Warren Buffett: Rising Gas Prices Won’t Derail Economic Recovery

By Doug Powers  •  February 27, 2012 10:33 PM

**Written by Doug Powers

This morning I filled up the gas tank, and my wallet thought it got hooked up to a 100 horsepower electric cow milker, but it’s good to know that the extra pain isn’t standing in the way of an economic recovery. At least not according to Warren Buffett.

From The Hill:

Billionaire investor Warren Buffett expressed confidence Monday that surging oil and gasoline prices won’t halt the country’s economic recovery.

“They’re a minus, but I don’t see them stopping things,” Buffett said on CNBC.
[...]
“I’d rather have them a lot lower,” said Buffett, a supporter of President Obama. But he then added: “I do not think it will derail what has been going on now for almost three years, two and a half years — we have had a steady recovery.”

Remember though, sometimes even Buffett’s predictions are off base. It’s just that most people don’t have the luxury of his margin of error.

Some Democrats aren’t as convinced as Buffett. They’re not yet saying “drill, baby drill,” but they are on the verge of summoning its baby brother, “tap, baby tap.” As for me, I’ve stopped cleaning the fish tank so as to have a head start on a fuel stockpile for whenever the new algae powered cars come out.
*****

Passing thought: How about a “Buffett Rule” for gas? The idea would be that people like Warren Buffett pay substantially more at the pump so the rest of us can pay less, or even nothing at all. As it stands right now, somebody who makes $50 million a year pays $4 a gallon, and somebody who makes $30,000 a year also pays $4 a gallon. That’s just not fair to Buffett’s secretary.

To make it fair, the former should be paying about $8,500 a gallon for gas, and the latter nothing. Whaddaya say, Mr. Buffett? …Mr. Buffett?

**Written by Doug Powers

Twitter @ThePowersThatBe

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Comments


  1. #1
    On February 27th, 2012 at 10:45 pm, peteee said:

    if i had his wallet, these gas prices wouldn’t hurt me either.

  2. #2
    On February 27th, 2012 at 10:50 pm, Pasadena Phil said:

    He must be referring to a different economy than the one on this planet. On this planet, when I spend $500 per week to fill a tank that used to cost $35 to fill, it means I have $465 less to spend on other things. Our planet is weird that way.

  3. #3
    On February 27th, 2012 at 10:53 pm, Flyoverman said:

    I never thought I would ever see a billionaire whore.

    You are looking at one.

  4. #4
    On February 27th, 2012 at 10:54 pm, Ret7army said:

    Of course the rising gas prices won’t derail the economy its already off the rails. Recovery? What recovery?

  5. #5
    On February 27th, 2012 at 11:01 pm, SHoward said:

    Passing thought: How about a “Buffett Rule” for gas?

    Dammit, Doug, don’t give them any more bright ideas! You know that, just as the original “Buffett Rule” wound up applying way down below his income level, so too will this.

  6. #6
    On February 27th, 2012 at 11:05 pm, Republicanvet said:

    “As it stands right now,somebody who makes $50 million a year pays $4 a gallon,and somebody who makes $30,000 a year also pays $4 a gallon. That’s just not fair to Buffett’s secretary.”

    Kinda puts his whining about taxes into perspective.

  7. #7
    On February 27th, 2012 at 11:22 pm, Raider109 said:

    I’m really starting to believe that no matter who the Republicans run it doesn’t matter. The MSM, Dems, and the utter stupidity of the American electorate will vote in Obama for another term.

  8. #8
    On February 27th, 2012 at 11:23 pm, Pasadena Phil said:

    OF COURSE high gas prices won’t derail the economy. The economy isn’t a train! It’s a bus! And we are holding an election this November to decide which uniform the driver will be wearing as he drives it off of the cliff.

  9. #9
    On February 27th, 2012 at 11:42 pm, OK_Loyalist said:

    Maybe the TEAMSTER’s can go on strike to help the effort.

  10. #10
    On February 28th, 2012 at 12:01 am, Hangfire said:

    I’ll take high gas prices over buying a newer, more fuel efficient car.

    I trust Barry Soetoro to be able to get the price of gas down just before the November elections.

  11. #11
    On February 28th, 2012 at 12:05 am, OK_Loyalist said:

    On February 28th, 2012 at 12:01 am, Hangfire said:

    You just won’t give up the LTD because Ford has no other models since they ditched the Excursion with anchor capabilities.

