Still think TITNC3: Return of the Iceberg was peak

Wow I guess Chumbawumba and Andrew "Lefty" Left were right.

"Back to $20 fast" indeed.

 

Employment, profit margins, consumer spending all shrugging off rate increases.

All indicators are that CPI will continue to decrease, esp. with oil prices decreasing.

It's one of those "Go on vacation" recessions:
https://www.bloomberg.com/news/arti...nes-raises-revenue-outlook-on-improved-demand

If Powell pulls off a soft landing the queue of people who owe him a blowjob is gonna circle the planet multiple times.

 

https://www.cnbc.com/2022/09/07/fed...or-as-long-as-it-takes-to-stop-inflation.html

Brainard and his fellow brain trust have vowed to save us all(tm)

 

European Bank increased their rate by 75 basis points, largest increase since launch in 1999.

 

What, are we pretending Europe matters now?

 

Ha, do they need extra oil and natural gas supplies?

 

I dunno, probably. Who knows. They're always doing silly stuff over there, like not having militaries and trying to get along with neighbors rather than just bombing or economically ruining their problems away like a real world power does.

 

Say wut

UK and EU throw $500 billion at energy subsidies

 

I'm being flippant and irreverant.

Europe matters of course.

This subsidy silliness is in the zip code of what I'm getting at though. You can't escape supply and demand. Subsidies for purchase just supercharge demand, which is a really stupid thing to do on something that is high priced already (because demand far exceeds supply). Look at the US - what do we subsidize the purchase of? Houses, education, and healthcare. What are the three most completely unaffordable things in the country right now?

The solution to helping the poor is for them to not be poor. That's the whole point of being rich in the first place: It sucks a lot less.

People don't like that reality, because it is generally a project of multiple generations and they want a solution today.

 

AMTX doing good this morning
7b in contracts for aviation fuels

https://finance.yahoo.com/news/aemetis-finalizes-7-billion-supply-120000094.html

 

Also I have reached the point in my life where C-SPAN makes interesting viewing at times, so I have some introspection to do.

https://www.youtube.com/watch?v=Wc7KTu1T-E8

 

When $GME pull a Queen of England?

 

Its green not dead..... Too soon?

 

Anyone know how to know when US starts buying back the barrels of oil they released from our reserve?

 

LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL

 

The department of Energy is allocated funds either by congress (in a bill) or the president by emergency executive order to purchase oil to fill the SPR (718MM barrels total)
However, Congress has been selling off oil and is not looking to stop doing that until it's at less than 33% in like 2028 or something...
BUT the previous funding for SPR infrastructure in the 90's was to bring it's life to 2025...

So it's unlikely in a situation where the U.S. has diminished production of usable refined oil that we would refill...
I'll say 2025 we'll start filling again if we escape out of this turbulent petroleum market....

OORrrr....I'm sure well have the SBW


Strategic
Battery
Wall...
Everyone just plug in...

 

Edit...
Side note...
In 2020 when oil was near zero...SOMEBODY wanted to top off the SPR...said it was a good business decision to fill it when oil was near zero...congress said "Nah..."

 

Hmmm I just remember reading the article below. So I wasn’t sure if this was gonna start driving oil further up.

https://www.reuters.com/business/energy/us-unveils-plan-buy-back-oil-emergency-stockpile-2022-05-05/

 

i thought he did refill the reserves to full capacity when the oil drop negative (yes it went to -$35/bbl)

 

That was a hedging price issue on paper...you could have barrels for free...if you had storage capacity...Everything was full and the may contracts were like hot potatoes....Nobody wanted to be holding them at expiration because that meant you had to take delivery of the oil...So they were paying people to take contracts..

VERY interesting SPR article from some Cato (Kaelin?) institute...
https://www.cato.org/blog/strategic-petroleum-reserve-was-never-used-strategically-1