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So Is This "Unambiguously Bad"?
Gas prices at the pump have not risen this dramatically at this time of year since 2007. The last 3 months have seen pump prices soar almost 30%. The last 7 times that gas prices have accelerated this fast, stocks have corrected. Given the plethora of excuse-makers saying hoiw low gas prices were "unequivocally good" for everyone, we can only assume that surging gas prices are "unequivocally bad" for everyone?
"unequivocally bad"?
Yes, we know that gas prices are still 'relatively' low but that six months of 'tax cuts' did absolutely nothing for the average consumer's discretionary spending as they saved or spent it on surging healthcare costs. Now that prices are soaring again, how will that affect discretionary spending?
This is the fastest Q1 jump off the lows into the summer driving season since 2007...
Hopefully, we are peaking with the seasonals.
Charts: Bloomberg
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Damn pesky reality, or whatever it is nowadays....
There is no reality now, only the FED.
So 7 times out of 7 is not just statistically significant, it's a screaming tell, right? 100%.
Then why is this not THE signal?
Because this time it's different...
Don't you know, we're talking bout a revolution, son ;-)
Sequence 14...Space Guitar...
https://www.youtube.com/watch?v=gYBO6cJUsFA
I did some food shopping in town this morning and noticed the complete lack of traffic!
It made me wonder if everybody left town to escape a zombie invasion.
Loaded up four more 30 rounders when I got home just in case.
Headbanger don't you know about the new world? No need for social interaction, meet love of your life online, shop on Amazon ($200B stock losing $.50/share), kids playing Grand Theft Auto in their room, and everybody who has a job working from home. Beautiful
Ward, you get the "Dripping with Most Sarcasm" post of the day award, hands down.
In a scrotum (nut-shell for the pun-initiated)....
These "straw man argument" pieces really don't advance the conversation.
Gas typically peaks near the Fourth of July.
Two more months, Beechez.
Another cut and paste ZH nonsense argument. Make your own.
The last time (insert random index here) (went up or down or stabilized) the (insert other random index) (went up down sideways whatever).
The force is not with you today?
The long hot summer we all feared is but days away.
Unequivocally fraudulent.
Zero Doubt.
Unequivocally fraudulent.
The last time gas prices went way up, lots of "folks" got on TV to tell us high prices were good. Remember? So when things point down, they just change "groups" out there to paint the proper picture. Now, high prices will be "good" again. Cheerful shit, eh?
1984
Considering US flirted briefly with a deflationary contraction, no, this is not bad.
The story will be that when you take into account inflation and seasonal adjustments that the price of gas had gone down in the past 3 months.
"Given the plethora of excuse-makers saying hoiw low gas prices were "unequivocally good" for everyone, we can only assume that surging gas prices are "unequivocally bad" for everyone?"
I have yet to figure out your particular hatred of lower gas prices.
Perhaps upstream employment impact on a major swing sector for jobs?
For the record, I totally oppose shale extraction and fracking.
This industry's time has come, it is so long in the tooth...
Low prices in a vacuum aren't bad, it's when the price swings wildly like it has been, leading to a scenario of poorly allocated investments in one of the biggest industries in the country. The point is that the low price is good meme was a spin job trying to mask the underlying problems
Superdave -> best comment here. So true, like the news stocks are up as meme economy is recovering.
Does any of it actually matter? We're on the Titanic post iceberg meet and greet but the band keeps playing.
Until the FED stops trying to pail out the water the thing won't sink.
Here in Pittsburgh, we were down around $2.25 on Groundhog Day. Fast-forward three months and we're sitting at around $2.80 per gallon.
We pay higher-than-average prices for the US, because we use the more expensive crude from across the Atlantic, not WTI crude. Sucks to be us.
Here in Palm Springs, CA, the local Shell station just hiked gas prices to $3.99 for regular.
You'd think the price of oil was $110 a barrel, not $62 a barrel.
Instead of calling on Governor Moonbeam to investigate the oil companies for price-gouging, price-fixing, and collusion, the dipshits in this state are all going to vote for that bitch Hitlery to fix it.
There's really not much to look forward to in life anymore.
I completely endorse Hilliary for POTUS 2016.
No one can bring us closer to new prosperity than she can.
I truly believe that this summer, July or August, it's all going to crack apart!!
Prepare....
Let's not wait till July or August, today sounds good.
Are you prepared or just don't care?
Curious...
just yellen buying contracts and giving them away to her friends - after all, it's only printed paper
fuck you yellen!!!
the only Cost that matters is the price for the linen the USD is printed on.
everything else is Oz; the streets are paved w/ gold.
if you are into drones check out this site : www.pickyourdrone.com
During the first gas price speculative run the price per gallon didn't go above $3.00 until oil went over $100. It didn't go above $3.50 until oil went above $120 and hit it's all time high of $4.25 when oil went to $147.
During the second speculative run gas shot above $3.00 as soon as oil went above $80 and a gallon of gas pretty much stayed above $3.50 for the next four years with a few brief periods of $3.25ish.
We are now on the third speculative run and gas is about to cross $3.00 with oil trading at $60. The talking heads have already started claiming $80 oil correlates to $4.00 gas.
Notice a pattern here?
$100 oil meant $3.00 gas, then $80 meant $3.00 gas, and now $60 oil means $3.00 gas. How the fuck can a $40 drop in the base commodity result in the exact same retail price for a gallon of gas?
State gas taxes went up every time the price went down. More EPA bullcrap means higher costs to refine. I would have to say that the higher price is definitely bad because it also shows that government has grown.
One thought is you got to pay for the losses in fracking somehow.
Second the government wants to raise gas taxes, so why leave money on the table for them to take.
Does anyone know of a website (not including anything with .gov) that is basically the opposite of ZH and puts a positive spin on everything...? Not CNN or anything...something a tad more analytical.
It often amazes me how much data the Tylers and contributors can drag up to reinforce the negative bias. And I'm not saying this in a disparaging way...I'm 100% on the train here. All this will soon unfold in some nightmare scenario that even the most creative Tyler cannot fully envision.
I'm just curious to read what kind of lipstick is being applied to this pig from the other side.
Is there a ZH equivalent that is all rainbows and unicorns...?
Nothing that is even the slightest bit analytical. That's part of what the problem with our new normal is. Anyone who cares about facts can see that it looks dismal.
"Does anyone know of a website (not including anything with .gov) that is basically the opposite of ZH and puts a positive spin on everything...? Not CNN or anything...something a tad more analytical."
Yes. Bloomberg. http://www.bloomberg.com
Has anyone else noticed the silence about this stupid "drought" in California since the oil prices jumped?