  12. #12
    On February 28th, 2012 at 12:12 am, AmericanGirl30 said:

    Passing thought: How about a “Buffett Rule” for gas? The idea would be that people like Warren Buffett pay substantially more at the pump so the rest of us can pay less, or even nothing at all. As it stands right now, somebody who makes $50 million a year pays $4 a gallon, and somebody who makes $30,000 a year also pays $4 a gallon. That’s just not fair to Buffett’s secretary.
    To make it fair, the former should be paying about $8,500 a gallon for gas, and the latter nothing. Whaddaya say, Mr. Buffett? …Mr. Buffett?

    Love this!!!

    I wonder where Buffett found the brains to amass a fortune when he’s making idiotic claims like we’ve been in a recovery for almost three years. Since he can’t be that stupid, it’s gotta be an attempt to snow the American people to boost Obama’s re-election chances. There must be something really good in it for him if Obama gets re-elected. One wonders what the delicious payback is going to be.

  13. #13
    On February 28th, 2012 at 12:16 am, SignPainterGuy said:

    AmericanGirl30 #12,

    You just have to know Buffet is getting some of those insider trading tips, and other, smarter people are handling his investments !

  14. #14
    On February 28th, 2012 at 12:23 am, ChapBix said:

    Either Buffett is off his meds or senile dementia is catching up with him.

  15. #15
    On February 28th, 2012 at 12:26 am, OK_Loyalist said:

    Buffet will mean something when he pays his fair share, starting with his past due taxes.

  16. #16
    On February 28th, 2012 at 1:13 am, stuckinIL4now said:

    Of course they won’t. How can rising gas prices, or anything else for that matter, derail a recovery that’s not happening? Seriously, who writes this material for the Dimbeciles?

  17. #17
    On February 28th, 2012 at 1:21 am, SignPainterGuy said:

    stuckinIL4now #16,

    From the looks of it, Debbie Washerwoman Schultz. She may even be the writer for Media Matters !

  18. #18
    On February 28th, 2012 at 7:39 am, Marshall_Will said:

    AmericanGirl30 said,

    I wonder where Buffett found the brains to amass a fortune when he’s making idiotic claims like we’ve been in a recovery for almost three years.

    If you’re in Gov’t employment ( things have never been better! ) That makes two of us. Show me someone ( not a divorce or BK atty. ) that can actually claim his/her life is better?

  19. #19
    On February 28th, 2012 at 8:16 am, Rogue Cheddar said:

    Hey Doug, do you mind if I syphon from your fish tank? I’m a little low and I don’t think I can make it to the aquarium in Boston.

  20. #20
    On February 28th, 2012 at 8:53 am, Truesoldier said:

    he then added: “I do not think it will derail what has been going on now for almost three years, two and a half years”

    If Buffett had stopped right there he would have been spot on. Obama and energy secretary Chu have both said that they want higher gasprices.

  21. #21
    On February 28th, 2012 at 8:55 am, Truesoldier said:

    Some Democrats aren’t as convinced as Buffett. They’re not yet saying “drill, baby drill,” but they are on the verge of summoning its baby brother, “tap, baby tap.”

    Actually Doug you do have one Dem Senator that wants “drill, baby, drill”…in Saudi.

  22. #22
    On February 28th, 2012 at 8:56 am, ZippoDude28 said:

    I’m sure FLOTUS pays $3000 for that $30 outfit she buys in “disguise” when she’s shopping at Target … because she can afford it, making clothing affordable for the rest of us.

  23. #23
    On February 28th, 2012 at 9:01 am, Teddy Kennedy said:

    Errah, More prognostication from the Scarecrow of Omaha:
    “I could wile away the hours
    Conferrin’ with the Obamas
    Countin’ all the money that I’ll gain
    And my head I’d be scratchin’
    While my schemes were busy hatchin’
    If I only had a brain!”

  24. #24
    On February 28th, 2012 at 9:03 am, swede said:

    Are algae prices going down?

    OT. Via Free Beacon

    The Obama administration’s proposed defense budget calls for military families and retirees to pay sharply more for their healthcare, while leaving unionized civilian defense workers’ benefits untouched.

    God, I hate this man.

  25. #25
    On February 28th, 2012 at 9:03 am, Misscheryl said:

    Warren Buffett: Rising Gas Prices Won’t Derail Economic Recovery

    #1 – What economic recovery and

    #2 – Gas prices are the sole fault of George Bush but King Obama will deem them not to effect American’s pocket books – cause he and Buffett say so. That dust up coming from inside your wallets is simply a figment of your imagination. Get over yourselves.

  26. #26
    On February 28th, 2012 at 9:05 am, Misscheryl said:

    swede said: God, I hate this man.

