Tag: gasoline prices
Diesel Fuel Hits Record High As Holiday Drivers Cope With Gas Spike

Diesel Fuel Hits Record High As Holiday Drivers Cope With Gas Spike

The average cost of diesel fuel set a new record on Friday, hitting a whopping $5.85 per gallon, according to AAA’s fuel tracker—a 30 percent increase from the same time last year.

The timing of the diesel spike could not be worse for the GOP, which is directly responsible for the price increase as the party did not stop Trump from launching an ill-advised war that he now cannot seem to get out of.

The midterm elections are less than two months away, with mail-in ballots hitting mailboxes as early as today in states across the country.

And a surge in diesel prices will almost certainly trickle down to higher prices in the rest of the economy. That’s because diesel powers the trucks, boats, and trains that transport goods across the country. Diesel is also used in farming machinery to harvest crops, meaning a spike in diesel prices will also likely impact grocery prices.

Given that the cost of living is the issue voters say will determine how they vote in the election, that leaves Republicans in a terrible spot.

“This impacts you, even if you don’t fill up with diesel,” Democrats on the House Ways and Means Committee wrote in a post on X of the new diesel price record. “Higher diesel prices > higher fuel costs for truckers > higher shipping costs for businesses > higher prices on store shelves > higher costs for you.”

Indeed, GOP operatives told Politico that they are resigned to the fact that prices will not come down in time to save them in the midterms, with handicappers saying Republicans are almost certain to lose their House majority—and their control of the Senate is in serious peril, too.

“In the spring, I was like, look, I think we need gas prices coming down starting in August, like in a significant way. I think voters need some time to kind of get over their frustrations, and I think we’ve run out of time,” an unnamed “Republican operative working on several races across the country” told Politico.

Compounding Republicans’ problems is that record-setting diesel prices hit their base hard, which could depress GOP turnout or even cause some Republican voters to defect to the Democrats. That would turn what was already expected to be a bad night for Republicans into a catastrophic one.

It’s why states like Iowa, Ohio, and even Kansas—which all have major agricultural sectors that are heavily impacted by spiking diesel prices—are on the map for possible Democratic Senate pickups, even though they backed Trump by double-digit margins in 2024.

Worse still for Republicans is that regular gasoline prices are also elevated, with the average price of a gallon of gas at $4.15. That’s a record high for Labor Day, when millions of Americans take car trips for holiday getaways.

That, too, will leave bad tastes in the mouths of voters, who are reminded of Trump’s role in raising their cost of living every time they drive past a gas station or fill up their tanks.

Reprinted with permission from Daily Kos

Hey, Mr. President! Please Hit The Campaign Trail (Where You Can Only Help Democrats)

Hey, Mr. President! Please Hit The Campaign Trail (Where You Can Only Help Democrats)

There possibly can’t be anything more terrifying to a Republican candidate facing brutal electoral headwinds this November than the prospect of President Donald Trump hitting the campaign trail on their behalf.

Just these past few weeks, he’s delivered winning gems like this:

“For you to pay a tiny little bit more for your gasoline, just remember you’re doing that a very evil country … we don’t want to have them have a nuclear weapon,” he said. “Remember that when you have to pay a little bit more, you’re at $4—it’s okay. I mean, it’s—I’m not, I’m not, I’ll never apologize. I did the right thing.”

During the campaign, Trump promised gas below $2 per gallon. Now he won’t apologize for $4, and “it’s okay.”

Of course, it’s okay for him. He doesn’t have to worry about paying for gas.

Consider also his bizarre insistence that Democrats somehow invented the word “affordability” after he took office.

On July 26, at a rally in Marietta, Georgia, he whined:

“First day, first press conference, nice, friendly press con. You know they treat me so nicely. ‘What are you going to do about the prices?’ And they used the word, first time I heard it, it was a word made up by the Democrats, affordability. They said affordability. I said, ‘I’ve been here one day. Don’t worry, I’ll take care of it.’ And we’re taking care of it. We’re taking good care of it.”

He cried about it again on August 5.

“Our costs are coming way down,” he claimed. “You know, they talk about affordability. I took over the country. The prices were through the roof. In my first day, the press said, ‘What are you going to do about affordability?’ It was a word they devised—affordability. They never used that word before.”

There’s just one problem: “Affordability” was a mainstay of Trump’s own 2024 campaign.

“Starting on Day 1, we will end inflation and make America affordable again,” he said in Montana in August 2024.

See that word? “Affordable.”

Here he was again in Pennsylvania, on Aug. 17, 2024:

“Starting the day I take the oath of office, I will rapidly drive prices down, and we will make America affordable again. We’re going to make it affordable again.”

Not just one “affordable,” but two!

Of course, Trump had heard the word. Democrats didn’t invent it. The press didn’t invent it. And Democrats certainly weren’t eager to make affordability the defining issue of the 2024 election when they were the ones taking the blame for inflation.

Trump made that promise himself—over and over and over again. Americans heard him loud and clear, and too many of them voted for him believing he would deliver on it. Now he wants everyone to forget.

So yes, please, Donnie: Hit the campaign trail. Have your stupid September “convention.” Force Republican candidates to share a stage with a president sporting dismal job approval ratings. Make them sit there while Trump mocks the very idea of “affordability” after campaigning on it relentlessly. Let him tell Americans struggling with their bills that $4 gas is “okay.” And let him do it while defending a war the public hates and that he insists they should be happy to pay more to support.

