US Will Face High Gas Prices 'as Long as It Takes,' Biden Says
Source: Bloomberg
US President Joe Biden said Americans will have to stomach high gas prices “as long as it takes” to beat back Russian President Vladimir Putin’s invasion of Ukraine.
“As long as it takes, so Russia cannot in fact defeat Ukraine and move beyond Ukraine,” Biden told reporters Thursday in Madrid, in response to a question about how long high gas prices might persist. His comments echoes those of U.K. Prime Minister Boris Johnson, his closest geopolitical ally and one who is facing similar pressures back home about the cost-of-living crisis.
The national average gasoline price hit a record this month above $5 a gallon, even after Biden ordered a historic release from US reserves earlier this year. Prices at the pump have been a main driver of inflation, which has been a major political headache for the Biden administration.
Read more: https://www.bloomberg.com/news/articles/2022-06-30/us-will-face-high-gas-prices-as-long-as-it-takes-biden-says#xj4y7vzkg
= new reply since forum marked as read
Effing oil companies need to be called out and taken down. How many other possible ways can we the people be effed over? I'm tired and too old for all this kabuki theater BULLSHIT 
I decided to go top off my tank yesterday (was just above 1/2).
The price in my area was $4.89, down about 10 - 15 cents. I had last filled it (at 1/2) when it was $4.39. Cost was $37, which was for about 7.5 gallons.
I did see and post about a dynamic going on in the background where you have India having switched a huge chunk of their oil contracts from the ME (including Saudi) to Russia, since Russia is selling for fire sale prices. That has left the OPEC members losing a large amount of business (that even Europe might not be able to make up for) due to how much China and India buys and uses...
Meaning that there is some rumbling underground about possible moves at pricing by OPEC to regain some of their marketshare. I think Russia has been selling their oil (last I had looked up) for the equivalent of about $49/bbl.
I also saw this interesting tidbit that one of PA's convenience store chains was doing over the holiday weekend (lowering prices at their convenience stores that sell gas, to "$3.99/$3.49" per gal)-
Link to tweet
@JohnFetterman
·
Follow
Your move, Wawa.
WPXI
@WPXI
MAJOR GAS DISCOUNT: Sheetz will be looking to lower some pain at the pump by lowering their gas prices. >> http://wpxi.tv/3NkTPlH
Image
3:39 PM · Jun 27, 2022
How hopelessly tin-earred to working people who are already stretched thin!
"Russia has done a bad thing to another country, but YOU'RE gonna suffer for it! Your economic pain is a price I'm willing to pay."
Do the president's writers ever listen to themselves??
...
Response to TheProle (Original post)
...then he should have said,"...until we nationalize the oil companies so their unconscionable profits won't damage our economy as we support Ukraine."
...that sounds better to me...
...
High gas prices are probably here to stay, baring a major recession. Long-term, we can not continue to rely on the ICE for our transportation needs. At some point the "cheap" recoverable oil reserves are going to be used up. Car companies have already decided electric cars are the future. Given these 2 "facts", our oil refining capacity is not going to expand. Why would business or banks finance billions of dollars to build something that won't operate (and derive revenue to pay off the construction cost) for more than a decade or so?
This means, the longer you hold onto your ICE vehicle, the more exposed you are to extreme price shocks due to limited refining capacity, or anytime someone sneezes in the Middle East or some 2nd-3rd world dictator with oil reserves decides he wants to rattle everyones' cage.
Change is coming. You can either adapt to it or pay the consequences of your stubbornness. 