Cheap gasoline prices were key to the Trump-era "boom" for the bottom half of income earners destroyed by the Great Recession

Reported here in "Inflation-shocked low- and middle-income Americans may not spend normally for years":

“For a very large share of Americans, the bottom 60% are spending more on essentials than before the pandemic,” said Michael Pearce, Oxford Economics deputy chief U.S. economist. “The burden is hardest among the lowest income but also touches middle income. Spending patterns of low-income Americans will take years to recover.” ...

The last time low-income Americans’ discretionary spending fell this much, which was during the Global Financial Crisis of 2007-2008, it took five to 10 years for spending patterns to return to previous levels, he said.

“And the reason was gas prices fell,” Pearce said. Global oil prices fell by about 70% between 2014-16, which pushed pump prices sharply lower and helped low-income Americans catch up.

“It’s harder to see some revolutionary cost saving (like that) on the horizon,” he said. 

          

Harder to see only if we continue with the green energy nonsense.

The opportunities are YUGE for Trump/Vance because ALL energy costs much more now.

It's not just gasoline. Get the government boot off the neck of fossil fuel producers and gasoline will come down, natural gas will come down, and electricity will come down. 

Base energy from coal should be transitioned to nuclear, which works in cold weather and hot weather without fail just like coal, unlike natural gas, wind, and solar, which are fine where appropriate but not as base energy, the energy you must have when you need it when the sun doesn't shine, the wind doesn't blow, and the gas won't flow.

J. D. Vance knows:

 

 

Democrat fools like Jennifer Granholm retired 108 gigawatts of coal electric capacity 2011-2021, now say we need 200 gigawatts new capacity by 2050

It took 16 years to get this reactor operational, 15 for Unit 3. Each of these new units are rated for net summer capacity of 1.1 gigawatts.

By 2028 alone it is estimated the US will need 38 gigawatts of new peak demand capacity.

 

Remarks as Delivered by Secretary Jennifer M. Granholm on Startup of Vogtle Unit 4 and Growth of U.S. Nuclear Industry

Waynesboro, GA
May 31, 2024

Startup of Unit 4 makes Vogtle the largest source of carbon-free power on U.S. electric grid:

To reach our goal of net zero by 2050, we have to at least triple our current nuclear capacity in this country. That means we’ve got to add 200 more gigawatts by 2050. Okay, two down, 198 to go!

Obama's war on coal has resulted in the elimination of electrical generation capacity equivalent to the entire nuclear power sector, and these idiots wonder how America ended up running out of electricity

Starting from 2012 and going through 2022, ~ 106 GW of coal-fired capacity was eliminated in the US.

Of the ~ 200 GW remaining, ~ 23% is scheduled to be eliminated through 2029.

Meanwhile China just builds and builds and builds new coal-fired capacity. It now has at least 1,109 GW of coal-fired capacity, five times more than the US.

Nuclear power plants nearest to the Japan quake today had already been offline for routine inspection

 Reported here:

Hokuriku’s Shika plant in Ishikawa, the closest nuclear power station to the quake’s epicentre, had already halted its two reactors before the quake for regular inspections and saw no impact from the quake, the agency said.

Stuff that's been in the news since March 6th

 Xi Jinpingpong blamed the US for the first time for his domestic failures, according to the Wall Street Journal. He's a commie reactionary with Chinese characteristics. Not a good sign of what's to come.

Some cracker Republican in Florida wants bloggers to register like lobbyists, and Ron DeSantis finally came out against that, thankfully. A little late, though. Newt beat him to it.

Vivek Ramaswamy says CPAC shook him down for $$$$ in exchange for which they'd see to it he did better in the straw poll. There's no report that Matt Schlapp also asked for a reach-around.

LIBOR surpassed 5% for the first time in 15 years on Monday.

Georgia fired up a nuclear power reactor this week. The country now has 93 operating. 67 were never finished after Three Mile Island. 

A dog and her pups were rescued alive and well from a basement in Turkey more than a month after the Feb 6 earthquake. The death toll is up to 52k.

Thousands of Iranian schoolgirls are being systematically poisoned in Iran. There was a similar incident in Afghanistan during the first Obama administration. Rag-headed heathen bastards.

South Africa is going the way of Rhodesia. 

The UST yield curve aggregate made a new high 4.674% Wednesday v Fed Funds Effective Rate 4.57.

