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...but I went in the direction of the possibility that the hurricane season will stop the slide in gas prices instead of talking about demand destruction in Average gas price falls below $4.00, a driving update.
Rejected video for oil price post
Apr. 9th, 2022 02:17 pmI thought this video didn't have enough context, so I used one that did in CNBC explains 'Why Russia’s War Drove Up U.S. Gas Prices'.
Rejected video for Colonial Pipeline post
May. 13th, 2021 01:29 pmI decided not to use the following video in Responses to Colonial Pipeline ransomware attack include government action and panic buying because two other videos did a better job. Less is not always more.
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Rejected video for oil price crash post
Apr. 21st, 2020 11:24 amI rejected the following video for Oil falls below $0.00 for the first time ever because it was redundant and had a less informative preview image than CNBC video I used, even though this one had a better description.
The American oil industry is facing a doomsday scenario.
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money. US crude for May delivery turned negative -- something that has never happened since NYMEX oil futures began trading in 1983. It was easily the oil market's worst day on record.
This is the first of two installments about saved comments from January 2016. I was traveling during the first two weeks of the month, so I saved my comments on my laptop, then transferred them to my desktop. Good thing I did; apparently the video card on that has failed. On the one hand, it confirms my feelings of urgency about posting my saved comments here, as they were driven by anxieties of hardware failure. On the other, I was hoping the laptop would remain functional longer so that I could post the comments I saved on it. Sigh.
I'm going to keep my comment on "Link round-up for 3 January 2016" at Infidel 753 above the cut, as it has a wider appeal for my readers here on Dreamwidth than the comments behind the cut. That's because it's about all three trilogies of the Star Wars saga.
The New Republic is right about the Star Wars saga being a multi-generational tale of a dysfunctional family. However, I wouldn't call it bad parenting, at least in the first two trilogies. I'd call it absentee parenting combined with bad foster parenting (except in the case of Leia; I think the Organas were actually good parents). Obi-Wan screwed up with Anakin and was supplanted by Palpatine, who was even worse. Lars tried, but he wasn't suited to deal with his nephew by marriage, who had the family curse of being destined for greatness.It wasn't until the current movie that a combination of an unruly child with parenting not up to the task became apparent. Leia, Han, and Luke all tried with Kylo Ren, and all failed. Smoke (sp.?) took over the Palpatine role and ended up being the evil foster parent. Thank you, J.J. Abrams for making crystal clear what George Lucas only implied.
The good news is that the foster parents can redeem themselves. Obi-Wan, with Yoda's help, succeed with Luke where they failed with his father. Anakin himself finally did the right thing by his son, although it took Palpatine doing his best to kill Luke to do it. I wouldn't be surprised if Luke and Leia do the same for Kylo Ren and Rey by the final film of this trilogy. There is a formula to these films, after all.
( Comments from Kunstler's and Greers blogs plus the old Michigan Liberal about energy, the economy, and the election behind the cut. )
Nablopomo for October: Mask Week 2
Oct. 19th, 2012 09:02 amContinuing with the series I started yesterday, here are the links to the entries I posted the week of Wester.
- Debate creates a buying opportunity for Obama's stock
- The gas price rollercoaster jumped the tracks in South Haven
- Why the well-off turn out to vote and what happens when they do
- The state of the presidential contest on 10/10/12
- Election news from campuses on the campaign trail
- Nate Silver and others on the VP debate
- WXYZ thinks Michigan is being left out, then Ryan and Ann Romney visit
- Democrats are paying attention to Michigan, too, plus follow-up on the VP debate
A tale of two macros
Recyclemania!
Happy Paczki Day!
More Paczki Day videos from WXYZ
Gas prices going up again
WOOD-TV on rising gas prices
Winter has returned
Lou Dobbs thinks "The Lorax" and "The Secret World of Arrietty" are liberal propaganda
Gingrich pledges $2.50 gas; President Obama hits back
Sustainability-related news from Reuters for 2/23
Yes, I'm on break. Why do you ask?
Let's see if this works.
Looks like it does.
Calculated Risk has an interactive version of the above graph in Update on Gasoline Prices, where you can input the nearest major city in the U.S. to you and contract the time range down to one month and up to five years.
The above will be part of a post on Crazy Eddie's Motie News about oil and gas prices. Watch for it.
Looks like it does.
Calculated Risk has an interactive version of the above graph in Update on Gasoline Prices, where you can input the nearest major city in the U.S. to you and contract the time range down to one month and up to five years.
The above will be part of a post on Crazy Eddie's Motie News about oil and gas prices. Watch for it.
Yeah, this one. It got picked up by Lex Kuhne's Daily Intelligencer, a paper.li site that compiles tweets, as today's top Michigan story. Looks like he enjoys reading drunken texts about sex, too.
In other news, I've been busy over at Crazy Eddie's Motie News.
Labor Day and hurricanes to blame as gas prices rise sharply in Michigan
Preview of Arts, Beats, and Eats
Surf on over.
