Bidenomics At Work
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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.
@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
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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.
@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.
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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?
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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?
@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.
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Ma'am, I don't think we down here, get a pint of gas from that refinery.
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@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.
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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.
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If you want new refineries "now" the time to start building them was 4~5 years ago.
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@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?
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@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?
@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)
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@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.
@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.
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@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)
@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?
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@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?
@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.
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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.
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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.
@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.
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@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.
@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
