What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results.
A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate gasoline and diesel fuel prices in an effort to lower fuel prices ahead of the 2024 Presidential election. Watch Biden suddenly stop caring about fuel prices once he wins reelection!
After last week’s huge draw, expectations were for a smaller draw (which API showed last night), but the actual crude draw was smaller – just 1.5mm barrels. Stocks at the Cushing hub fell 400k barrels and products also saw notable draws..
At least we now know who left cocaine in the White House!
