Democrats Refuse New Oil Production Projects — Call for $300 a Month Checks to Help Americans Pay for Record Biden Gas Prices

[TigerGrowls]

This is one of the worst things they could do.

Note - In GA it looks like I am seeing some price gouging. GA did revoke the state gas tax and the price at my local station shortly after dropped to around 3.94 a gallon, but riding around yesterday I saw more than a few stations with the price still sitting near 4.30 a gallon and that sucks.

Democrats Refuse New Oil Production Projects -- Call for $300 a Month Checks to Help Americans Pay for Record Biden Gas Prices | The Gateway Pundit | by Jim Hoft

Gas prices remain at all-time highs under the failed leadership of Joe Biden and Nancy Pelosi.

www.thegatewaypundit.com

By Jim Hoft
Published March 24, 2022 at 8:30am
Gas prices remain at all-time highs under the failed leadership of Joe Biden and Nancy Pelosi.
The average price for a gallon of regular gasoline today is at $4.24 a gallon.

Gas has doubled in price since the 2020 election.
President Trump made America an energy exporter. Joe Biden shut that down on Day 1 by killing the Keystone Pipeline and shutting off millions of acres for gas and oil exploration and development. China, Russia, Venezuela and Iran were very pleased with Joe Biden’s energy plan.

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Now Democrats are hoping to buy voters by giving them $300 a month of their own money to pay for their record gas prices. How cynical.
This is how Democrats solve every problem — by bribing you with your own money.
The Daily Mail reported:

With the price of gas rising across the U.S., lawmakers are developing a string of proposals to help motorists – from $400 rebates for all taxpayers in California to imposing windfall taxes on oil companies or a sliding scale of payments that could net families as much as $300 every month.
The average cost of a gallon has raced past $4 a gallon amid domestic inflation and the impact of Vladimir Putin’s war in Ukraine.
This week, the average price of a gallon of regular gas in Los Angeles hit a record $6.011, even as the national average continued to decline slightly from the all-time high earlier this month, according to the AAA Gas Price Index.
An opinion poll published Wednesday found that almost three quarters of voters were in favor of a holiday from federal energy taxes to ease the burden.
And lawmakers across the country are pushing legislation to bring down prices at the pumps.
A new bill proposed by three Democrats – Reps. Mike Thompson of California, John Larson of Connecticut and Lauren Underwood of Illinois – could be worth $300 each month to some families if the price of a gallon stays above $4.

 

[PAWrocka]

ya Im not reading the GWP ...

BUT ... payments to people to help with gas costs is BEYOND stupid. Only thing more stupid was providing rent assistance to tenants and NOT landlords and then banning evictions. I understood the desire not to have a housing/homeless crisis in the the heat of the pandemic so banning evictions made sense, BUT the assistance shouldve gone directly to the landlords.

Just my opinion .... soooooo thats worth nothing .... but we should be running full tilt in our oil fields and pipe lines, .... yup ... drill baby drill. Doing that cripples Russia and neuters OPEC a bit. NOW ... in parallel, investment in your charging stations, subsides for EV companies for R&D to increase capacity (size) and range, also increase in manufacturing capacity to lower cost of EVs (demand supply), and R&D in better renewable energy .......

Im not a crunchy hippie by any means ... I would just like to tell the Middle East to piss off ....and we can do it, we absolutely can .... we just need to tell Oil lobbyist and CEOs to piss off as well.

 

[scotchtiger]

Only thing more stupid was providing rent assistance to tenants and NOT landlords and then banning evictions. I understood the desire not to have a housing/homeless crisis in the the heat of the pandemic so banning evictions made sense, BUT the assistance shouldve gone directly to the landlords.

Yep. This cost me 5 figures during the pandemic. One particular loser, piece-o-shit tenant didn't pay rent for 9 months and we couldn't get her out.

Handing people money for rent with no requirement to actually pay that rent - what could go wrong? Pretty typical government thinking.

And yes, handouts for gas should really help inflation...

 

[WapPride]

did you not get a mortgage forbearance on your rental properties? my friend and i have 3 properties together and we were able to defer mortgage payments for a year.

 

[WapPride]

ya Im not reading the GWP ...

