Mid-30’s, Family of Four, South Central Pa | STR Investor & Property Manager | Love thoughtful books, good company, philosophy, permaculture, and real estate
Lancaster, PA
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If I understand the effects of this “gas tax suspension” correctly, it will bring down the price at the pump immediately. Inevitably this will incentivize people to purchase more gasoline.
The main reason for high gasoline prices is a shortage of product, and we’ve reached the limitations of the existing refining capacity.
This does nothing to increase production and will boost demand.
This should cause a greater drawdown on historically low product inventories, and the price of gasoline, all else equal, will rise as refiners capture the $0.184/gal as revenue rather than pass it to the federal government.
Short-term gain for long-term pain.
#oott
⭕️ Trump says he is "thinking about" suspending the federal gasoline tax, as fuel prices driven up by the war on Iran threaten Republicans ahead of next month's midterms.
The tax is 18.4 cents per gallon on gasoline and 24.4 cents on diesel, and suspending it would need approval from Congress. Biden floated the same idea in 2022, but Congress never passed it.
Gasoline averaged $4.37 a gallon on Tuesday, according to AAA, up nearly 50% since the US and Israel began bombing Iran in February. That's still below the record of $5.02 set in 2022 after Russia invaded Ukraine.
Diesel, which drives the cost of trucking and food, hit a record $6.53 a gallon last month and stood at $6.32 on Tuesday.
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This is your house, right? @SecScottBessent
Iran has a new oil minister.
Considering Iran has not loaded a single barrel of crude onto a vessel since August 25th, what is the oil minister managing?
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Ben Fitzkee retweeted
Excited to share that distributor made the MMT documentary Finding the Money free to watch worldwide.
FINDING THE MONEY explores Modern Monetary Theory (MMT), challenging conventional ideas about money, government spending, debt, and deficits.
Watch it free now on the Giant Pictures YouTube channel:
youtube.com/watch?v=x3TJFoQW…
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I did not know @esaagar was going to do this, but he started today’s show saying that if 100 people sign up for the free month at BP he’ll fill in for me so I can hit the Richmond Phish show tomorrow.
He also said he’d buy the tickets (and doesn’t know what they cost). So help send me to Richmond: youtu.be/YoW-jfwksvc?t=278
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The Red Dye diesel brouhaha is NOT a factor in huge swings for CME HO contract today. In fact, marketers are being exhorted to channel the fuel only to traditional targets (agriculture, school buses) and not to typical on road use. An accounting can of worms looms large.
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That tanker for tanker policy the US claimed to be implementing didn’t last long.
BREAKING: Iran has again launched multiple anti ship cruise missiles toward U.S. Navy escorted vessels in the Strait of Hormuz, with explosions reported across the waterway.
The U.S. has so far not responded to any of the latest attacks, despite repeated Iranian launches toward vessels operating under U.S. Navy escort. More than 4 to 5 attacks have reportedly occurred in the last 36 hours, according UKMTO.
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Wasn’t the world economy burning through 100,000,000 barrels per day prior to the war?
Emergency oil stockpiles have just started being released worldwide.
The world's richest governments just agreed to flood the market with 100 million barrels of oil over four months.
Here's everything you need to know:🧵
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Ben Fitzkee retweeted
When the President has to explain that it’s actually our proxy war in Eastern Europe, not our regime change war in the Middle East, that’s driving up the cost of living for hardworking Americans, it should be evident to everyone that our foreign policy does not serve the American people.
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Ben Fitzkee retweeted
Real world lessons on this quote appear to have commenced.
Let’s watch.
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It’s Sunday afternoon - time for a flood a BS rumors of peace negotiations, and Trump admin claims of “victory” before the markets open for the week.
The more things change, the more they stay the same 🙃
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Ben Fitzkee retweeted
Europe just threw 100 million barrels of emergency stocks at the market—and Brent barely blinked.
With Middle East exports reportedly back to ~84% of normal, Brent remains above $100 and physical differentials are strengthening.
That’s the signal: the market is tighter than the headlines suggest.
So we get a large European SPR release with Middle Eastern exports purportedly back to 84% of normal, and oil only falls by ~$2/bbl with Brent still above $100. I can hear the panic in the Whitehouse all the way from Toronto. The status quo is not sustainable!
