"Supplies of crude can be reduced, and fear of that is what raises crude prices now." Thats because we produce light crude and then export it. Why? Because they won't build the refineries for it. Why? Because it's cheaper to keep refining the heavy crude with the current refineries, which is what we import and what our outdated refineries refine. Not to mention it doesn't matter how much we drill or produce it all goes on the global market so the end consumer pays the high price at the pump. Light crude is even cheaper to refine so one would think we would build the refineries, but that wouldn't make wealthy investors more wealth. It's all BS and until you address that, who cares which President had the highest price.
Excellent info and data. I like how you used 2026 dollars to compare.
Gasoline prices paid in the suburbs of Chicago have been stuck at $4.99 for past couple weeks.
Most people will be paying over $5 for a gallon of gasoline very soon. I expect once that psychological barrier is crossed, then $5.99 will be hit within 60 days.
Regardless of inflation, I never paid more than $5 nominal in my life, so I find the current reality to be beyond annoying....
During Obama's presidency the oil's price sparked because of "natural" reasons. But now the reason is the war in the Middle East. At the same time the war between Russia and Ukraine. Ukraine continues to attack Russia's oil industry - one of the main actors in the oil market. It gives me some hope that the world will somehow avoid the global crisis. Because in 2008 the global crisis followed exactly after oil prices hit the top. Formally the reason was the housing crisis in the USA, but oil prices had its impact too. Let us hope for better outcomes.
It would be good to have also priced it in gold ounces during that same period. I believe priced in gold it’s still cheap historically. Which goes to show by how much value have we been robbed
I hope this table comes through visibly. It might be a mangled mess on some people's screens. In terms of gold, Bush 2 had the most expensive crude, gas and diesel.
President /////WTI, oz gold/bbl // Brent, oz gold/bbl // Gas, oz gold/gal // Diesel, oz gold/gal
G.H.W. Bush ///////// 0.0590 ////////////////0.0555 //////////// 0.00314 /////////. n/a
Clinton ////////////////. 0.0613 ////////////////0.0587 ///////////. 0.00356 ////////. 0.00369
G.W. Bush ///////////. 0.1033 /////////////// 0.0994 //////////// 0.00442 /////////. 0.00452
I was reading prof Jastram’s work the golden constant a few years ago( as boring as anything) but quite insightful. I constantly need to remind me to stop thinking in terms of $ but to think in terms of real money and value instead
But are they that stupid ! The Fed - the Keynesian mindset. They can't be that far removed from the truth. A disgusting group of men who have the ability to turn it against the US administration or who ever is in office. After all they have been at this for awhile now.
<< A 1982 dollar buys about a third of what a 2026 dollar buys. Compare fuel prices across administrations in nominal terms, and you are mostly tracking the Federal Reserve’s counterfeiting of the currency from one term to the next. >>
I'm pretty sure you mean: A 2026 dollar buys about a third of what a 1982 dollar bought.
"Supplies of crude can be reduced, and fear of that is what raises crude prices now." Thats because we produce light crude and then export it. Why? Because they won't build the refineries for it. Why? Because it's cheaper to keep refining the heavy crude with the current refineries, which is what we import and what our outdated refineries refine. Not to mention it doesn't matter how much we drill or produce it all goes on the global market so the end consumer pays the high price at the pump. Light crude is even cheaper to refine so one would think we would build the refineries, but that wouldn't make wealthy investors more wealth. It's all BS and until you address that, who cares which President had the highest price.
Excellent info and data. I like how you used 2026 dollars to compare.
Gasoline prices paid in the suburbs of Chicago have been stuck at $4.99 for past couple weeks.
Most people will be paying over $5 for a gallon of gasoline very soon. I expect once that psychological barrier is crossed, then $5.99 will be hit within 60 days.
Regardless of inflation, I never paid more than $5 nominal in my life, so I find the current reality to be beyond annoying....
During Obama's presidency the oil's price sparked because of "natural" reasons. But now the reason is the war in the Middle East. At the same time the war between Russia and Ukraine. Ukraine continues to attack Russia's oil industry - one of the main actors in the oil market. It gives me some hope that the world will somehow avoid the global crisis. Because in 2008 the global crisis followed exactly after oil prices hit the top. Formally the reason was the housing crisis in the USA, but oil prices had its impact too. Let us hope for better outcomes.
Uranium is one of the most attractive long-term investment opportunities!
https://paretoinvestor.substack.com/p/nuclear-is-the-new-oil
I remember the days of Jimmy Carter, when there was NO gas, and there were lines just to get to the pump to buy what you could get for that day!
It would be good to have also priced it in gold ounces during that same period. I believe priced in gold it’s still cheap historically. Which goes to show by how much value have we been robbed
That’s very interesting. Thank you !
I hope this table comes through visibly. It might be a mangled mess on some people's screens. In terms of gold, Bush 2 had the most expensive crude, gas and diesel.
President /////WTI, oz gold/bbl // Brent, oz gold/bbl // Gas, oz gold/gal // Diesel, oz gold/gal
G.H.W. Bush ///////// 0.0590 ////////////////0.0555 //////////// 0.00314 /////////. n/a
Clinton ////////////////. 0.0613 ////////////////0.0587 ///////////. 0.00356 ////////. 0.00369
G.W. Bush ///////////. 0.1033 /////////////// 0.0994 //////////// 0.00442 /////////. 0.00452
Obama ///////////////. 0.0581 ////////////////. 0.0626 ///////////. 0.00226 ////////./ 0.00248
Trump (1st) /////////. 0.0386 ///////////. //// 0.0422 //////////// 0.00178 /////////. 0.00206
Biden /////////////////// 0.0408 /////////////// 0.0430 //////////// 0.00177 ////////// 0.00209
Trump (2nd) ///////// 0.0188 /////////////// 0.0201 ////////////. 0.00088 //////////. 0.00107
I was reading prof Jastram’s work the golden constant a few years ago( as boring as anything) but quite insightful. I constantly need to remind me to stop thinking in terms of $ but to think in terms of real money and value instead
We all get it, no worries.
But are they that stupid ! The Fed - the Keynesian mindset. They can't be that far removed from the truth. A disgusting group of men who have the ability to turn it against the US administration or who ever is in office. After all they have been at this for awhile now.
Hmmm.
<< A 1982 dollar buys about a third of what a 2026 dollar buys. Compare fuel prices across administrations in nominal terms, and you are mostly tracking the Federal Reserve’s counterfeiting of the currency from one term to the next. >>
I'm pretty sure you mean: A 2026 dollar buys about a third of what a 1982 dollar bought.
damn right. sorry. fixed in the web version. Thanks!