Republicans have to spend the next three months trying to convince voters that everything is going great. Meanwhile, Trump apparently wants to spend those same three months reminding them that it isn’t.

The more he keeps this up, the more November could look like this:

Markos Moulitsas is founder and editor of the blogging website Daily Kos and author of three books.

Reprinted with permission from Daily Kos

Is The Trump Administration Using Media Leaks To Manipulate Oil Markets?

Is The Trump Administration Using Media Leaks To Manipulate Oil Markets?

The Trump administration on Wednesday appears to have leaked a story to its favorite Iran war stenographer at Axios that the military has created a secret shipping corridor out of the Strait of Hormuz, helping to escort 15 to 20 oil tankers through the narrow passageway per day.

Axios’ Barak Ravid reported: “The U.S.-led operation is mitigating one of the most painful aspects of the war: the disruption to oil supplies that sent crude prices soaring. While the amount of oil coming out of the strait is still below pre-war levels, it is making a discernible difference in global supplies, officials say.”

U.S. officials claimed to Axios that the operation was allowing the movement of “[a]bout 10 million barrels of oil a day.”

Commodity experts, however, are more than skeptical that this secretive operation has taken place, and wonder if this—like apparent past attempts by the Trump administration—is just an effort to manipulate oil prices to try to bring down the cost of gasoline.

“That’s a lot of oil, and much more than we’re currently seeing,” oil commodity expert Rory Johnson wrote in a post on X on Wednesday, adding that oil trackers have only seen 5 million barrels of oil leaving the strait per day, half of what the government claimed to Axios.

“We’re likely undercounting actual transits, but it feels like a stretch that they’re managing to get *double* that volume out entirely undetected—no sign of loadings, or where these ships may be landing on the other end,” he continued.

Tanker Trackers, a maritime intelligence firm that analyzes the amount of oil being shipped globally, also cast doubt on the Axios report.

“Maybe U.S. officials mean ten million barrels per convoy transfer and not per day. Industry consensus is much lower than that,” the company wrote in a post on X, giving the Trump administration the benefit of the doubt that they do not deserve.

If the Trump administration were using Axios to manipulate the oil markets, it wouldn’t be the first time.

Early on in the war, Ravid frequently reported right before oil futures markets opened that a peace deal was imminent, which would lead oil commodity prices to fall. However, they’d typically spike right back up when it became clear that there was no peace deal to be had.

Nearly six months later, there is still no resolution to the war, with Iranian leaders continuing to use the Strait of Hormuz to inflict pain on the global economy in the hopes they can get Trump to fold on his demands that they drop their nuclear ambitions.

Indeed, as the persistently high price of fuel is spiking inflation, Trump’s approval rating has fallen and is threatening his Republican Party with massive midterm losses.

Even Trump is showing public signs of frustration, threatening to “bomb the shit out of” countries that cross him.

What’s different about Axios’ report now is that it seems traders have wised up to the apparent manipulation efforts.

Oil prices rose again on Thursday. The average price per gallon of gasoline in the U.S. is now at $4.10, according to AAA—up nearly $1 per gallon from a year ago.

Johnson, the oil commodity expert, revisited Axios’ story again on Thursday morning, saying he is even more convinced now that the report isn’t accurate.

“What’s fascinating is just how aligned ~every ship tracker is right now on Hormuz exit flow,” Johnson wrote in a post on X. “There’s a *strong* incentive for someone to break from the pack and to be the tracker who confirms the WH numbers. And yet.”

And yet, indeed.

Reprinted with permission from Daily Kos




Spinning Trump's Oil Crisis, Energy Secretary Flails And Apologizes

Spinning Trump's Oil Crisis, Energy Secretary Flails And Apologizes

Energy Secretary Chris Wright attempted to do some damage control Thursday, as oil prices continue their rollercoaster climb. But unfortunately for Wright, it’s hard to sell a flaming bag of manure.

“Ultimately, this is going to help us fill the reserve, but we need the oil in the short term for the—short term pain for long term gain,” he told CNBC, defending the release of 172 million barrels of oil from the Strategic Petroleum Reserve.

Wright’s own department says it doesn’t expect gas prices to return to pre-war levels until well into 2027.

Also in the interview, Wright claimed that President Donald Trump’s war on Iran makes energy markets safer—which was quickly undercut by footage aired alongside him, showing Iran's strikes on oil tankers in the Strait of Hormuz.

Wright then appeared on CNN, where he worked his ass off trying to spin what is clearly an oil crisis of Trump’s own making.

“We're in the midst of a significant disruption in the short term to fix the security of energy flow for the long term,” he said, downplaying an International Energy Agency report released Thursday, which found that Trump’s Iran war “is creating the largest supply disruption in the history of the global oil market.”

And then when Wright appeared on the usually friendly shores of Fox News, he was forced to apologize for posting—and then deleting—a claim that the Trump administration had successfully escorted an oil tanker through the Strait of Hormuz, throwing the markets into chaos.

“I take full ownership of that as the person in charge of the department,” Wright said. “Very unfortunate. It will not happen again.”

Wright also acknowledged Thursday that the U.S. Navy currently has no way to escort tankers safely through the waterway.

“It can’t happen now,” he said. “We’re simply not ready.”

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