The Obama of Big Oil said peak production from 2019 will never be surpassed.

Pundits who predict inflation won't spiral like the 1970s fail to understand that the price of energy inputs is determinative. Unless energy costs come down big, we're in for it.

Cumulative deaths per million from C-19 in the US are 3,285. In Africa just 181. Follow the science.

The tide is turning on the Wuhan Lab Leak Theory of the origin of C-19 in the press.

Anthony Fauci has authored a paper in CELL which calls for better vaccines than the ones we've got, whether experimental or not. No kidding.

Silicon Valley Bank failed today, the first failure since 2020 when there were four. There was a huge flight to safety. Stocks sold off and longer dated Treasuries rallied 3.45%. The yield curve aggregate plunged 230bp, 3.82%.

Full time employment rose a little in Feb to 49.66% of civilian population. The average last year was 50.1%. 

Germany boosts electricity from coal to 10 gigawatts, a drop in the bucket

 Bloomberg, here:

Germany now generates more than a third of its electricity from coal-fired power plants, according to Destatis, the federal statistical office. In the third quarter, its electricity from the fuel was 13.3% higher than the same period a year earlier, the agency said.  

Germany as recently as 2019 still had 40 gigawatts of electricity capacity from coal, and planned to reduce that to 27 by 2022, so obviously Germany has much more capacity available than 10 gigawatts during its present natural gas supply crisis caused by the Ukraine war.

But Germany's more serious mistake than reducing its coal capacity was its voluntary and hysterical reduction of nuclear generation capacity by 40% in the wake of the Fukushima disaster in 2011. Now it's got just 3 reactors left out of the 17 it had back in the day. 

Meanwhile US electric capacity from coal in 2021 dwarfed the German, at about 210 gigawatts, but that is way down from almost 318 in 2011, a similarly ideologically driven, self-imposed, and illogical reduction of 108 gigawatts, or 33% in ten years.

The foolish growing reliance on unreliable "green energy" in the US and the turn away from coal which began in earnest under Obama has meant increasing unreliability of electric resources during extreme events, and a huge increase in the duration of power outages experienced by customers.

The average customer outage was just north of 8 hours in 2020 vs. about 3.5 hours in 2013, an increase of over 130%.

This will only get worse if America tries to rely on wind and solar at the expense of fossil fuels and nuclear.

 

 

Despite 2015 Paris climate agreement, global reliance on coal grew by about 8%, looks to grow 23% more, shattering Greta's world, lol

 The NGOs report said there are currently more than 6,500 coal plant units globally with a combined capacity of 2,067 gigawatts. ...

Urgewald’s Schuecking told CNBC that since the 2015 Paris accord was signed, the global coal plant fleet had seen a net increase of roughly 157 gigawatts. That’s the equivalent of Germany, Russia, Japan and Poland’s coal fleet added up together.

The research found that 467 gigawatts of new coal-fired capacity were still in the pipeline worldwide. And, if realized, these projects would increase the world’s current coal power capacity by 23%. ...

China was found to be responsible for 61% of all planned coal power capacity additions and, perhaps unsurprisingly, the top four coal plant developers were found to be Chinese companies . . .. China Energy Investment Corporation was the world’s top thermal coal producer last year. This was closely followed by Coal India . . ..

I omitted Schuecking's temper tantrum parts of the story, here.

She is, predictably, a German environmentalist wacko who is also against nuclear power. Urgewald is full of crazy Karens just like her who agitate against corporations and try to get individuals like David Malpass of the World Bank fired because they don't mouth the right words like the Paris Climate Accord hypocrites do.

Urgewald is Exhibit A for the prospect of Germans freezing to death this winter.

LOL, reactionary California Senate votes 69-3-8 to keep Diablo Canyon Nuclear Plant open another five years as green energy not up to the task

 

Germany remains the cause of and the solution to all of Europe's problems: Flip the switch to "On" and Germany's need for Russian gas ends

... in 2010, when Germany was generating more than 20 percent of its electricity from nuclear power plants, Chancellor Angela Merkel extended the phaseout schedule to the mid-2030s. As other politicians had promised in the past, the extension was framed as a “bridge” to help the nation generate cost-effective power until renewables could take over. 

But just a few months later, the Fukushima disaster struck. Germany’s anti-nuclear movement had already been enraged by the phaseout delay; the disaster only fueled their opposition. Germany swiftly closed most of its nuclear reactors and reestablished 2022 as the deadline for the phaseout — called the atomausstieg.

