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The New Coffee Room

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  3. Bidenomics At Work

Bidenomics At Work

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  • jon-nycJ jon-nyc

    There have been 7 downward revisions and 1 upward revisions through August.

    In 2022 there were 7 upward revisions and 5 down.

    In 2021 there were 11 upward revisions and 1 downwards.

    So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

    AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by
    #175

    @jon-nyc said in Bidenomics At Work:

    There have been 7 downward revisions and 1 upward revisions through August.

    In 2022 there were 7 upward revisions and 5 down.

    In 2021 there were 11 upward revisions and 1 downwards.

    So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

    @LuFins-Dad FYI ☝

    1 Reply Last reply
    • jon-nycJ jon-nyc

      We’re setting oil production records under Biden.

      U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.

      But what about federal lands?

      In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

      taiwan_girlT Offline
      taiwan_girlT Offline
      taiwan_girl
      wrote on last edited by
      #176

      @jon-nyc said in Bidenomics At Work:

      We’re setting oil production records under Biden.

      U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.

      But what about federal lands?

      In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

      And record production continues. Gosh darn President Biden!!!!

      https://energynow.com/2024/03/u-s-leads-global-oil-production-for-sixth-straight-year-eia/

      U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday.

      In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said.

      “The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row,” the EIA added.

      The EIA says it is unlikely that the record will be broken by another country in the near term.

      taiwan_girlT 1 Reply Last reply
      • George KG Offline
        George KG Offline
        George K
        wrote on last edited by
        #177

        https://www.nbcnews.com/business/business-news/family-dollar-closing-nearly-1000-stores-where-why-rcna143148?cid=sm_npd_nn_tw_ma&taid=65f1c688215c780001f4b6dc&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter

        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

        1 Reply Last reply
        • JollyJ Offline
          JollyJ Offline
          Jolly
          wrote on last edited by
          #178

          BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

          “Cry havoc and let slip the DOGE of war!”

          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

          taiwan_girlT 1 Reply Last reply
          • JollyJ Jolly

            BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

            taiwan_girlT Offline
            taiwan_girlT Offline
            taiwan_girl
            wrote on last edited by
            #179

            @Jolly said in Bidenomics At Work:

            BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

            "Refinery utilization."

            One example:
            https://www.reuters.com/business/energy/power-loss-forces-bp-shut-biggest-us-midwest-refinery-2024-02-02/

            A friend of a friend was telling me what a nightmare that will be to restart that refinery. It is many many years old, and has been revamped and changed, etc. Probably never fully shut down in 50 years.

            1 Reply Last reply
            • JollyJ Offline
              JollyJ Offline
              Jolly
              wrote on last edited by
              #180

              Ma'am, I don't think we down here, get a pint of gas from that refinery.

              “Cry havoc and let slip the DOGE of war!”

              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

              taiwan_girlT 1 Reply Last reply
              • JollyJ Jolly

                Ma'am, I don't think we down here, get a pint of gas from that refinery.

                taiwan_girlT Offline
                taiwan_girlT Offline
                taiwan_girl
                wrote on last edited by
                #181

                @Jolly Exactly, so to replace the gas that is lost because of the shutting down of that refinery, it comes from other refineries, like those close to you.

                Supply decreases. Demand no change. Prices increase.

                1 Reply Last reply
                • JollyJ Offline
                  JollyJ Offline
                  Jolly
                  wrote on last edited by
                  #182

                  But, but, Mr. Biden is producing lots of petroleum!

                  “Cry havoc and let slip the DOGE of war!”

                  Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                  1 Reply Last reply
                  • taiwan_girlT Offline
                    taiwan_girlT Offline
                    taiwan_girl
                    wrote on last edited by
                    #183

                    LOL. @jolly. I think you are stretching a bit to blame the higher gas prices on President Biden.

                    Its like me saying that it is all President Trump's fault that he did not get more refineries built when he was president. That is what is the current cause of the short refinery ultiltization.

                    Im sure that @Renauda probably has better insight on capacity and demand in oil market.