BUT ... payments to people to help with gas costs is BEYOND stupid. Only thing more stupid was providing rent assistance to tenants and NOT landlords and then banning evictions. I understood the desire not to have a housing/homeless crisis in the the heat of the pandemic so banning evictions made sense, BUT the assistance shouldve gone directly to the landlords.

Just my opinion .... soooooo thats worth nothing .... but we should be running full tilt in our oil fields and pipe lines, .... yup ... drill baby drill. Doing that cripples Russia and neuters OPEC a bit. NOW ... in parallel, investment in your charging stations, subsides for EV companies for R&D to increase capacity (size) and range, also increase in manufacturing capacity to lower cost of EVs (demand supply), and R&D in better renewable energy .......

Im not a crunchy hippie by any means ... I would just like to tell the Middle East to piss off ....and we can do it, we absolutely can .... we just need to tell Oil lobbyist and CEOs to piss off as well.

i don't disagree with your take about how we need to drill more - but the fact is, drilling is incredibly expensive and lenders are being way more stringent with loans in the O&G market than they used to be. i also agree w/ p much everything else you said about how we need to invest in EV for the future while also continuing to separate ourselves from ME/Russian oil. WRT to the difficulties in starting up new O&G sites - i posted about this a week or two ago in another thread:

There’s also other factors wrt why the oil world is crazy right now. Due in part to the drop in the oil prices during the pandemic, a lot of oil and gas companies got upside down with their lenders and either filed bankruptcy or had to settle with their lenders by trading debt for equity. As a result, if the company was a private equity portfolio company, most of the private equity got wiped out because the value of the assets exceeded the amount of senior debt. So now, banks are skiddish about lending to oil and gas companies on a PV9 reserved based loan and private equity has pretty much vanished. Unless it is a public company that can issue stock to raise money, there is not much capital available to finance a drilling program, other than through cash flow. It costs a lot of money to drill a well, especially the two milers and three milers that are being drilled in the Permian Basin

 

[scotchtiger]

did you not get a mortgage forbearance on your rental properties? my friend and i have 3 properties together and we were able to defer mortgage payments for a year.

We didn't need to. We had about 18 doors at the time plus plenty of reserves. But the mortgage doesn't change the fact that particular POS cost us lost rent.

 

[WapPride]

We didn't need to. We had about 18 doors at the time plus plenty of reserves. But the mortgage doesn't change the fact that particular POS cost us lost rent.

i feel for you with the lost rent, we lost out on some too, but personally it's not really going to hurt me or him, and our one permanent tenant was able stay somewhere after they were fired when COVID first hit and it took them 3 months to get another job. they're still with us and are paying a little bit more each month as recompense but we told them we weren't expecting to get reimbursed for those lost months of revenue.

i tend to have sympathy for people who can't afford their own property, and if they're a good tenant i tend to give them leniency on things. i have no idea what kind of tenants you have living in your properties, but we typically only rent to young professionals who are new to the city. with as crazy as housing prices are in charleston right now, it seems like renting is the only option for some people unless you want to live north of summerville and spend an hour in commute to and from downtown every day for work.

 

[scotchtiger]

i feel for you with the lost rent, we lost out on some too, but personally it's not really going to hurt me or him, and our one permanent tenant was able stay somewhere after they were fired when COVID first hit and it took them 3 months to get another job. they're still with us and are paying a little bit more each month as recompense but we told them we weren't expecting to get reimbursed for those lost months of revenue.

i tend to have sympathy for people who can't afford their own property, and if they're a good tenant i tend to give them leniency on things. i have no idea what kind of tenants you have living in your properties, but we typically only rent to young professionals who are new to the city. with as crazy as housing prices are in charleston right now, it seems like renting is the only option for some people unless you want to live north of summerville and spend an hour in commute to and from downtown every day for work.

This person was a holdover from a previous owner. So she did not go through our property managers screening process. I don’t deal with any tenants or collections, but she was completely non-responsive to any outreach or communication from my understanding. No explanation, no plan to repay, just zero payment for 9 months. Then she bailed without saying anything. I would have been happy to work with a tenant on extended payment or even forgiveness given good communication.

This particular group of properties is lower income. We sold around 11 doors worth of them shortly after for a tidy profit. I found the line I prefer to draw on tenant quality.

 

[gardentiger]

It's all on purpose. Venezuela is the concept.