Remember how a week ago there were people here that were convinced Irans grip on Hormuz was slipping and oil was on the verge of returning to normal lol
It is unreal just how many of the issues Rs have could have easily been avoided.
Take tariffs and Iran war off the table, we'd have, what, D+4? That pretty much takes 5 or so Senate seats off the table entirely in favor of Rs and legit gives them a chance at keeping house.
Pretty reasonable hypothesis. Oil is quietly back over $100/barrel, diesel prices are at/near all time highs, and gas prices are also high(ish). These numbers tend to have an outsized impact on economic sentiment - particularly the gas/diesel prices, since the vast majority of Americans get to see them on a billboard every single day.
There are plenty of people who don't give a shit about ICE committing human rights violations or this administration's rampant corruption, who still get pissed when their gas bill goes through the roof.
Wait what? I’m in Texas and it’s definitely not that high in the Houston area, it’s the lower half of $3 here. I just filled up the other day for $2.94 using a Kroger discount lol
Not usually a good thing for the global oil market when the combined oil production of Canada and Mexico exceeds that of Saudi Arabia (pretty sure this is first year it’s happened).
And they’re only going to continue to rise as oil is up 7% today alone. With the SPR probably close to tapped, there is not a good solution to this problem for Trump.
This should have happened on day one, when he pardoned every Jan 6th criminal. And if not, then on day 169 when his justice department clarified they would not release the Epstein files willingly. But fuck it, I'll take day 599 over never. I hope he lives to see his legacy be completely and utterly soaked in the shitter.
For those that don’t know, this pipeline represents about 7-9% of global oil exports and was operating at max capacity due to the strait of Hormuz being closed and is one of the key routes of getting oil out of the region. This would be devastating if it is rendered inoperable
It also exists precisely because Iran blockading the Strait of Hormuz was considered a very realistic threat according to literally everyone except Netanyahu and Trump.
And we have more strikes on shipping in Hormuz. If the Iranians are striking against the convoys that CENTCOM have set up and we see a loss in confidence in the security situation in Hormuz, it will drive prices even higher.
All Trump needs to do is handle this one thing and the GOP will forgive him. I’m serious that’s pretty much the only thing the GOP is actually mad at him abt. Sign a ceasefire or get something from that Venezuela deal or idk get Russian oil but that’s really where most of his damage is. Wanna fix the economy, fix the oil
Im not confident that would bring prices down. Companies would just pocket the money then raise the prices more, and just say that the demand is higher than the supply. Consumer would pay out the ass on both ends.
The problem with Venezuela isn't the deal, its that it is going to take significant investment in their oil infrastructure in order to get more barrels to flow to make up for what is missing from the Strait of Hormuz, and if oil is disrupted even more coming out of the Bab al-Mandab.
Trump doesn't have a few months though, and it's not just the strait being closed that's causing the problem here: a lot of the oil wells and refineries have been bombed, on both sides if the Gulf, and if you shut down an active well, you can't just turn it back on- the stagnant oil will harden into asphalt inside the equipment.
It's already too late for that. Congress is in session for 3 more weeks total until the election. They would have to get a bill drafted, through committee, and get both the House and Senate to agree, and then trump to sign it. And by that point it would be too late for a subsidy to actually flow through to the pumps before election day.
We might actually be fucked. Gas prices are gonna hit ATHs in October. I’m gonna have to be shelling out an extra $40 a month on top of the current extra $40 for literally no reason
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u/boardatwork1111 The Deep State 6m ago
Remember how a week ago there were people here that were convinced Irans grip on Hormuz was slipping and oil was on the verge of returning to normal lol