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Ben Fitzkee retweeted
Your business will grow faster from firing all the dumb people than it will from hiring more smart people.
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This app suppresses YT links so please give this a share and watch
🎥 WATCH: Massacre at Minab: The School That Became a Grave
In the opening hours of the war against Iran, on February 28, 2026, the U.S. military fired Tomahawk cruise missiles directly at a school in the southern city of Minab. At least 156 people were killed that morning at Shajareh Tayyebeh school—120 of them were children and 26 were teachers.
It will go down in history as one of the gravest war crimes committed by the U.S. government since Vietnam.
Drop Site News conducted a two-month investigation into the strike, speaking with survivors, first responders, parents, doctors, teachers, psychologists, and other witnesses. Some of them had never before shared their experiences of that day. This is their story.
youtu.be/9OmK0oeq5fc?si=x59v…
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Ben Fitzkee retweeted
🎥 WATCH: Massacre at Minab: The School That Became a Grave
In the opening hours of the war against Iran, on February 28, 2026, the U.S. military fired Tomahawk cruise missiles directly at a school in the southern city of Minab. At least 156 people were killed that morning at Shajareh Tayyebeh school—120 of them were children and 26 were teachers.
It will go down in history as one of the gravest war crimes committed by the U.S. government since Vietnam.
Drop Site News conducted a two-month investigation into the strike, speaking with survivors, first responders, parents, doctors, teachers, psychologists, and other witnesses. Some of them had never before shared their experiences of that day. This is their story.
youtu.be/9OmK0oeq5fc?si=x59v…
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Ben Fitzkee retweeted
turns out this was a good theory
Call me conspiracy theorist, but it feels as if Trump's talking about the diesel ban is all about sending a message to EU/UK: release diesel from your SPRs (and stop bidding up the market to beef up said reserves) and talk to Zelenskyy. Or else I close your diesel lifeline.
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Entire proposal is underwhelming. Russia used to export 800,000 b/d so the release barely covers half of that. The world's loss of diesel output in 2026 is measured in millions of b/d.
➡️ Assume half of Europe’s release is diesel, and you get ~400kbd. That’s a significant fraction of the lost volumes from the Middle East and Russia.
➡️ With harvest season largely done, a modest restart of Russian diesel exports is possible in 30-60 days (but not guaranteed).
➡️ Strait of Hormuz passage of diesel has also risen, still down by half vs pre-crisis levels, but improving.
#OOTT #Russia
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Well said
According to an eyewitness account given to @nytimes, the @flydubai cockpit door was partly opened. Unclear if the injured pilot had managed to open it from inside, but that is entirely plausible. The point is, according to this account, the door was not broken into, which if this is accurate, resolves a big question people have been wildly speculating about.
Do we know what happened for sure? No. But all this is plausible and I mention it to say that there is no point in people spinning definitive stories with little knowledge based on huge assumptions. Of course "Israel" will spin the story to its best advantage, but that does not mean "Israel" created the incident. As I said earlier, this incident does not help "Israel," because its diplomatic, aviation, tourist and military relations with the UAE are one of its greatest assets in world that increasingly despises it. It's bad for "Israel," and if "Israel" wanted to create an incident aboard an airliner in order to create a pretext for something, this is not the obvious route or target they would choose.
It's entirely plausible one pilot attacked the other in order to take control of the plane. It's plausible it was politically motivated (a person reacting to genocide or other Israeli crimes). It's plausible it was not politically motivated (think of the 2015 Germanwings plane that was crashed by its pilot who reportedly had had severe suicidal ideation).
Also note that the @nytimes account says that "passengers" landed the plane, which on its face sounds totally implausible. However qualified pilots also travel as passengers, and this could well have been the case. According to @flydubai's own statement, the aircraft was "successfully secured by on-duty flydubai crew travelling on the flight." (Source in next tweet).
All I'm saying is that it is just a bit wearying that people profess complete certainty, sometimes just for engagement, based on extrapolations, assumptions, incomplete information or total fantasies. The difficult part is that I am doubtful we will get complete and accurate information, though I hope I'm wrong about that.
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