Economy GOP back to Inflation worries. "Hyperinflation" (Update: 2022 Inflation Highest in 40 Years)

[rob mafia]

Huh? I've been trying to discuss the topic, but people can't and keep trying to change the subject to personal attacks (which you are also doing).

...and your argument is what, exactly?

still waiting. weird that you made boatloads of posts... that were just "personal attacks" and evaded the topic.

 

[HereticBD]

BTW, @MMAisGod, if you want to see a real example of misrepresentation, look earlier ITT. Someone claimed that I said that people who are struggling are "all ingrates who are too dumb to realize how well we’re doing," when my actual point was that individual situations vary but the stats are the best guide to how most people are doing. That's not a matter of disagreement, it's just rob deliberately attributing a position to me that I don't hold. Similarly, you have liars saying that I said "inflation is fake," when my position was just that we wouldn't see very inflation unless we also saw very high growth, which is something we should be rooting for (and that we have, in fact, gotten).

 

[MMAisGod]

My bad on the thread derail earlier Inflation thread goers. I typically try to not off-topic more than 2-3 posts in a thread. Just got out like 5 back to back meetings (lolz) and saw how many posts I made this morning.

Inflation though, those March numbers look dubious. I feel for people who have to struggle through it, but I don't know if anyone has a real answer to help them. I've complained about it but in reality it doesn't really impact me, but I have seen/read how many people are having a hard time. It's a tough spot.

 

[rob mafia]

if only us peasants could be educated and elevated to jack's level... where we'd then understand that despite the cpi numbers and etc, inflation is actually less than 5%. after all, the comment held up well.

My bad on the thread derail earlier Inflation thread goers.

no need to even state this, the thread has clearly shifted into the sig bet and subsequent meltdown. it's now (and has been) a savage meltdown thread. as such, your posts were perfectly on topic.

 

[rearnakedchoke]

Inflation. Just an excuse to gauge consumers for more cash. Checks out.

 

[ShadowRun]

 

[Jack V Savage]

Realistically, what possible connection would one think the president has to gas prices? It's like blaming him for the Orioles losing 110 games last year.

 

[SBJJ]

Realistically, what possible connection would one think the president has to gas prices? It's like blaming him for the Orioles losing 110 games last year.

Just the announcement that the US would dramatically increase production at home would drop oil by 20%

 

[MMAisGod]

Just the announcement that the US would dramatically increase production at home would drop oil by 20%

Isn't that going to happen now? I think I just overheard them saying Biden is releasing 1 million barrels a day from the reserve if I heard right (working out so half listening). I remember people saying he should do this not long ago. Should help with the gas prices and overall oil utility I'm assuming/hoping.

 

[Jack V Savage]

Just the announcement that the US would dramatically increase production at home would drop oil by 20%

Our oil companies are privately owned.

 

[aerius]

Isn't that going to happen now? I think I just overheard them saying Biden is releasing 1 million barrels a day from the reserve if I heard right (working out so half listening). I remember people saying he should do this not long ago. Should help with the gas prices and overall oil utility I'm assuming/hoping.

It does very little. Oil supplies at Cushing and other key hubs & storage areas are at close to 10 year lows, it's basically just refilling all the empty commercial storage using the SPR. Take a $20 bill and move it from your left pocket to your right pocket, that's pretty much all it is. Commodities traders aren't stupid so I doubt today's drop in oil prices will last long enough to make much difference at the pumps.

 

[MMAisGod]

It does very little. Oil supplies at Cushing and other key hubs & storage areas are at close to 10 year lows, it's basically just refilling all the empty commercial storage using the SPR. Take a $20 bill and move it from your left pocket to your right pocket, that's pretty much all it is. Commodities traders aren't stupid so I doubt today's drop in oil prices will last long enough to make much difference at the pumps.

Hmm, I'll have to look into it more since I'm unfamiliar. I'd have thought it would have a bigger impact. And I'm not too comfortable with some of the alternatives being thrown out there so I'm not too sure what would work best.

 

[aerius]

Hmm, I'll have to look into it more since I'm unfamiliar. I'd have thought it would have a bigger impact. And I'm not too comfortable with some of the alternatives being thrown out there so I'm not too sure what would work best.

DOE petroleum inventory report from 5 years ago this week
https://www.eia.gov/petroleum/supply/weekly/archive/2017/2017_03_29/pdf/table1.pdf

Current DOE inventory report
https://www.eia.gov/petroleum/supply/weekly/archive/2022/2022_03_30/pdf/table1.pdf

Commercial storage is down 20%, SPR down 20% or so as well, gasoline is about the same, and diesel is down almost 35%. Cushing hub which is the main oil distribution & storage terminal in the US is at something like 20-25% of their full capacity of 90 million barrels.

As for alternative solutions, well, there aren't any viable ones in the short to medium term. US energy policies are beyond fucking stupid so the only "fix" we'll get this year is demand destruction from high prices.

 

[MMAisGod]

DOE petroleum inventory report from 5 years ago this week
https://www.eia.gov/petroleum/supply/weekly/archive/2017/2017_03_29/pdf/table1.pdf

Current DOE inventory report
https://www.eia.gov/petroleum/supply/weekly/archive/2022/2022_03_30/pdf/table1.pdf

Commercial storage is down 20%, SPR down 20% or so as well, gasoline is about the same, and diesel is down almost 35%. Cushing hub which is the main oil distribution & storage terminal in the US is at something like 20-25% of their full capacity of 90 million barrels.

As for alternative solutions, well, there aren't any viable ones in the short to medium term. US energy policies are beyond fucking stupid so the only "fix" we'll get this year is demand destruction from high prices.

Thanks appreciate it, I'll take a look when I get back home.

 

[SBJJ]

Our oil companies are privately owned.

Yes, but heavily regulated by our government.

Otherwise we'd have a pipeline opening next year. You know, if it was truly all private.

 

[deadon]

Yes, but heavily regulated by our government.

Otherwise we'd have a pipeline opening next year. You know, if it was truly all private.

In bidens new spending bill he raises taxes on oil companies. Yippie!!! Pass them taxes on down!

 

[cottagecheesefan]

 

[MMAisGod]

Any truth to the inflation whispers, that it's going to be lower than it was the previous month? If that ends up happening that would be quite the accomplishment all things considered.

 

[rob mafia]

Any truth to the inflation whispers, that it's going to be lower than it was the previous month? If that ends up happening that would be quite the accomplishment all things considered.

haven't been hearing that, but it is being somewhat assumed that inflation peaked last month (eg, the next cpi)

 

[MMAisGod]

haven't been hearing that, but it is being somewhat assumed that inflation peaked last month (eg, the next cpi)

Yea was rushing through some food in a meeting and read it in two back to back articles. That would definitely be a good thing that's for sure. Wife bought three steaks last night from Publix and they were $42. Something has to give LOL.