    He’s the enemy.

  27. #27
    On February 28th, 2012 at 9:06 am, Teddy Kennedy said:

    Errah, How soon before Algae is listed on the Chicago Mercantile? Watch out porkbellies you’ve had your day in the sun!

  28. #28
    On February 28th, 2012 at 9:09 am, Truesoldier said:

    On February 28th, 2012 at 9:03 am, swede said:

    The Obama administration’s proposed defense budget calls for military families and retirees to pay sharply more for their healthcare, while leaving unionized civilian defense workers’ benefits untouched.

    Of course this is what we come to expect from the left. They do not care about the military nor their families, but the unions are one of thier biggest constiuentencies. And there is that key phrase again. Remember, the majority of DoD civilians are non-unionized (there is no mandatory unionization of workers in the DoD it is all voluntary).

  29. #29
    On February 28th, 2012 at 9:16 am, OK_Loyalist said:

    Obumblears Gasoline Crisis policy is a two prong approach:

    1.) Properly Inflated Tires

    2.) Eat Your Peas

    Smartest Prez Evah!

  30. #30
    On February 28th, 2012 at 9:20 am, stillontheroad said:

    On February 28th, 2012 at 9:03 am, swede said:
    On February 28th, 2012 at 9:09 am, Truesoldier said:

    This is just one more slap in the face against the Military and is an absolute betrayal of the Promises the United States Government made to every Military Man and Woman that has ever served and still are serving. Just the idea that military medical care in any way, shape or form can be played with in this fashion is so heinous it should be considered a crime.
    The Sock Puppet and his minions have shown before and continue to show their true colors – YELLOW and RED. Every person that can walk, talk, crawl and has a voice and/or a hand should be screaming at the top of their lungs and writing letters to the powers that be till their hands bleed. This Little IMP and his cohorts continue to wipe their collective a—es with the military and the constitution and must be made to know that a line in the sand has been drawn. Gads I hate these vermin.

  31. #31
    On February 28th, 2012 at 9:33 am, John Deaux said:

    Problem is that Obama will try to blame Republicans for the high prices and the media will back him. Then he’ll trot out some new refundable tax credit to help out the working families which is just another way to redistribute income.

  32. #32
    On February 28th, 2012 at 9:44 am, Misscheryl said:

    9:33 am, John Deaux said:

    Problem is that Obama will try to blame Republicans for the high prices and the media will back him. Then he’ll trot out some new refundable tax credit to help out the working families which is just another way to redistribute income.

    Yep, never let a crises go to waste especially those you create.

  33. #33
    On February 28th, 2012 at 9:58 am, thejim said:

    Warren Buffoon is one of the casts of characters offered up by the media in order to marginalize the real story. Look at the characters featured daily in virtually every story, from supporting not-directly-involved clowns like Buffoon to Czars and Cabinet members like Holder and Napolitano that can’t be taken seriously. They are a comic diversion, a way to cover the very real damage and destruction that the Traitor-in-Chief is purposely inflicting on our nation.

  34. #34
    On February 28th, 2012 at 9:58 am, Paratus said:

    You probably haven’t heard that my key-and-kite energy from the air didn’t quite get off the ground, so to speak.

    I’ve come up with a new idea, pie-in-sky, jut don’t know what it will be yet. Maybe it’ll be an algae pie.

    Unions get waivers and the military gets the shaft. That’s the progressives.
    To them if we only didn’t haven’t a military until we need them. Like his non war war with Libya.

    Obama and progressives love to hate the military.

  35. #35
    On February 28th, 2012 at 10:01 am, PKAmmoTroop said:

    Of course Warren Buffett has no problem with high fuel prices, every time the cost of fuel goes up it drives more loads off of trucks on the highway onto the railroad (BNSF) that he owns.

    Any speculation as to why President Obama (Warren Buffett owns a 50% share of President Obama) refuses to acknowledge that gas prices are skyrocketing under his golf vacation term of office?

    BTW – has Warren Buffett paid the $1Billion in taxes that he (Berkshire Hathaway) owes? You know he says he doesn’t pay enough taxes, and of course he is right.

  36. #36
    On February 28th, 2012 at 10:03 am, NC BLUE said:

    Hey Warren–Durable goods demand down most in 3 years across nearly all of the manufactured goods. That’ll make the economy rock. Putz.

  37. #37
    On February 28th, 2012 at 10:17 am, Dexter Alarius said:

    the military gets the shaft.

