[Steve]

Originally Posted by Vermilion Villager

BINGO!!!!

In today's Daily Sun Pepsi reported an 18% increase in profits--not by selling more product (they actually sold less), but by increasing the price of their product.

[Vermilion Villager]

Originally Posted by Normal

The current administration had everything to do with this. The damage is irreversible. I don’t think anyone believes workers will take pay cuts and prices will come back down. Prices are here to stay.

Please explain.
Oil, retail, airlines all showing record profits. These are not government entities.
Again......please explain

[Vermilion Villager]

Originally Posted by KAM+6

WOW, 8 pages of posts and no mention of the tariffs imposed by the previous administration. Oh yea, China was going to pay. WRONG

Attached is an invoice i paid for fabric with a 17% tariff added. I

Expect lumber prices to go up due to Canadian fires but of course Biden will be blamed.

GOOD POST!
Hey.......At least Mexico paid for that wall. Oh wait.......What?!?!?.... never mind.

[Regorp]

Originally Posted by OrangeBlossomBaby

Yup. Gas was $2.94 this morning at BJ's, which is where I get my gas. That's 4 cents lower than it was a week ago. It was $2.98 for around a month. It was consistently over $3.00 before that.

As I posted in response to MichaelG, the *price* that you pay as a customer, when inflation rates drop, is up to the seller. They're getting things cheaper, it's up to them to decide whether or not to reduce their retail price keep the higher margins.

Gas is still way higher overall compared to where it was in January 2021 and non BJ shoppers pay over 3.30 per gallon at Circle K.

[mickey100]

Originally Posted by Regorp

Gas is still way higher overall compared to where it was in January 2021 and non BJ shoppers pay over 3.30 per gallon at Circle K.

Don't forget we have the Ukraine war which has increased the price of oil and gas worldwide. Recently OPEC cut production in order to raise oil prices which translates to higher gas prices. OPEC says it will continue to cut production through 2024, so don't expect gas prices to drop any time soon. In addition, China is re-opening since the pandemic will create a huge demand for oil, which with lesser amounts available due to OPEC, will cause a jump in prices. Big oil, as others have pointed out, is raking in record profits, handing the bulk of those profits to executives and wealthy shareholders.

[JIMQ3100]

"The annual inflation rate in the US slowed to 3% in June of 2023, the lowest since March of 2021 and compared to 4% in May and expectations of 3.1%. The slowdown is partly due to a high base effect from last year when a surge in energy and food prices pushed the headline inflation rate to 1981-highs of 9.1%. Energy cost slumped 16.7% (vs -11.7% in May), with prices falling 36.6% for fuel oil, 26.5% for gasoline, and 18.6% for utility gas service. Electricity prices increased by 5.4%. Also, inflation slowed for food (5.7% vs 6.7% in May) and shelter (7.8% vs 8%). Smaller price increases were also recorded for new vehicles (4.1% vs 4.7%), apparel (3.1% vs 3.5%), and transportation services (8.2% vs 10.2%). The cost of medical services was down 0.8% and prices of used cars and trucks declined 5.2%. The core inflation rate dropped to 4.8%, the lowest since October of 2021. source: U.S. Bureau of Labor Statistics"
Prices for most items are higher than last year !

[Maker]

Originally Posted by mickey100

Don't forget we have the Ukraine war which has increased the price of oil and gas worldwide. Recently OPEC cut production in order to raise oil prices which translates to higher gas prices. OPEC says it will continue to cut production through 2024, so don't expect gas prices to drop any time soon. In addition, China is re-opening since the pandemic will create a huge demand for oil, which with lesser amounts available due to OPEC, will cause a jump in prices. Big oil, as others have pointed out, is raking in record profits, handing the bulk of those profits to executives and wealthy shareholders.

Russia invaded Ukraine because they no longer feared the US. We are much weaker because of Joe. Russia calculated the US and Europe's dependence on OPEC and Russian oil would allow them to invade, and resistance from the west would be minimal.

Big oil cut way back on spending for drilling new wells because of fear Biden will cut off the land lease again, causing Billions spent to become worthless (again).
So instead they held on to those funds. It gets lumped into profits. People scream "record profits" without understanding the cause and effect.
Same could be said for anyone on here, given the right circumstances. Just stop buying everything. No food, no clothing, no electricity or gas. Suddenly you have record savings, aka profits. Your future in in serious jeopardy, but lets report those big scary half facts.

How do we fight OPEC controlling the prices of oil?
Allow oil companies to drill again. Grant land leases in places where productive reserves are actually located. Add a clause that if the lease gets altered by the government, or there are other limitations imposed that effect obtaining that well's production, oil company gets reimbursed for all costs spent on that site.
Then oil companies will have safety investing, and Biden won't be able to drive his EV agenda by restricting land leases again. US will be on track to energy independence once again, and OPEC can suffer.

[MrFlorida]

A few years ago, we exported oil.... without being political, we all know the reason for high gas prices....

[rsmurano]

Originally Posted by mickey100

Don't forget we have the Ukraine war which has increased the price of oil and gas worldwide. Recently OPEC cut production in order to raise oil prices which translates to higher gas prices. OPEC says it will continue to cut production through 2024, so don't expect gas prices to drop any time soon. In addition, China is re-opening since the pandemic will create a huge demand for oil, which with lesser amounts available due to OPEC, will cause a jump in prices. Big oil, as others have pointed out, is raking in record profits, handing the bulk of those profits to executives and wealthy shareholders.