                    1 Reply Last reply
                    • AxtremusA Offline
                      AxtremusA Offline
                      Axtremus
                      wrote on last edited by
                      #184

                      If you want new refineries "now" the time to start building them was 4~5 years ago.

                      JollyJ jon-nycJ 2 Replies Last reply
                      • AxtremusA Axtremus

                        If you want new refineries "now" the time to start building them was 4~5 years ago.

                        JollyJ Offline
                        JollyJ Offline
                        Jolly
                        wrote on last edited by
                        #185

                        @Axtremus said in Bidenomics At Work:

                        If you want new refineries "now" the time to start building them was 4~5 years ago.

                        Marathon was built in 1977. The next U.S. refinery was permitted and built during the Trump Administration.

                        Is Mr. Resident permitting any new refineries?

                        “Cry havoc and let slip the DOGE of war!”

                        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                        taiwan_girlT 1 Reply Last reply
                        • JollyJ Jolly

                          @Axtremus said in Bidenomics At Work:

                          If you want new refineries "now" the time to start building them was 4~5 years ago.

                          Marathon was built in 1977. The next U.S. refinery was permitted and built during the Trump Administration.

                          Is Mr. Resident permitting any new refineries?

                          taiwan_girlT Offline
                          taiwan_girlT Offline
                          taiwan_girl
                          wrote on last edited by
                          #186

                          @Jolly said in Bidenomics At Work:

                          built during the Trump Administration.

                          Started up in 2022, due the overall guidance of President Biden. LOL

                          The reason the refinery was construct was to make ULSD (Ultra low sulfur diesel) for ships. The requirement for ULSD for ships was passed in during President Obama term, so we can say that he was responsible for this building of the refinery. (Even though the sulfur requirement is an international requirement)

                          (My point is that it is a stretch to say that one president or another is solely responsible for high/low gas prices. There is so so much out of their control)

                          JollyJ 1 Reply Last reply
                          • AxtremusA Axtremus

                            If you want new refineries "now" the time to start building them was 4~5 years ago.

                            jon-nycJ Offline
                            jon-nycJ Offline
                            jon-nyc
                            wrote on last edited by
                            #187

                            @Axtremus said in Bidenomics At Work:

                            If you want new refineries "now" the time to start building them was 4~5 years ago.

                            Probably more like 20 years ago or more. We don’t like to build things anymore.

                            Only non-witches get due process.

                            • Cotton Mather, Salem Massachusetts, 1692
                            CopperC 1 Reply Last reply
                            • jon-nycJ jon-nyc

                              @Axtremus said in Bidenomics At Work:

                              If you want new refineries "now" the time to start building them was 4~5 years ago.

                              Probably more like 20 years ago or more. We don’t like to build things anymore.

                              CopperC Offline
                              CopperC Offline
                              Copper
                              wrote on last edited by Copper
                              #188

                              @jon-nyc said in Bidenomics At Work:

                              We don’t like to build things anymore.

                              Front page this morning.

                              Demand growing for subs, workers

                              Newport News Shipbuilding hiring thousands as Navy’s needs continue to rise

                              By Caitlyn Burchett Staff writer

                              As the demand for nuclear-powered submarines increases, Newport News Shipbuilding said it’s working to hire 3,000 skilled trades workers this year and a total of 19,000 within the decade.

                              https://enewspaper.dailypress.com/html5/desktop/production/default.aspx?pubid=f5d212d2-1993-47fc-8d61-7dad92f77671&edid=3ca73816-70fe-4ae5-856c-42fcef7a74e2

                              a9367f9f-9163-482c-a696-c468fbe93d3b-image.png

                              1 Reply Last reply
                              • jon-nycJ Offline
                                jon-nycJ Offline
                                jon-nyc
                                wrote on last edited by
                                #189

                                👍

                                Only non-witches get due process.

                                • Cotton Mather, Salem Massachusetts, 1692
                                1 Reply Last reply
                                • taiwan_girlT taiwan_girl

                                  @Jolly said in Bidenomics At Work:

                                  built during the Trump Administration.

