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zerohedge.com When one thinks of open-ended, “inflation targeting” one usually thinks of soaring markets, at least in nominal terms, exploding central bank balance sheet, and happy central planners. What one usually does not think of, is, well, inflation targeting. Because while the shadow banking financial system, perfectly devoid of deposits, has for now provided a sufficient buffer from trillions of reserve injections from spreading into the broader economy of the US and [...] GOUGERS!! TURNCOATS..WTF? At the Petro station in Hempstead Turnpike on Long Island some drivers waited two hours to fill up. A gallon of regular gasoline was being sold for $5.99 on Friday morning. Soon after Fox 5 News arrived on scene to report on long waits at the station, a man shut down the lights, put up caution tape and told a few drivers the station was out of gasoline. Price gouging, or [...] (CNSNews.com) – Average retail gasoline prices have more than doubled under President Obama, according to government statistics, rising from $1.84 per gallon to $3.85 per gallon. The average gasoline price is calculated by the Energy Information Agency, and shows that over the past 43 months of President Obama’s term retail gasoline prices have more than doubled, rising from an average of $1.84 per gallon to $3.85 per gallon. Rising gasoline prices were particularly prevalent [...] Why save when one can spend (and, more importantly, why save when one has ZIRP)? This appears to have been the motto of American consumers in the past three months when the US Savings rate has plunged from 4.7% in December to a tiny 3.7% in February: the lowest since December 2007′s 2.6%, and just as the recession and the market crash was about to send everyone scrambling for the safety [...] Zero Hedge Much noise has been emanating out of Israel vis-a-vis its Iranian intentions, with some opinions suggesting an attack is imminent, while others claiming that Israel will ultimately defer to D.C., and postpone an attack, and the eventual gasoline price shock, until after the election. The truth is nobody but a few select generals, knows: in warfare surprise is the key factor, so outright flashing invasion intentions [...] We also note that the average price for a gallon of gas across the EU is inching ever closer to the $10 mark.
Chart: Bloomberg
- ZH Reuters Could history repeat itself? That is a question uppermost in the minds of many Americans as they warily watch gasoline prices at the pump rise week after week. After all, a spike in gasoline prices early last year helped nearly knock the economy back into recession. The answer, economists say, is that this time is different: the recovery is in far better shape to absorb the blow. Read more From Zero Hedge: Forget the weather, forget AAPL, forget American Idol, forget Greece, forget the Middle East, forget inventories, forget USD strength, forget the SPR, and forget the implicit tax cut we “received” in Q4 from low gas prices. The average gasoline price in the U.S. was the highest ever for January – is it any wonder that retail sales disappointed? So as we all await the tax-cut extension to pass, perhaps [...] From Newsmax: Gasoline will hit $4 a gallon in the coming months due to seasonal factors, but some portions of the country could see chaotic spikes much higher, says Tom Kloza, chief analyst for the Oil Price Information Service. Regular unleaded gasoline now averages $3.48 a gallon, up from $3.12 a year ago and $2.67 in February 2010, USA Today reports. Prices will climb by $0.60 in May due to seasonal factors. “I think it’s going [...]
By Ronald D. White, Los Angeles Times November 8, 2011
If you think gasoline is expensive now, just wait until next year: A combination of growing global demand and rising U.S. fuel exports could send gasoline prices to record highs in 2012, analysts say. Those factors have been pushing pump prices to historically high levels since the beginning of September, and the approaching holiday weekend is expected to present a painful roadside example [...] U.S. producer prices rose more than expected in September to record their largest increase in five months as gasoline prices surged, a government report showed on Tuesday. CNBC.com The Labor Department said its seasonally adjusted index for prices received by farms, factories and refineries, increased 0.8 percent after being flat in August. Economists polled by Reuters had expected prices to increase 0.2 percent. Excluding volatile food and energy, wholesale prices rose 0.2 percent [...] PALM BEACH, Fla. – President Obama has reportedly decided not to release post-mortem photos of terror chief Osama bin Laden, and radio host Rush Limbaugh believes at least part of the reason why no decision was made until today is because Obama was trying to distract people from the dismal U.S. economy. Rush Limbaugh “If the lead story, or close to the lead story, is the photo,” Limbaugh [...] (NaturalNews.com) To most Americans it’s unthinkable that the U.S. dollar could someday be relegated to second-class status as a currency, but what they may not realize is that the transition is already underway. Reports this week marked the dollar’s continued slide – it reached a 16-month low against the euro and slid to a historic low against the Swiss franc on Tuesday – while at the same time [...] Since BP spill, anti-oil policy has been cited in only 3 network gasoline price reports. By Julia A. Seymour Main Findings: - Gas prices have risen almost $1-a-gallon since the Deepwater Horizon oil spill, yet President Obama’s drilling moratorium and other anti-oil policies have barely been mentioned by the networks in that time span. http://www.eia.doe.gov/steo/ Summer Transportation Fuels Outlook Prices. EIA expects regular-grade gasoline retail prices, which averaged $2.76 per gallon last summer, will average $3.86 per gallon during the current driving season. The projected monthly average regular retail gasoline price peaks this year at $3.91 per gallon in early summer. Diesel fuel prices, which averaged $2.98 per gallon last summer, are projected to average $4.09 this summer. [...] High grade crude for gulf delivery hit the highest price since the spring of 2008 this morning. This is the raw material for gasoline, so look for another big spike at the pump over the next few months. I think that premium gas will be at $5 by July first in many parts of the country. If the trend towards ever higher crude does not turn around soon we are going to hit [...] From Washington Times: Feeling pain at the pump? Gas prices have doubled since Mr. Obama took office. According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office. Today the national average is $3.58. The lowest average price in the continental United States is $3.31 in Tulsa Oklahoma, the highest is $4.14 in Santa [...] By Dian L. Chu There was a debate recently between Rick Santelli of CNBC and James Bullard, President of the Federal Reserve Bank of St. Louis regarding the inflation effects of the QE2 initiative. Bullard, the economist, cited the core inflation rate, and even the headline inflation rate as illustrative of a lack of serious inflation pressures in the US economy. Santelli, on the other [...] By Dian L. Chu Crude oil market has been on a wild roller coaster ride ever since riots started escalating in Egypt and Libya. The latest Libyan supply disruptions sent WTI futures surging above $103 a barrel in New York on Thursday, Feb. 24, while Brent oil in Europe was also closing in on $120 a barrel. However, both oil markers retreated mostly due to traders scrambling to [...] Every one penny increase in gasoline is then worth about $1 billion in household energy consumption.by Cullen Roche, SA Joe Weisenthal of Business Insider posted a good rule of thumb yesterday that helps quantify the impact of rising oil prices on the US economy. He posts a note from Deutsche Bank that says: According to our analysis, a $10 increase in oil prices translates into roughly a 25 cent increase in retail gasoline prices. Every one penny increase [...] By Dian L. Chu, EconForecast Outlook 2011: Crude Oil & Gasoline, Escalator Up and Elevator Down Just in time for Christmas, On Wednesday, Dec. 22, U.S. gasoline prices hit an average $3 a gallon for the first time in more than two years, according to AAA’s Daily Fuel Gauge Report. Meanwhile, U.S. stocks and oil also climbed to the highest levels since 2008. Crude = 71% of Gasoline Price Crude [...] |
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