    What government department seems to be the ONLY ONE that EVER gets its budget cut?
    I’ll give you 3 guesses… and the first two don’t count.

  38. #38
    On February 28th, 2012 at 10:22 am, thejim said:

    What government department seems to be the ONLY ONE that EVER gets its budget cut?
    I’ll give you 3 guesses… and the first two don’t count.

    Border Patrol? NASA? Anything and everything that makes America great or keeps her safe.

  39. #39
    On February 28th, 2012 at 10:36 am, dan708 said:

    More and more, Buffett just sounds like a senile old man. He is deliberately overlooking the fact that $4+ gas prices triggered the ’07/’08 recession in the first place. They were the straw that broke our economy’s back. I can’t why it wouldn’t be any different in 2012.

  40. #40
    On February 28th, 2012 at 10:41 am, dan708 said:

    On February 28th, 2012 at 10:01 am, PKAmmoTroop said:

    Any speculation as to why President Obama (Warren Buffett owns a 50% share of President Obama) refuses to acknowledge that gas prices are skyrocketing under his golf vacation term of office?

    His Keystone XL decision shows that he has allied himself with people who want us to drive Chevy Volts, along with people who JUST PLAIN HATE America.

  41. #41
    On February 28th, 2012 at 10:57 am, 18square said:

    Why is this addlepated old buffoon supporting the pile of steaming obama in our White House and obama’s ilk?

    If we single term limit these self-serving ‘public servants’ – as the Founders intended – the people will again have control of the government in one election cycle. The Founders knew this when they established our nation – 4 or 5 years in office… then go home.

    Term Limits NOW!

    This will ensure for all eternity we will never have to endure another re-election cycle!

    Additionally, this action will remove the unrestricted power of the political parties and return that power to the people.

  42. #42
    On February 28th, 2012 at 11:29 am, Canadian Mike said:

    What a pathetic little weasel you have become Warren. You have traded your honor for a ticket on the crony capitalist express. Hope you like what you see when you look in the mirror.

  43. #43
    On February 28th, 2012 at 11:33 am, AlohaGuy said:

    This morning I filled up the gas tank, and my wallet thought it got hooked up to a 100 horsepower electric cow milker

    Doug, you always have this wrong. You’re supposed to be driving the 100 horsepower electric cow milker. The cow farts too much for the good of the planet anyway, and you’re supposed to be putting soy milk on your cud for breakfast.

  44. #44
    On February 28th, 2012 at 11:38 am, AlohaGuy said:

    whenever the new algae powered cars come out.

    I’m sure one of Obama’s billionaire cronies has tax money in hand and is setting up a company right now. Scumlyndra. Hey, the “Scum” refers to the algae, not the powers that be.

  45. #45
    On February 28th, 2012 at 11:45 am, AlohaGuy said:

    Teddy Kennedy said:

    Errah, How soon before Algae is listed on the Chicago Mercantile? Watch out porkbellies you’ve had your day in the sun!

    The bad news – if you harvest any pond scum in your backyard, you’re messing with “wetlands” and can go to jail. Meanwhile, Obama will loan Soros a billion dollars to drain the Everglades with your tax money – as long as the Dems get a kickback, and Buffet gets the insider trading information in time.

  46. #46
    On February 28th, 2012 at 12:02 pm, thejim said:

    Too few very wealthy individuals have managed to avoid being co-opted by this administration. Some are forced into submission with threats (Murdoch) others are bought (T. Boone & Buffoon) and others for a combination of reasons (Gates).

  47. #47
    On February 28th, 2012 at 12:44 pm, Rogue Cheddar said:

    Hey Warren, why don’t you go cruise the sex bars with Stephen Hawking?! Go throw some dollars for lap dances and ponder with the good scientist, the wonderous enigmas of the universe, and females in particular.

  48. #48
    On February 28th, 2012 at 1:05 pm, Regulus said:

    Over at Hot Air, Ed Morissey has already made the connection between this and the big drop in durable goods orders that’s in the news today.

    If Obama can’t be beaten with a double-dollop of a coming double-dip recession and Jimmy Carteresque stagflation, there’s no way he can be beaten.

  49. #49
    On February 28th, 2012 at 1:15 pm, FirstSkirt said:

    Obeyme: Hey, chickie.
    Boobs Buffet: Watcha want?
    Obeyme: Couple million for starters.
    Boobs Buffet: Oh, yeah? What do I get?
    Obeyme: Inside info and a Volt dealership.
    Boobs Buffet: Well!! What kind of idiot do you think I am?
    Obeyme: We’ve already established that.