More.

The green ideology in Germany must go, just as Merkel has.

 

 

Better build a bunker, Chicoms are building two new breeder reactors which produce plutonium

China Is Building Two Secret Nuclear Reactors. Scientists Are Worried:

 

Why would China be stockpiling plutonium behind closed doors? “China is presently engaged in a large nuclear weapons build-up that U.S. intelligence officials publicly estimate will result in at least a doubling (or more) of the size of Beijing’s nuclear arsenal,” the experts explain, and accumulating plutonium gives them even more of these critical resources.

Nuclear power is only too slow because the same folks predicting climate apocalypse have been trying to stop it since the 1970s

And that's why it's too expensive, but I thought no price was too high to pay to secure the future for the children, you frauds.

AOC can't hide her laughably grandiose, pie in the sky, Green New Deal FAQ Launch from the cloud, either

AOC probably got an "A" on this paper in college, lol.

 

LAUNCH: Thursday, February 7, at 8:30 AM.:

Move America to 100% clean and renewable energy

Repair and upgrade U.S. infrastructure. ASCE estimates this is $4.6 trillion at minimum.

Meet 100% of power demand through clean and renewable energy sources

Upgrade or replace every building in US for state-of-the-art energy efficiency

Build charging stations everywhere

Build out high-speed rail at a scale where air travel stops becoming necessary

Replace every combustion-engine vehicle

Retrofit every building in America

It’s unclear if we will be able to decommission every nuclear plant within 10 years, but the plan is to transition off of nuclear and all fossil fuels as soon as possible

Protect right of all workers to unionize and organize

Economic security for all who are unable or unwilling to work

Yes, we are calling for a full transition off fossil fuels 

Simply put, we don’t need to just stop doing some things we are doing (like using fossil fuels for energy needs); we also need to start doing new things (like overhauling whole industries or retrofitting all buildings to be energy efficient).

Ensure that all GND jobs are union jobs that pay prevailing wages and hire local

Create economic prosperity for all

Create millions of high-wage jobs and ensure prosperity and economic security for all

Clean air and water, climate and community resiliency, healthy food, access to nature, and a sustainable environment for all

Create affordable public transit available to all

Provide job training and education to all 

Provide high-quality health care, housing, economic security, and clean air, clean water, healthy food, and nature to all

[Free coffee and toilets 24/7 at Starbucks]  

Hm, now 14 US sailors in reactor room of aircraft carrier Ronald Reagan face drug abuse charges

Gee, where'd they ever get the idea that drug use was ok?

Officials: Ronald Reagan LSD probe bigger than you think, 14 nuke sailors snagged

GE's Obama champion Jeff Immelt took its bonds from AAA to one notch above junk, just like its products

From the story here, which never once mentions the problem of declining product quality:

It’s a bad day for a CEO when he announces he’s retiring and the stock goes up. That was Jeff Immelt’s day on June 12, 2017. ... Its bonds, rated triple-A when Immelt became chief, are now rated five tiers lower at A2 and trade at prices more consistent with a Baa rating, one notch above junk.

Did Immelt run GE into the ground?

Look no further than its light bulb business. While GE-branded lightbulbs shifted to compact-fluorescent technology and then to LED with big promises of longevity which never panned out (trust me, I have BAGS FULL of expensive, failed examples of each), it somehow stopped knowing how to make incandescent lightbulbs which worked, too.

I discovered this with its appliance bulbs. A couple of years ago I had to replace an oven bulb after a few years of service from the original one. None of the GE replacement bulbs lasted more than a day. When I went online I discovered the problem wasn't mine alone. Customers all over the country were having the same problem.

I've had a similar experience with another GE appliance component: gas oven igniters. The OEM part lasted just six years. The OEM replacement? Less than two.

Additionally, GE's long-term care insurance business appears to be tracking the same history. It sold off some of that business not long after 911, and what business it has kept in that line has been in the (bad) news lately as well. GE over-promised on some plans it issued and undercharged for them, not realizing that claims would exceed expectations, making the plans unprofitable. I'm sure that's unsettling to policy holders who trusted GE. How long before the long-term care plans of older customers stop working altogether?

And is it just a coincidence that the Fukushima nuclear reactors were of GE design?

Yeah, sure. Just a coincidence.

