When my 06 DC sells for $20k...

No surprise on the oil prices. Rig activity in every basin has slowed down for the last 3-5 years...but I also hear there are truck driver shortages that will also effect supply lines.

 

Grocery store. This one cut of meat I use to buy at Costco was $5.49 per pound one year ago. Green fees at the golf course...twilight last year was $29. This year $44.

 

Yup! Buckle up everyone

 

To be fair, that pipeline being attacked is driving that up at the moment. I agree that inflation is a real concern though.

 

What he said^^^

 

Everywhere, it's probably worse in Canuckistan than the US for now. Our grocery bill is up 40%. Lumber prices have gone to the moon. Other building materials have increased in price. Gas has gone up 30 cents per liter. Taxes have increased just about everywhere. Restaurant meals are up 10 - 20%.

Meanwhile, wages have stagnated or dropped and work is getting hard to find for many people.

 

Actually the prices have been creeping up ever since numb nuts canceled the pipeline being built, and he also restricted oil production in this country on day one.

 

Gas was up 20% here in the last 5 months as well. Eventually it will be so expensive the dealers won’t need to worry about that truck shortage lol

 

Not even remotely the reason. I work in this industry and companies have been cutting exploration and developing budgets for years. Rig activity has slowed for years. Try not to spread misinformation.

 

You should try and do the same.

 

Lmao I'm not, as I said I've been through all the recent layoffs I watch the rig counts and work in our fields.

 

Why do you ignore the bigger picture?

 

I agree with this assessment.

 

Honest question...why haven’t the gas prices been slowing creeping up over the last few years if it has been slowing for the last couple of years? Gas prices were dropping to lows over the last couple of years until January of 2021. I am sorry but @Rex Kramer is correct. And I feel terrible for you and the men and women in your industry who are now or about to be jobless. There was NO reason to shut down so much so quickly...

 

My weekend travel trips were under $30 for most of the last year. Now I am over $50 in fuel no matter where I go. A hidden tax. No big deal for a family making $$$$ but a young family with only one person working is going to feel that.

 

I’ve noticed as well. Prices on everything generally creeping up. Grocery store, Amazon, gas station, construction materials. Shipping has been creeping up as well. Much of it is supply chain interruptions, sure, but we can’t ignore flooding the market with free cash. I’m not speaking to the politics of it either way, just simple economics.

Regarding the oil industry, the US *was* net energy independent (exporting more than we import). Oil & gas is not going away any time soon. When energy production is hamstrung and reduced, it keeps the US tied to a market price that is affected by turmoil and conflict in other parts of the world. Again, no politics; just simple economics.

 

Something weird must have happened in November of last year. I have slept to many time since then so I can't remember what was happening at that time.

 

Not that I am taking any sides and really don't care about discussing politics online, but posting a graph with no actual labels is pretty suspect.

Is this a graph of gas prices? Sloots per week? MPG you got while towing?

 

Part of the reason is many of the US shale wells were completed but never turned on right away, another is Opec has been holding back from flooding the market in recent years, and everybody and their brother was in the shale business and putting oil on the market despite not making any money so oil prices have been stable, but pretty low for some time.

Without a doubt covid has had a big impact on O&G, as driving and flying ground to a halt so there was loads of extra oil capacity. But since things are starting to pick up, prices are starting to catch up with the low rig and drilling activity and pipeline sabitoge isn't going to help. The oil market is likely in for another cycle of higher prices, which is good for US jobs, but you'll feel it at the pump. My GUESS is oil prices will hang around 70-75$ a barrel, but taxes and refinery capacity and supply lines are what will decide the gas pump price.

**I'd also like to point out that I'm not an energy strategy expert, just a dude working in the industry with a singular perspective on what I see and what my friends/coworkers see. Lots of debate in this thread, so take it or leave it.

 

Both sides are ignoring the facts about this to fit your agenda. Oil production was slashed significantly last year because demand dropped to record lows. Then as states started opening back up demand for gas increased but the production didn't catch up right away. Then certain policy decisions made it worse. Blaming it solely on the new admin isn't really an accurate description of what lead up to this. It also doesn't really explain inflation on everything else.

 

I meant to post the US 18 month average. Corrected.

 

Fuel is one metric. If we start adding Milk, eggs and lumber to the list, then we are talking inflation.

Milk

 

To the original topic of this thread: https://jalopnik.com/reminder-your-car-is-not-an-appreciable-asset-1846862006

To the conversation happening since,

 

I understand your point in not blaming the new administration solely for that is happening. However the overwhelming majority of policies being enacted currently are all contributing to the inflation. Why is the government handing out an OBSCENE amount of money that is going to cost our children and grand children forever... The market was red hot a few months ago so there was no reason to keep it closed. If one is in fear or at risk of COVID by all means stay home and protect yourself or loved ones. No one will think any lesser. But let American get back to work and let it’s citizens make their own choices. This virus SHOULD have opened America’s eyes to the reliance we have foreign goods (one country especially). But it hasn’t and the new administration is going to placate them instead of becoming more self reliant. All these issues have a very intricate relationship.

FYI...I hated the reckless spending of the previous administration however this is beyond insanity now...

 

If this trend continues I will be a prouder American.
Buy it for life.

 

Home prices?

I find it criminal that the federal reserve leaves all important metrics from its inflation calculation: home prices, food, and energy

I hope one day protestors stop marching on main street and start going to the fed chairman house along with his board of governors. A few being dragged out of their homes for a quick comment in front of an angry mob to reassure them inflation is only 2% according to their statistics, will be a historic moment on how the federal reserve board of criminals were rounded up and sent to prison for their own safety. Cheers from Andrew Jackson

 

Yup, 4.29 for 87 here. I saw 4.99 for 87 up in the mountains last weekend, glad I filled up ahead of time. With businesses opening up again demand will go up and prices will continue to climb. Time to fix my GTI.

 

Yea the world was better pre covid for sure. I’m liking my transition to work from home though. Gas prices don’t affect me as much now

 

I feel your pain up in Nor Kal, we may be slightly more expensive as premium is asking 4.99 in my neck of the woods, and regular is 4.60.. or something along the lines... I've seen it in rural areas out here at 6.20 as well.. so brace for impact.

 

What part are you in? Im just outside Sac.

Ive been lucky to be able to work from home since March 2020. Only having to go in 8 or so times in the last 14 months. My "normal" daily commute is 33 miles each way. I WAS paying about $50 a week in gas just driving to/from work. Pandemic hit, WFH, gas prices drop like crazy. I think I filled up on those cheap prices once or maybe twice. Went from filling up my tank every 5-6 days to every 6-8 WEEKS (just picking the nugget up from daycare). Last time I went out to fill up, holly hell prices shot back up. Was $3.74 for REGULAR at Costco...