Meta note: I chose the following post to promote on Kunstler's blog this past Monday. There, I made the following editorial note.
Last week, I posted two entries about falling gas prices. From the second post.
( Oil dives to 4-month low as emergency stocks unleashed )
I figured that you would write about President Obama, along with the rest of the International Energy Agency, releasing oil from their reserves. If I had written a Karnak predicts post, both of those topics would have been in it, but I didn't. However, I did write about that topic and predicted that you'd have something snarky to say about it, and I was right. Unfortunately, I buried the lede and made the title about falling gas prices in Detroit, when the story really was about Obama trying to stimulate the economy to help his re-election while at the same time kicking the oil companies and commodities speculators while the price goes down. So far, it's working.It worked until yesterday, when the price for West Texas Intermediate went up $5/barrel. As a consequence, unleaded regular at the corner gas station from $3.49 to $3.58 as of yesterday. This morning, it rocketed up to $3.85. By this evening, it had dropped back to $3.79. Can you say overshoot? I knew you could.
Last week, I posted two entries about falling gas prices. From the second post.
Not only did the price of gas drop this week, it will drop next week as well. On Monday, the price of North Sea oil (Brent Crude) fell because of worries about Greece (West Texas Intermediate had fallen earlier, but went up slightly). On Tuesday, the same two things happened, this time because of fears about Spain. West Texas Intermediate then fell on after-hours trading. As I keep repeating, a price drop like this is not entirely good news; it's a response to bad economic news elsewhere. This is true even for what happened yesterday.If that price holds, AAA Michigan and the Detroit Free Press will have another price drop to report next week.I'm sure they will, as the price of oil dropped 4% yesterday.
( Oil dives to 4-month low as emergency stocks unleashed )
Fan: Green Business
Jun. 7th, 2011 11:09 pm
I'm a fan of environmentally sound manufacturing.
The Oakland Press: GM drives to lessen Orion plant’s environmental impact
By JOSEPH SZCZESNY
Of The Oakland Press
Gas piped from an Oakland County landfill is helping General Motors hold down costs as it begins building small cars at the GM assembly plant in Orion Township, saving the company more than $1.1 million annually.I like everything about this article--local jobs for people building fuel-efficient cars, renewable energy, energy conservation, recycling, and using environmentally friendly paint. All of these are good for the environment, society, and the economy. Consider me a fan!
Energy savings have helped General Motors reduce the cost of building small cars in the United States at the company’s assembly plant in Orion Township.
Eric Stevens, GM vice president of global manufacturing engineering, said when production of the fuel-efficient 2012 Chevrolet Sonic and Buick Verano at Orion begin this fall, 40 percent of the energy to power the General Motors Orion Assembly Plant where the cars are built will come from a burning landfill adjacent to the plant on Brown Road.
Originally posted to Crazy Eddie's Motie News as Motie News Brief: GM's Orion plant to go green.
On the other hand, I'm not much of a fan of high gas prices. Gas prices back above $4.00/gallon in metro Detroit
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Consider this to be a follow-up to oil prices dropping 10 percent. All stories from WOOD-TV's YouTube channel.
First, the stories before the drop in oil prices last week.
Now, the videos after the price dropped.
Above originally posted to Crazy Eddie's Motie News as Grand Rapids Sustainability Video spam courtesty of WOOD-TV.
First, the stories before the drop in oil prices last week.
Gasoline averaged around $4.29 per gallon in West Michigan on Tuesday night, but there are several ways to avoid paying the wholesale price.( See if you notice any theme tying the rest of these videos to high gas prices. )
Now, the videos after the price dropped.
Patrick DeHaan of gasbuddy.com told 24 Hour News 8 it appears prices have peaked for the foreseeable future.( And how has the price drop affected people's outlook about the economy? )
Above originally posted to Crazy Eddie's Motie News as Grand Rapids Sustainability Video spam courtesty of WOOD-TV.
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A few days ago, I described how oil prices dropped and stocks went up on news of bin Ladin's death. I also said that it wouldn't last, a view shared by Kunstler.
This morning, Bloomberg is putting out a story that the price of West Texas Intermediate crude oil dropped - from $113 to 112 - because Bin Laden was tossed into the sea. How long will that state of affairs last, I wonder. Through eleven o'clock in the morning, Eastern time?He called it, at least in the short run, as West Texas Intermediate rebounded to its Friday levels by noon. However, that price drop now looks like a preview of coming attractions.
Reuters: Oil crashes 10 percent in record rout
By Matthew Robinson
NEW YORK | Thu May 5, 2011 5:40pm EDT
Oil collapsed into free-fall on Thursday, diving as much as 10 percent and sending U.S. crude back under $100 a barrel as investors staged a nearly unprecedented stampede for the exits.
This could be interpreted as good news, as it means that gasoline prices are likely to drop soon. However, it isn't entirely good news, as it is a sign that the market became worried that the price was getting high enough to impede expansion.