                                  Started up in 2022, due the overall guidance of President Biden. LOL

                                  The reason the refinery was construct was to make ULSD (Ultra low sulfur diesel) for ships. The requirement for ULSD for ships was passed in during President Obama term, so we can say that he was responsible for this building of the refinery. (Even though the sulfur requirement is an international requirement)

                                  (My point is that it is a stretch to say that one president or another is solely responsible for high/low gas prices. There is so so much out of their control)

                                  JollyJ Offline
                                  JollyJ Offline
                                  Jolly
                                  wrote on last edited by
                                  #190

                                  @taiwan_girl said in Bidenomics At Work:

                                  @Jolly said in Bidenomics At Work:

                                  built during the Trump Administration.

                                  Started up in 2022, due the overall guidance of President Biden. LOL

                                  The reason the refinery was construct was to make ULSD (Ultra low sulfur diesel) for ships. The requirement for ULSD for ships was passed in during President Obama term, so we can say that he was responsible for this building of the refinery. (Even though the sulfur requirement is an international requirement)

                                  (My point is that it is a stretch to say that one president or another is solely responsible for high/low gas prices. There is so so much out of their control)

                                  The refinery I was referring to worked with shale oil. Wasn't familiar with a ULSD refinery. Where's it at and how big is it?

                                  “Cry havoc and let slip the DOGE of war!”

                                  Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                  taiwan_girlT 1 Reply Last reply
                                  • JollyJ Jolly

                                    @taiwan_girl said in Bidenomics At Work:

                                    @Jolly said in Bidenomics At Work:

                                    built during the Trump Administration.

                                    Started up in 2022, due the overall guidance of President Biden. LOL

                                    The reason the refinery was construct was to make ULSD (Ultra low sulfur diesel) for ships. The requirement for ULSD for ships was passed in during President Obama term, so we can say that he was responsible for this building of the refinery. (Even though the sulfur requirement is an international requirement)

                                    (My point is that it is a stretch to say that one president or another is solely responsible for high/low gas prices. There is so so much out of their control)

                                    The refinery I was referring to worked with shale oil. Wasn't familiar with a ULSD refinery. Where's it at and how big is it?

                                    taiwan_girlT Offline
                                    taiwan_girlT Offline
                                    taiwan_girl
                                    wrote on last edited by
                                    #191

                                    @Jolly It is the Texas International Terminals refinery in Galveston, Texas in the south of the US. It is small for a refinery however.

                                    But I think that is the only "brand new" refinery to be build in the US recently.

                                    1 Reply Last reply
                                    • George KG Offline
                                      George KG Offline
                                      George K
                                      wrote on last edited by
                                      #192

                                      https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                                      Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                                      Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                                      As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                                      The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                                      In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                                      "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                      The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                      Doctor PhibesD 1 Reply Last reply
                                      • George KG George K

                                        https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                                        Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                                        Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                                        As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                                        The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                                        In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                                        Doctor PhibesD Offline
                                        Doctor PhibesD Offline
                                        Doctor Phibes
                                        wrote on last edited by
                                        #193

                                        @George-K said in Bidenomics At Work:

                                        https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                                        Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                                        Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                                        As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                                        The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                                        In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                                        Oh my God, my daughter will be devastated. That place is her idea of heaven.

                                        I was only joking

                                        LuFins DadL 1 Reply Last reply
                                        • Doctor PhibesD Doctor Phibes

                                          @George-K said in Bidenomics At Work:

                                          https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                                          Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                                          Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                                          As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                                          The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                                          In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                                          Oh my God, my daughter will be devastated. That place is her idea of heaven.

                                          LuFins DadL Offline
                                          LuFins DadL Offline
                                          LuFins Dad
                                          wrote on last edited by
                                          #194

                                          @Doctor-Phibes said in Bidenomics At Work:

                                          @George-K said in Bidenomics At Work:

                                          https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                                          Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                                          Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                                          As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                                          The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                                          In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                                          Oh my God, my daughter will be devastated. That place is her idea of heaven.

                                          It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                                          The Brad

                                          Doctor PhibesD 1 Reply Last reply
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