German AfD comes in a strong third, Social Democrats crash, Merkel forced to form coalition with FDP and Greens

The UK Telegraph reports here:

The SPD’s decision to return to opposition has limited her options, with a three-way coalition with the pro-business Free Democratic Party (FDP) and the Greens the only obvious option.

However, the FDP is unlikely to countenance the EU reform objectives of France's Macron, and the Greens want to shut down the coal plants Merkel relies on after she shut down the nuclear plants in the wake of Fukushima, which the FDP opposes, making life very difficult indeed for Frau Merkel.

Meanwhile the anti-Islamist AfD is set to take seats in the parliament, the first time the right has been represented there since 1961.

Unimaginably high radiation reading at Fukushima Daiichi Reactor 2: 530 sieverts

Just 8 sieverts will kill you dead.

Story here.

Toronto Canada is the new crucible for molten salt reactors

Ambrose Evans-Pritchard reports here:

Canada is now the crucible for molten salt reactors. Terrestrial Energy in Toronto is the most advanced such project in the world with an integral molten salt reactor, and is already pre-licensed. "We can bring our reactor to the commercial market in the 2020s," said the chief executive Simon Irish.

"Once we put a shovel to the ground we can build it in three to four years. The parts can be manufactured on a mass scale.  We believe we can produce power for 40-50 US dollars per megawatt hour," he said.

WaPo Gen Xer drinks climate Kool-Aid, attacks Baby Boomers for causing global warming and running up the $18 trillion debt

spotted headed to Mt. Rushmore

Here:

"Boomers soaked up a lot of economic opportunity without bothering to preserve much for the generations to come. They burned a lot of cheap fossil fuels, filled the atmosphere with heat-trapping gases, and will probably never pay the costs of averting catastrophic climate change or helping their grandchildren adapt to a warmer world. They took control of Washington at the turn of the millennium, and they used it to rack up a lot of federal debt, even before the Great Recession hit."

Substitute "liberals" everytime you see "boomers" in the essay and it makes a lot more sense than attacking your parents per se. Instead the author prefers to commit Maoism in "Baby boomers are what’s wrong with America’s economy". 

Meanwhile, exporting good jobs and importing cheap labor were artifacts of the 1960s revolution, advanced by people who were fellow travelers under FDR. The height of the baby boom generation was what, aged 10 in 1967? 

In the end, Jim Tankersley can't add and subtract, but what his father gave him for Christmas in 2012 for his patricidal thesis says it all:

"After I first outlined this argument to my father in 2012, he gifted me an actual lump of coal for Christmas."

Well done, Dad! The earth remains full of coal, especially American earth, ensuring energy independence as far as the eye can see, as well as oil and natural gas and . . . thorium! If only we'll use it. 

It makes more sense to rely on these going forward because they remain so plentiful, employing technologies to make them harmless to human health, invented by smart people from every generation.

But if a Maunder Minimum ensues in 2030, we might not care as much about the health as the warmth.

Japan will finally restart one nuclear power reactor tomorrow after 4-year shutdown since Fukushima accident

Reported here:

Japan's 48 functioning reactors have largely been shut since the catastrophe at Tokyo Electric Power Company's Fukushima Daiichi plant in 2011, one of the world's worst nuclear disasters.

Kyushu's Sendai reactor is one of at least 25 expected to restart over the course of the next decade as Prime Minister Shinzo Abe aims for nuclear power to generate 20-22 percent of the country's electricity by 2030, compared to 30 percent before the nuclear closures. Another 20 reactors are in various stages of the restart process, according to the Nuclear Energy Institute.

Japan poised to rise from the dead: nuclear plants finally to begin restart after 2011 Fukushima disaster

The Japan Times reports here:

The Nuclear Regulation Authority is moving toward the first reactor restart under its new safety requirements since the Fukushima disaster started, giving impetus to bond sales by utilities as borrowing costs plunge. ...

“The fact that the government is in favor of restarting reactors is positive because it shows a firm commitment toward the electric power companies,” said Yasuhiro Matsumoto, the senior manager for the financial services industry at ABeam Consulting Ltd. “Once one restart is approved, others will come one after another, and the pace may quicken. You can’t approve one but turn down others.” ...

All 48 of Japan’s functioning commercial reactors are idled for safety checks after a tsunami wrecked Tokyo Electric Power Co.’s Fukushima No. 1 plant on March 11, 2011, and caused the worst nuclear crisis since Chernobyl in 1986.