    Note: Whores have more character and morals that Boobs Buffet.

  50. #50
    On February 28th, 2012 at 1:24 pm, rambler said:

    How about the Buffet Rule which requires him to pay up his back taxes from his company and he stops using insider info to line his pockets with money.

  51. #51
    On February 28th, 2012 at 2:02 pm, hawkeye54 said:

    If Obama can’t be beaten with a double-dollop of a coming double-dip recession and Jimmy Carteresque stagflation, there’s no way he can be beaten.

    Obama and his cohorts are working to make sure he isn’t beaten…..whatever it may take to ensure his re-election.

  52. #52
    On February 28th, 2012 at 2:03 pm, sb36695 said:

    & they say he’s smart?! haha

  53. #53
    On February 28th, 2012 at 2:06 pm, hawkeye54 said:

    H

    ow about the Buffet Rule which requires him to pay up his back taxes from his company and he stops using insider info to line his pockets with money.

    How ’bout he turns over all his assets to Bammy and his government, in return for lifetime support for the basics of housing, food and medical care, while he occupies a rocking chair on his home’s porch, making himself ever available to the fawning MSM for reporting and recording of his wisdom, insight, witticisms, and playing delightful ballads on his uke.

  54. #54
    On February 28th, 2012 at 2:08 pm, hawkeye54 said:

    & they say he’s smart?! haha

    Smart enough to wheel and deal with politicians to influencelegislation favorable for him to keep and accrue his massive fortune.

  55. #55
    On February 28th, 2012 at 2:21 pm, Collateral Damage said:

    Get a kick (in the ass) out of Obastard’s BFF, Buffett. His companys stand to make billions trucking the oil down from Canada. No wonder he feels no pain!?! (Just another wealthy JACKASS!?!)

  56. #56
    On February 28th, 2012 at 2:35 pm, X-Navy-SWO said:

    Passing thought: How about a “Buffett Rule” for gas?

    I have a better idea: How about we extend the free contraceptives and abortofacients mandate to free gas and oil changes?

    Or does the administration not hate the oil companies more than they hate the Catholic Church?

  57. #57
    On February 28th, 2012 at 2:39 pm, X-Navy-SWO said:

    On February 28th, 2012 at 11:38 am, AlohaGuy said:

    whenever the new algae powered cars come out.

    I’m sure one of Obama’s billionaire cronies has tax money in hand and is setting up a company right now. Scumlyndra. Hey, the “Scum” refers to the algae, not the powers that be.

    I’ll bet ya that T. Boone Pickens is out there right now buying up stagnant ponds all across the country!

  58. #58
    On February 28th, 2012 at 3:07 pm, Rogue Cheddar said:

    LocalYokel: Hey T.Boone, how’s the pickin’s?
    T.Boone: Slim!

  59. #59
    On February 28th, 2012 at 3:15 pm, marco said:

    This crooked old coot is connected to everything corrupt that Comrade Obama is involved in!! He owns BOA, Wells Fargo, insurance companies, real estate firms etc. all of which get cash from Obama’s stash!! Giving a little back to the Kenyan is a small price to pay.He is willing to lie like a rug!! Pretending to want to pay more taxes while in fact raping the taxpayer seems to work on the uninformed!! Follow the money!!

  60. #60
    On February 28th, 2012 at 8:31 pm, MyrmidoNOT said:

    …it is kind of WEIRD, that we now have TWO REAL (snake) OILMEN in the White House.

    They sure seem he!!bent on ‘sopping up’ all the royalties and taxes….for their ‘downstream’ cronies. (NO relief, for us.)

    Kinda brings a ‘tear’ to your eye….knowing they are ‘looking out’ for THEIR (so-called) friends. (Tears of rage, that is…)

  61. #61
    On February 28th, 2012 at 8:33 pm, MyrmidoNOT said:

    …wonder if the NFM/LSM will “pick up” on these two OILMEN? (…crickets…)

  62. #62
    On March 1st, 2012 at 9:33 am, CO_Engineer said:

    I seem to remember that a short $3 spike in the price of gas during the Bush administration was going to bring the country to a halt. Now they are actually talking about $6 gas as a real possibility, and the press is complicit in telling us it is good for us.

  63. #63
    On March 1st, 2012 at 3:24 pm, hawkeye54 said:

    Now they are actually talking about $6 gas as a real possibility, and the press is complicit in telling us it is good for us.

    $6/gal. gas could very well occur here in So. Cal. by Memorial Day weekend, just in time for summer travel season.

    Yup, those “Staycations” will be increasingly popular this summer.

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