capture all excess profits on oil production caused by the war. Any increase in the oil price above the price that existed before the US/Israeli attack on Iran should be considered excess profit. A 100% tax on these excess profits should be imposed. These taxes should go directly to fund replacement of US weapons used in the war on Iran, instead of further stressing the American taxpayer.
This will remove any incentive to continue the war against Iran. Also, Congress needs to investigate who purchased oil futures before the attack on Iran began. Congress has to take the lead to eliminate these windfall profits and go after War Profiteers.
Government of the rich, by the rich, and for the rich.
NYT ten minutes ago announced the economy grew 2% in the first quarter in face of the war and increased gas prices etc.
Also only a few of those billionaires' companies made money in the first quater. The only sector that is making a killing is energy. IMHO the whole thing is a scam -- energy prices are fixed via OPEC and companies are profiteering.
The price of oil to fill a tanker (crude oil) is primarily determined by global supply and demand, with over 50% of the cost driven by the spot price of crude oil, which is traded in a global market. Key factors influencing this cost include OPEC production decisions, geopolitical events disrupting supply, market sentiment, and the U.S. dollar value.
OPEC is becoming irrelevant, because of Trump's war. the UAE has left OPEC, Nigeria is fixing to. The only oil coming out of the Mid East, is oil being pumped off Kharq Island, into ships that are going to China and India, they pass the Iranian traffic lane near Larak Island, which is monitored by Iran and have to pay a $2 milion toll.
The normal traffic lanes are mined . and re mined by the IRGC's dhows and fast boats.
Maritime Insurance like Lloyds of London rates for shipment out of the Gulf are so high, that commercial tankers don't move.
There are two pipelines that bypass the gulf, one is UAE's pipeline to the port of Fujairah on the Gulf of Oman, but in normal times it could only carry 1.5 million gallons per day, now it is pumping 2 million. 2 million gallons is one tanker load, So one tanker of oil leaves the Gulf of Oman per day, and Iran has threatened to take out the pumping station.
The other is the Saudi pipeline from it's south oil fields to Yanub, it carries 7 million a day.
However the Suez canal is not deep enough for a fully load tanker, so it has to exit via the strait of Bab al Mandeb, which is under the eye of the Houthis'.
The Houthis have not yet set up a toll station like the Iran's have done at Larak Island., but it is expect that the don't.
Anyway the spot price of oil, the price paid for oil by the buyer, is no longer determined by OPEC.Trump's war killed that. OPEC no longer controls production because of Trump;s war.
By the way, other countries will be leaving OPEC, including Venezuela,and because of Trump's war there is a shift from the Petrodollar to the Petroyuan.
Iran sells its oil, for yuan, and crypto, only stable coin and of all things Trump coin.
Selling for Trump coin is a bribe.to let oil destined for China and India through.
Some 45 ships headed to China, and India have gotten through so far, despite the blockade.
China is dependent on Iranian oil, and has warned Trump.
Meanwhile Iran shares borders with seven countries, and there are caravans of trucks going both ways, carrying oil out, and food and other stuff in.
T
You drank the kool aid if you think that prices are fair. Once upon a time, fixing prices was a bipartisan issue. https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting_Cartels_Act
BTW gas prices dropped today in Baghdad By the Sea -- under $4.
We are now experiencing chain disaster capitalism--creating disaster after disaster to keep the monster of greed appeased. We get war, destruction, starvation, heat waves, droughts, floods, mass migration, and torture regimes, while the oligarchs just get richer. I'm sure they can hardly wait for the Apocalypse, or the AMOC collapse, whichever comes first.
Remarkably, no one was punished for the 2008 Repugnican recession. In fact, the banksters used some of their bailout bucks (where’d that $ come from?) to reward themselves with BONUSES. Gosh, why’d that happen? We bravely looked forward not backward. Democrats writ large would do well to 86 (which means “get rid of”, not “murder”, unless you’re a mobster) or at least ignore the corporate Democrats/donors/consultants who insist on spinelessly perpetuating inequality. Otherwise, the expected victories this fall, the result of voters rejecting Repugnican behavior, will be perceived as supporting the underlying “business as usual” mantra of the Third Way types. Oh, and when do we get to see the autopsy, Ken? If Dem leadership continues to ignore their base, fails again to throttle SCOTUS, I may have to quit voting while increasing my support of Kentucky’s economy.
Yes, the next crash is coming. I must point out, however, that when Obama took office and had a chance to prosecute the money boys who destroyed so many Americans' lives, he mumbled something about needing a financial system and let them ALL off.
And when OCCUPY WALL STREET took to the streets, Obama did NOT get on board, from a legal and regulatory position, and join forces with the populace's sentiment to take corrective action.
He did nothing, and within a year, the right wing created the TEA PARTY movement to corral and subvert Americans' anger and give birth to the MAGA infection.
