Gas Prices and Inflation (Split Thread)

[Tarheel]

You gents are getting real confused.  It was Jessica not Joy and Tammy was not amused!

[Fish]

I'm pretty sure these are all signs a of a BOOMING ECONOMY ! You know, like KABOOM !

[The Dude]

Unquoted

[oldtimer]

For the record, not my quote.

[The Dude]

1 minute ago, oldtimer said:

For the record, not my quote.

Sorry, didn't realize it would quote you. 

[Subway]

Most likey due to numerous reasons.

One man's opinion: Francis Yared, the credit strategist looks at one of the lesser discussed drivers of inflation and points out that supply shocks to oil prices have historically been relevant for inflation expectations. As Yared writes, "supply shock to oil prices have had a significant impact on inflation expectations on three occasions over the past half century: in the mid 70s, the mid 80s and the mid 10s." However, unlike the infamous price explosions of the 70s and 80s, in the latest episode the "shale oil revolution" resulted in a significant positive supply shock to oil markets which led OPEC in 2014 to defend its market share rather than oil prices. The downward pressure on oil prices, Yared writes, resulted in a shift to a lower inflation regime, which was reflected in both consumer and market inflation expectations (University of Michigan 5-10y and 5y5y breakevens) as well as monetary policy expectations and the term premium.

 

Well not anymore, because ESG is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months. This is reflected in crude rig counts that have lagged the recovery in oil prices and stand at 1/3rd of the 2014 peak. Similarly, carbon emission future prices in Europe have risen considerably: as the WSJ reported recently, the price of carbon credits traded in Europe has jumped 135% over the past 12 months and recently hit a series of records as economic activity rebounded from pandemic lockdowns. Only lumber, driven higher by the housing boom, has proved a better commodities investment.

 

Another opinion:   Why There are Now So Many Shortages (It's Not COVID) - YouTube

[Oicu812]

3 hours ago, Tarheel said:

You gents are getting real confused.  It was Jessica not Joy and Tammy was not amused!

 

Actually Tammy found love in the arms of Roe Messner.  He was the contractor that built Heritage USA.  In their huge hotel, Roe, Jim, and Tammy had their own personal suites.  Brass plaques on the wall next to each one.  The entire place was decorated in Louis XIVth.  It was all gawdy and everything was covered in gold ormolu.  When the Bakkers could not pay it off, Roe and company ended up owning over half of it, if my source is correct. 

[Oicu812]

8 hours ago, RandyH001 said:

spill the beans

 

It was a really nice place.  It was owned by a woman who had saved all of her dancing money to build a proper club.  Tastefully decorated, professionally run, and I was the only male person that worked there.  No sleazy managers, and I made sleazy clientele bounce a couple of times as they hit the pavement out front. 

 

Everyone stopped whatever they were doing and watched whenever "mama" felt like dancing herself.  It wasn't often.  At 45, she still looked better than her 20 and 30 somethings, and she was a consummate performer.  I've never seen better.  She would do things with a chair that would boggle your mind.  She used a lot of different props, not just a pole.  The move that amazed me was when she would do a handstand using that chair, one hand on the seat and the other on the back of it.  I tried to tip her once, and she smiled charmingly while she refused.

 

 

[OO1]

5 hours ago, Oicu812 said:

 

cool enough ,  tx for sharing  it -

[Travis In Austin]

9 hours ago, Oicu812 said:

When the Bakkers could not pay it off, Roe and company ended up owning over half of it, if my source is correct. 

Kidda sort of. The IRS pulled the park's tax exempt status, said it wasn't a church, it was a theme park. The Hahn scandal hit, Jim and Tammy turned PTL over to the buddy Jerry Falwell (who rode the water slide down in a suit). They were trying to avoid a hostile takeover by Jimmy Swaggart. I think you will find all of that is accurate,, and easily verified, even though it sounds like fiction.

 

Between the scandal, the IRS ruling, and Hugo damaging buildings (Hugo being the hurricane, gee an act of God, figures that would come into play) Falwell put the park into Chapter 11 Bankruptcy where it never emerged. Another company came in and bought it from BK Court in 1989, the cable empire that PTL built was very, very valuable at the time.

 

Roe, who did a lot of work that he was never paid for in connection with the park started to have financial trouble with his very, very successful construction company (he built megachurches all over the US) and he had to file business and personal bankruptcy. However, he lied in his bankruptcy papers, and tried to conceal assets, and he had to serve two years in federal prison in the mid-90s as I recall. 

 

I don't think Jim and Roe had brass plaques on their cell doors, but could be wrong about this. 

