Gas almost $7 a gallon

[Elixir]

Gas was 3.21/g at the cheap place up the road.

So everyone who went there got a wage increase, through the associated reduction in the rate of inflation.
WTF, we’re all going to die anyhow when Putler builds the US’s Nightmare Weapon from the plans Cheato sold him (and the Saudis).

 

[TomC]

Gas was 3.21/g at the cheap place up the road.

So everyone who went there got a wage increase, through the associated reduction in the rate of inflation.
WTF, we’re all going to die anyhow when Putler builds the US’s Nightmare Weapon from the plans Cheato sold him (and the Saudis).

You're cute when you get all ragey.

Tom

 

[ZiprHead]

I saw $3.85 here today.

 

[Elixir]

Gas was 3.21/g at the cheap place up the road.

So everyone who went there got a wage increase, through the associated reduction in the rate of inflation.
WTF, we’re all going to die anyhow when Putler builds the US’s Nightmare Weapon from the plans Cheato sold him (and the Saudis).

You're cute when you get all ragey.

Tom

Have you no shred of nuclear humor within you?
Besides, gas is still in the high fours here.

 

[hurtinbuckaroo]

Gas peaked at $4.85 here. It’s been $3.69 for the past couple weeks.

 

[ZiprHead]

I just paid $4.49 here for premium. Regular is in the $3.80ies.

 

[Cheerful Charlie]

Why do you keep repeating that supply hasn't changed? It's up. Considerably. May 2022 was the second highest output of any may in US history.

Huh? What are you talking about? The point is what the supply was doing between June and July 2022, when the prices started dropping. I see no evidence of supplies increasing. But the demand went down quite a bit because of high prices, which is the reason why the prices have been going down recently.

Derec: I've posted my sources many times. The problem is that you are getting your news from right wing sources which don't understand business. I'll give you a preview here, the price of oil is dependent upon the world market. Presidents have very little control over the price. Drilling went down under Trump; it's higher today. But it's because demand was lower during covid; it's higher today. See this link:

Gasoline Prices Up Due to Global Supply-Demand Issues, Russian Invasion of Ukraine - FactCheck.org

U.S. presidents have little control over the price that consumers pay for gasoline. It depends mostly on the price of crude oil, which is set on the global market, based largely on worldwide supply and demand. Yet Republican campaign ads have falsely claimed or suggested that President Joe Biden...

www.factcheck.org

In May 2020, Trump's administration was only able to generate 9,713 of oil. In May 2022, The great Biden generated 11,595! Yahoo, here's the data:

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Don't get too excited. The private sector is the group controlling oil production. And their goal is to maximize profit. Period.

Part of the gas price problem is major gasolinr refineries being shut down. 5% of gasoline refining capabily has been lost. 2 refineries in Louisiana dropped refining gasoline in favor of producing diesel fuel instead.

 

[Loren Pechtel]

Passed a $4.69 today, I think there's cheaper around but I wasn't looking.

 

[ZiprHead]

Holy crap! Gas just shot up 40 cents a gallon here.

 

[Oleg]

Holy crap! Gas just shot up 40 cents a gallon here.

They keep releasing oil from the Strategic Reserve. And some point there won't be any left. What then?

U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1985 – Ohio River Corridor

ohiorivercorridor.com

 

[Ford]

I went to the grocery store, noted the price on the pumps at the fuel center, and by the time I got done shopping, the price had dropped 20 cents.

 

[Ford]

Holy crap! Gas just shot up 40 cents a gallon here.

They keep releasing oil from the Strategic Reserve. And some point there won't be any left. What then?

U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1985 – Ohio River Corridor

ohiorivercorridor.com

If Trump were still President, he could just give the Saudis a bunch of classified info in exchange for more oil.

Oh who am I kidding. He'd take cash and pocket the money for himself.

 

[bilby]

They keep releasing oil from the Strategic Reserve. And some point there won't be any left. What then?

They'll probably stop.

 

[Jimmy Higgins]

Holy crap! Gas just shot up 40 cents a gallon here.

They keep releasing oil from the Strategic Reserve. And some point there won't be any left. What then?

U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1985 – Ohio River Corridor

ohiorivercorridor.com

In reality, and despite what Sec. Granholm may say, there are many other tools at the administration’s disposal that don’t rely on siphoning off our strategic reserves. A better solution would be to embrace America’s role as a leader in natural gas and oil by ramping up domestic energy production and improving pipeline infrastructure to make energy more affordable and readily available. However, the Biden administration has continuously taken actions to discourage domestic production, including banning federal leasing for new development, canceling domestic pipelines, taxing natural gas, and promoting a regulatory environment that hampers investment in future oil and natural gas projects.

Yeah, not getting political there. OMG... he taxing gas. We'll never produce gas again if it costs a bit more to produce or buy it. The US is a global leader in oil and gas production.

 

[ZiprHead]

And I was just wondering if they're switching to the winter blend.

 

[bilby]

And I was just wondering if they're switching to the winter blend.

Probably. The Christmas food just went on sale at Coles, so it can't be much more than four months away now...

 

[Patooka]

And I was just wondering if they're switching to the winter blend.

Probably. The Christmas food just went on sale at Coles, so it can't be much more than four months away now...

Father's Day is over. Stores will be receiving fruit mix for hot cross buns some time in October.