So who's to blame, really? The people we KNOW are only in it for themselves; or the people who were SUPPOSED TO BE the good guys.
DL
There's lots of blame to go around.
The spot price of oil is around $120 a barrel, som eplaces$160. The future price varies, whether it is West Texas Intermediate, Brent, Murban (UAE), but the gap is narrowing. The future price is all stock market and that is manipulation by Trump, like declaring that Iran has surendered, then his sons jump in and place a bet.
Give it three more months and you will be paying $8 a gallon.
Before Trump's war, we exported 2 million gallons per day, and imported oil, to keep the price of oil high and profits rolling in. Now, the oil companies are exporting 4 million barrels a day. which is driving oil prices higher. and immensely profitable for the oil companies. The increase in export is because of the oil shortage.
Saudi Arabia and the Gufl Cooperating council produced 20% of the worlds oil, now it is a trickle, what gets out goes to China and Pakistan.
Even worse, for humanity, the south Pars gas field is in Persian gulf, it is owned/worked jointly by Oman and Iran. From it we get LNG, helium and urea. Helium is essential in production of microchips, so Korea is a producer of microchips, no helium nomicrocdhips, and the world runs on microchips. I don't know Taiwan's reserves, but Taiwan is the worlds major producer of advanced micrchips.
Urea is a fertilizer, without urea, corn (maize) does not produce ears, only silage), other crops are depending on the fertilizer from LNG. We are looking at world wide famine, which means mass migration from the global south to the global north. And in America food prices like never seen before. as the US is a net exporter of natural gas, which will raise the price of food. especially maize.
Give it three months, maybe 6. I paid $6.20 a gallon, three days ago to fill up same gas cans.
I hope that some states and some the transporation industry users sue for price fixing. Last week I laid out how the bottle neck is at the refinery level in this country, the base line is $54 per gallon and the markups are unconscionable.
Baseline for refined gas is $54 a gallon? And we buy it for $4 a gallon, why the gas companies are downright altruistic taking a $50 a gallon loss.
Cracking towers produce: kerosene, diesel, gasoline, jet fuel, and diesel, along with lighter byproducts like propane and butane,
Actually diesel comes up before gasoline and takes less energy to produce, hence it is cheaper to produce, so it should be, and was cheaper at the pump, until the public caught on and started to buy diesel cars like the VW Rabbit, and even GM converted a gas engine into diesel for the Cadillac (big mistake, it didn't work), in response the oil copanies raised the price of diesel. and the consumer shifted back to gas.
$54 a barrel. That's what the refineries pay for it. I posted all this last week.
Where big money is made is the vig beteween the present and future value. Brent dropped almost $4 today.... will ripple into lower futures in June....
I'd hope that states like yours is looking into it.....
I see you mistyped, I do that sometimes, instead of $54 a ga;llon you meant $54 a barrel.
Trump has been manipulating the futures market. He makes a tweet and the futures price drops, it is irrational,
The spot price is headed to $200 a barrel and the future price is headed down, and somebody or bodies are making a killing. Don Jr, Eric and Barron my guess.
Some say Barron is already a multi millionaire, off the stock market alone. Polymarket is his friend.
What makes the current nosedive more tariffying (sic) is that the entire administration is staffed by incompetent suck-ups led by a demented old fool with no impulse control and the delusion that he is the next emperor of the world. In other words, we have no government capable of putting Humpty Trumpty back together again. Worst of all, we can see the crash coming, but there is no place for any of us to run to avoid the catastrophe, because it will be global.
This raises an uneasy question as to why, unlike previous economic disasters, we could see this one coming well in advance, but let it happen anyway. In 2026, we might well be celebrating the failure of a 250-year experiment.
Is there a link to this article?
WSJ are officially tipped off to prepare for what may well be a worldwide repeat of the Republican Great Depression of the 1930s
Trump is Stealing from You
Trump is stealing from the American consumers through higher gas prices. He said America was becoming really rich because we produce a great amount of oil, except it’s Trump’s donors and oil producers who are getting rich from higher oil prices. The American consumers are already paying for this war. It is time for US oil producers to fund this war and end their price windfall. In World War II, the US raised taxes to fund the War and we had excess profit taxes to stop War Profiteers.
Congress needs to do the same thing today: immediately impose excess profit taxes, capture all excess profits on oil production caused by the war. Any increase in the oil price above the price that existed before the US/Israeli attack on Iran should be considered excess profit. A 100% tax on these excess profits should be imposed. These taxes should go directly to fund replacement of US weapons used in the war on Iran, instead of further stressing the American taxpayer.
This will remove any incentive to continue the war against Iran. Also, Congress needs to investigate who purchased oil futures before the attack on Iran began. Congress has to take the lead to eliminate these windfall profits and go after War Profiteers.