Weak economic data from Europe and the United States fed concerns that have battered commodities all week. German industrial orders fell unexpectedly in March while U.S. weekly jobless claims hit eight-month highs, sparking a fourth day of profit taking in early trade.
The oil markets have been doing this dance for a year now. Just about every time oil's share of U.S. GDP starts to pass 4%, Hamilton's magic number for contraction, the price drops. The traders are acting as if they know what that 4% share (or the 6.5% of personal income spent on energy) means and they sell off.
But the onslaught of selling went far beyond any single cause.I've also heard and read that the projected end of the second round of quantitative easing has let the air out of commodities, although Krugman disputes that it's just the dollar. He even points out that the recent price rise in Euros has been even higher in percentage terms than it has been in US Dollar terms with the following graph.
Speaking of Europe, Brent crude also followed suit.
Brent crude plunged more than $12 at one point -- exceeding the sell-off that followed Lehman Brothers' collapse.
That's even better news for lowering gas prices, as a lot of the gasoline in the U.S. is refined from oil priced as Brent, not WTI.
So, how long will this trend last?
0"The longer-term bull cycle is still in place, but this correction may have a life span of several months, as weaker economic data is fueling this correction to a large part," said Sterling Smith, senior analyst for Country Hedging Inc in Minnesota.Just long enough to the economy to expand some more, that's how long. If I were Obama, I'd hope oil prices and the U.S. economy keep doing their dance until November of 2012. Maybe they will.
Above originally posted to Crazy Eddie's Motie News, along with videos about the effects of higher gas prices on the Detroit economy, both good and bad, and gas rising above $4.00/gallon for the first time since 2008.
Ladies and Gentlemen, this is a test of the emergency blogging network.
Reuters: Dollar rises, oil slides after news of bin Laden's death
Mon May 2, 2011 3:05am EDT
SYDNEY (Reuters) - The dollar rebounded from three-year lows and U.S. crude slid more than 1 percent on Monday after news al Qaeda leader Osama bin Laden was killed in a firefight with U.S. forces reduced the perception of security risks facing the United States.
...
"By lowering national security risks overall, this is likely to bolster equity markets and lower U.S. Treasury prices in a reverse flight to quality movement," said Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer at PIMCO, which oversees $1.2 trillion in assets.
"Oil markets are likely to be the most volatile given their higher sensitivity to the tug of war between lower risk overall and the possibility of isolated disturbances in some parts of the Middle East and central Asia," he said.
U.S. crude fell more than 1 percent to a session low of $112.21, retreating from a 31-month peak of $114.18 set on Friday.
The dollar index .DXY, which tracks its performance against a basket of major currencies, jumped from a three-year low of 72.813 to 73.227.
Considering that high oil prices constitute one of the major threats to the U.S. economy, and that a weak U.S. economy is the number one threat to Obama's re-election, it looks like maybe bin Ladin's death did more good than even Obama expected. Of course, it's not going to last.
Still, once the dust settles, analysts expect the recent trends including a weak U.S. dollar and higher commodity prices to resume, especially given that the U.S. Federal Reserve in no hurry to tighten its ultra-loose monetary policy.
"The economic data in the U.S. is still going to be on the soft side and the market is going to keep a lid on yields and that is going to help push down the dollar," said Joseph Capurso, strategist at Commonwealth Bank.
Some were also skeptical of whether bin Laden death would reduce the security risks facing the United States.
"It doesn't change much about the energy situation and doesn't change much about the ongoing battle with radical Islamists," said Chip Hanlon, president of Delta Global Advisors in California.
"It's sort of like the news when we heard Saddam (Hussein) was caught, in the end it didn't change much fundamentally and I don't think this will either."
Ah, well, haters gonna hate.
We now return you to your regularly scheduled blogging.
Above originally posted to Crazy Eddie's Motie News.
What does $110 per barrel for West Texas Intermediate look like at the retail level here in Metro Detroit? I'll let WXYZ-TV tell the tale.
If anything screws up this current economic recovery, it will be oil. The higher prices are already causing gasoline consumption to decline year over year. In and of itself, that's not a bad thing, as I think the country consumes too much gas, but it's what those high prices could also do to the rest of the economy in the meantime, as outlined in the two video reports above. That said, allow me the following moment of bragging.
I am so glad I moved from Whitmore Lake, where I was 40 miles from work, into my walkable neighborhood in SE Oakland County a year ago. Not only can I walk to three restaurants, two drugstores, four convenience stores, a liquor store, a bar, and credit union in less than five minutes (this has come in really handy when I needed to get something five minutes before closing time), I can also walk to a many more businesses, including a grocery store, hardware store, and my haircutters, in 10 minutes, to one side of downtown in 15 minutes, and to one of my worksites in 25 minutes. My wife is amazed at how much I'll walk given a chance. On top of that, I live only seven miles away from my primary worksite. Finally, the nearest major corner has the cheapest gas in the county. No wonder we renewed our lease.
Now, excuse me while I knock on some wood to evade the evil eye. :-)
Above originally posted with a different video at Crazy Eddie's Motie News.