 

[RVonse]

I listened to the first five minutes then had to stop. It's absolute baloney. I have three engineers who work for me. Would like to have 4 at least. I've had to increase their wages by 30% in the last year. I've increased everyone's else's wages as well. I had to increase my prices to my customers. The customers have accepted so far. I would love to keep my prices the same, and grow sales as competitor's customers come to me. But it's impossible. I import an odd metal that quadrupled in price last year. I have to pass these costs on. I have several other business owners in my peer group. We talk about it all the time. We can't find workers. We can't find drivers. Most business owners hate hate hate to raise their prices because it can lead to customers looking elsewhere. Without customers, I'm sunk. I've raised prices 4 times in the last 2 years. And each time, I studied it for hours and couldn't sleep well until after the decision was made. I have one competitor who really targets my customers. But he has the same problem that I have. If he could find a way to do it cheaper and undercut me, he'd do it in a second. And vice-versa. I'm actually thinking about selling to him to get out of the stress. Again, all of my peers who own similarly sized businesses say the same thing. Anyone who thinks that labor shortage isn't leading to some inflation has no business experience. Okay - I'm off my rant!

So sorry to hear about your troubles, but when it comes to deciding whether national statistics or personal experience is more significant I go for the former.

Okay. I concede. Paying more for workers dosn't lead to inflation or price increases.

Considering that wages have risen by 5% over the past year while prices have increased by 8.6% in the same period, it is indeed mathematically true that inflation has been driven by price increases. As Robert Reich said, keeping those two figures in mind, wage earners have suffered an income cut to the tune of 3.6 percentage points. The assertion that wages drive inflation is absolute baloney.

Neither of you is correct. Inflation is not the fault of the workers nor the business owners it is the fault of the management of our fiat currency. So even Biden is not at fault.....although in the specific case of gasoline Biden did cause supply to be restricted by some of his policy.

If you want to look at who's at fault for inflation, look no further to has been bragging a mandate to keep inflation at least 2%..... the federal reserve seems to have overachieved their goal at this point. Our privately held federal reserve is working to achieve goals that government wants. And government just loves inflation because it automatically reduces the actual size of the deficit and increases everyones effective tax rate. More power to the government and less power and liberty for the people.

 

[Elixir]

I listened to the first five minutes then had to stop. It's absolute baloney. I have three engineers who work for me. Would like to have 4 at least. I've had to increase their wages by 30% in the last year. I've increased everyone's else's wages as well. I had to increase my prices to my customers. The customers have accepted so far. I would love to keep my prices the same, and grow sales as competitor's customers come to me. But it's impossible. I import an odd metal that quadrupled in price last year. I have to pass these costs on. I have several other business owners in my peer group. We talk about it all the time. We can't find workers. We can't find drivers. Most business owners hate hate hate to raise their prices because it can lead to customers looking elsewhere. Without customers, I'm sunk. I've raised prices 4 times in the last 2 years. And each time, I studied it for hours and couldn't sleep well until after the decision was made. I have one competitor who really targets my customers. But he has the same problem that I have. If he could find a way to do it cheaper and undercut me, he'd do it in a second. And vice-versa. I'm actually thinking about selling to him to get out of the stress. Again, all of my peers who own similarly sized businesses say the same thing. Anyone who thinks that labor shortage isn't leading to some inflation has no business experience. Okay - I'm off my rant!

So sorry to hear about your troubles, but when it comes to deciding whether national statistics or personal experience is more significant I go for the former.

Okay. I concede. Paying more for workers dosn't lead to inflation or price increases.

Considering that wages have risen by 5% over the past year while prices have increased by 8.6% in the same period, it is indeed mathematically true that inflation has been driven by price increases. As Robert Reich said, keeping those two figures in mind, wage earners have suffered an income cut to the tune of 3.6 percentage points. The assertion that wages drive inflation is absolute baloney.

Neither of you is correct. Inflation is not the fault of the workers nor the business owners it is the fault of the management of our fiat currency. So even Biden is not at fault.....although in the specific case of gasoline Biden did cause supply to be restricted by some of his policy.

If you want to look at who's at fault for inflation, look no further to has been bragging a mandate to keep inflation at least 2%..... the federal reserve seems to have overachieved their goal at this point. Our privately held federal reserve is working to achieve goals that government wants. And government just loves inflation because it automatically reduces the actual size of the deficit and increases everyones effective tax rate. More power to the government and less power and liberty for the people.

^ the above is brought to you by the MCAP.

(Mathematically challenged American partisans)

 

[Hermit]

Inflation is not the fault of the workers nor the business owners it is the fault of the management of our fiat currency. So even Biden is not at fault.....although in the specific case of gasoline Biden did cause supply to be restricted by some of his policy.

If you want to look at who's at fault for inflation, look no further to has been bragging a mandate to keep inflation at least 2%..... the federal reserve seems to have overachieved their goal at this point. Our privately held federal reserve is working to achieve goals that government wants. And government just loves inflation because it automatically reduces the actual size of the deficit and increases everyones effective tax rate. More power to the government and less power and liberty for the people.

Reserve banks are tasked with keeping inflation rates within acceptable parameters. Neither they nor governments cause it. Economic conditions - specifically the balance between supply and demand - do. Right now the Covid pandemic has created a shortage of labour and the Russia's invasion of Ukraine has created a shortage of energy. Both resulted in the current inflationary spike.

Reserve banks in most countries have raised interest rates in order to put a lid on it. Raising interest rates is basically about throttling the economy in order to reduce inflation. It's a crude method, but preferable to runaway inflation, and nobody has come up with a better one.