 

So what is Jimmy up to these days? He's a televangelist (always a good idea to stick with what you know and do best), has a spot with an RV park, and full service cottages to rent right outside of Branson, MO. On his show last spring he was hucking his "Silver Solution" where he had a guest on who said:

"In an episode of his nationwide show on Feb. 12, Bakker asked his guest, Sherill Sellman, if the Silver Solution would be effective against the coronavirus.

“Let’s say it hasn’t been tested on this strain of the coronavirus, but it’s been tested on other strains of the coronavirus and has been able to eliminate it within 12 hours,” Sellman said. She went on to say the product “has been proven by the government that it has the ability to kill every pathogen it has ever been tested on including SARS and HIV.”

 

Two states filed lawsuits against him and he says he was on verge of bankruptcy, asking viewers to make donations to "save the show." He asked for them to send checks because his credit card payment system had been shut. I guess he rode that storm out, and he continues to do his show. All's well that ends well I guess.

 

PTL

 

 

 

 

 

 

[JefDC]

On 6/9/2021 at 11:38 PM, Bubo said:

 

Where is here ?

Belgium

But that price is representative for a large part of Europe.

 

[Oicu812]

7 hours ago, dwilawyer said:

 

I don't think Jim and Roe had brass plaques on their cell doors, but could be wrong about this. 

 

 

 

Actually, I was curious one day and walked around the top floor.  They most certainly did, although I don't have photographic evidence...

[JBCODD]

[Dave1291]

Plenty of free air in here.. 

[Islander]

21 hours ago, Oicu812 said:

 

Actually, I was curious one day and walked around the top floor.  They most certainly did, although I don't have photographic evidence...

 

"Cell doors", referring to their jail cells, not their bedrooms.

[RickD]

On 6/9/2021 at 2:22 PM, billybob said:

Cool it man...it is all good. No one, or not I would blame you for posting this topic.

It is a function of economics beyond our control. More than one factor goes into this.

Thanks!

 

Someone has to pay for Covid-19

[RickD]

On 6/11/2021 at 11:18 AM, JBCODD said:

C

Clean the windshield and check the oil please and give me a dollars worth of premium.

[Fish]

Ahh...we had a gas station when I was a yute. We pumped it, checked it and added it if needed, NO CHARGE other than products. There was a time when people were treated with admiration and respect, even regular people. We really thought it was important to help people be safe and take care of their vehicles, some had no one else to do it. Today...ha ..who cares. We also really enjoyed seeing all the great cars and people from all parts driving them.  I never recall meeting one bad customer over all the years. I really believed everyone was good......Then later I was informed some people were not good, by the media, not any person I ever knew........

[Islander]

8 hours ago, RickD said:

Clean the windshield and check the oil please and give me a dollars worth of premium.

 

Then there were the real clunkers that were all some folks could afford.  The keep it/scrap it threshold was the oil consumption.  If it used less than a quart of oil in 500 miles (this was in the early Seventies, before Canada went metric in 1977), it was a keeper.  If it consumed more oil than that, it would be scrapped or sold very cheap.  We'd get Nugold, the cheapest oil that Canadian Tire carried, sometimes by the gallon.  Buying that oil was a sure sign that you were driving a clunker.

 

This, of course, led to the popular joke "Fill up the oil and check the gas."

 

Cars didn't last nearly as long back then, in the Sixties and Seventies.  By 100,000 miles/160,000 km, many cars were nearly finished, while now that's when you replace the spark plugs and plug leads for the first time.  As anyone who lived in Eastern Canada or the Northeast US will know, road salt just ate up the body metal, because a few months of driving through a brine bath every winter does terrible things to steel.  Krown and Rust Check provided a service whereby they drill small access holes in your car's body panels in spots that are less noticeable, like the sides of your car doors, and spray  anticorrosive oil into the panels.  Then they pop in plastic plugs to keep moisture out and the oil in.  It wasn't that expensive, maybe $150 at the time, and $100 for the annual re-spray.  The car would drip a bit of oil from all around for a couple of days after the treatment, so you'd not park in your driveway until that stopped.  It really did make a difference, and would even increase your car's resale value.

 

Anyway, that's old news to anyone who lives in the rust-prone parts of our countries.  I just thought it might be interesting to those lucky enough to live where cars wear out before they rust out.

[garyrc]

1 hour ago, Islander said:

Cars didn't last nearly as long back then, in the Sixties and Seventies.  By 100,000 miles/160,000 km, many cars were nearly finished

 

When Edmund G. Brown (Jerry Brown's father) was governor of California, in the early '60s, they issued an advisory to the DMV that most cars were unsuitable after 60,000 miles.  Mechanics kept some going to beyond 100K, though.

 

A friend of mine drove around with a hole in the floorboard of his car, you could see the road speeding by through the floor.  Of course, he had one door tied closed with a rope.  A cloud of bright white/gray smoke &/or steam would shoot out of his car's exhaust pipe when he started up.