Wrong! Our gas prices were up by over $1 way before the war started, the WH has used this excuse to try to get out of the mess they created. Also untrue about opec. When we were a major oil exporting country, we could care less what opec did. The United States can be self sufficient in energy if we didn’t have all the BS regulations of this WH. So now we are dependent on our enemies for sending us oil, no wonder they are trying to screw us anyway they can.

[Kenbobe]

Originally Posted by OrangeBlossomBaby

Inflation was as high as 9.1% nationwide a year ago. We were still recovering from global shut-downs post-pandemic, restoring jobs lost, getting manufacturers back on track, and a bunch of other stuff that's political so I won't detail it here but - politics certainly played some part.

The good news, is that the inflation rate has been in decline for the past 12 months, consecutively, and hit 3% as of the end of June.

Don’t ignore the fact that the 3% is in addition to the 9.1% of Last Year!

[joshgun]

Keep in mind that inflation rate is a measurement from one point to another for a basket of goods and services. If the rate of increase is 3% from 22 to 23 and 9% from 21 to 22 then the rate of increase from 21 to 23 is 12%. The fed targets a 2% increase for a healthy economy, but negative inflation I believe stagflation is what would get us back to prepandemic prices. However we don’t want that, because the economy would be in shambles.

[Gigi3000]

Originally Posted by Nordhagen

That’s not how inflation is calculated. If prices were up 9% last year and now are up 3%, that’s up more than 12% this year over 2 years ago. Elections have consequences.

What election and what did it influence?

[mickey100]

Originally Posted by rsmurano

Wrong! Our gas prices were up by over $1 way before the war started, the WH has used this excuse to try to get out of the mess they created. Also untrue about opec. When we were a major oil exporting country, we could care less what opec did. The United States can be self sufficient in energy if we didn’t have all the BS regulations of this WH. So now we are dependent on our enemies for s biding us gas, no wonder they are trying to screw us anyway they can.

Bless your heart, you are missing some important facts. Where do I start?

Yes gas prices were higher before Russia invaded Ukraine, but that was because of a rise in gas demand, due to a return to the road after Covid lockdowns, according to Forbes. You do understand supply/demand I hope? In late 2021 the administration pushed to release some oil reserves to push down prices. If you check Forbes again, they have a great article on energy independence. (Forbes, being a conservative news source.) If you consider energy independence to mean we produce more energy than we consume, there was a shale boom that unleashed huge amounts of domestic oil and gas, and by the time the previous administration had taken office, our net energy imports had fallen, and by 2019 NET energy imports turned negative, due to the SHALE boom. Now with a new administration, numbers for 2022 show that US energy exports have been the highest on record, and total US energy production was the highest on record.

We have always imported oil. The reason for this is that there are different types of oil that are used for different purposes. For example, crude oil is a better fit for our energy systems rather than the shale oil which is lighter. So we export the shale oil while refiners import the heavy crude they prefer. The idea of energy independence is to export more than we import.

It goes without saying that renewable energy has great potential to reduce prices and dependence on fossil fuels in the future. We are in a transition phase.

I have a hybrid car, that gets 50 MPG around town. You wouldn't have seen that 10 years ago.

[Normal]

Originally Posted by Vermilion Villager

Please explain.
Oil, retail, airlines all showing record profits. These are not government entities.
Again......please explain

Yes, the government overspent and consumer confidence gobbled up the poor supply chain issues. They made sure oil supplies were cut and drove up transportation costs that further exasperated everything. Obviously before the pandemic, our economy was doing great with barely 2% inflation. The mismanagement of the government we have will be straightened eventually I hope.

[mickey100]

Originally Posted by Maker

Russia invaded Ukraine because they no longer feared the US. We are much weaker because of Joe. Russia calculated the US and Europe's dependence on OPEC and Russian oil would allow them to invade, and resistance from the west would be minimal.

Big oil cut way back on spending for drilling new wells because of fear Biden will cut off the land lease again, causing Billions spent to become worthless (again).
So instead they held on to those funds.

How do we fight OPEC controlling the prices of oil?
Allow oil companies to drill again. Grant land leases in places where productive reserves are actually located. Add a clause that if the lease gets altered by the government, or there are other limitations imposed that effect obtaining that well's production, oil company gets reimbursed for all costs spent on that site.
Then oil companies will have safety investing, and Biden won't be able to drive his EV agenda by restricting land leases again. US will be on track to energy independence once again, and OPEC can suffer.

Russia invaded Ukraine because the two have at odds since Ukraine declared itself independent in 1991. Since then, Putin has denied that Ukraine is even a country. He considers it Russian, part of the Slavic brotherhood, and is threatened that Ukraine has aligned itself with the West in recent years, particularly with NATO. And Ukraine has supplied much of Russia's coal, steel, etc, over time. Russian experts say Putin wants to see himself as a great Russian leader restoring Russian lands. He took a break when the previous administration was in power, due to our president's favoritism towards Russian, and also the Covid pandemic played a part, since Putin was much more isolated. But again according to experts, He thought western leadership wasn't capable, and that there would be no opposition to his aggression. Of course, that assumption turned out to be wrong.

A look at actual FACTS regarding approvals for permits to drill on federal land, show that the present administration has approved more permits at this point in time, than the previous administration. In fact environmental advocates want that statistic to go down, but the government is holding fast.

There has been a decrease in leases to the oil companies, which the government counters by saying that companies could increase production using the many thousands of permits already available to them which have remained unused. The federal government will continue leasing land to oil drillers as long as there is demand, but look around. With the proliferation of electric and hybrid vehicles, solar power, etc., surely the demand is shifting away from fossil fuels.

And the oil companies continue to make record profits while they whine about the drop in leases. Cry me a river.