The “Producer Price Index” (PPI) is essentially the tracking of wholesale prices at three stages: Origination (commodity), Intermediate (processing), and then Final (to wholesale). Today, the Bureau of Labor and Statistics (BLS) released June price data [Available Here] showing another 11.3% increase year-over-year in Final Demand products at the wholesale level….
Are You Willing to Suffer Through a Recession for the Good of “The Liberal World Order”?…
How much are you willing to sacrifice for “the future of the liberal world order”?…
Oil Billionaire Blasts Biden’s Gas-Price Blame-Games, Says Only One Thing Will Fix Inflation…
New York billionaire and refiner John Catsimatidis, who owns hundreds of gas stations, blasted President Joe Biden’s pinning the blame on high prices at the pump on gas station owners, arguing there’s only one solution for inflation – boosting production of crude…
Exxon CEO Warns That Consumers Will Pay for Hasty Energy Transition…
ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the U.S. supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs…
Two Examinations of U.S. Economic Policy…
Today I am pleased to present a double feature on economic policy. Michael Hudson leads off with an explanation of economic policy as a social cost to the working class, and I follow up with an explanation that US economic policy is an act of national suicide…
The Perfect Storm in Oil Caught Markets Off Guard…
Just a couple of years ago, some of the biggest names in the oil market could have never imagined the current demand and supply situation…
Joe Biden Read This: All You Need to Know About the U.S. Refining Industry…
President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15)….
Exxon Mobil Slams Biden in Fiery Letter…
”We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”…
Chevron Hits Back, Says Biden Trying to “Impose Obstacles” to Energy Delivery…
Chevron has hit back at the Biden administration, claiming that their policies since January 2021 have sent a message that it aims to “impose obstacles to our industry delivering energy resources the world needs,” according to Bloomberg’s Annmarie Hordern, citing a statement by the company…
Fed Hikes Rates By the Most in 28 Years, Signals Volcker-Era Is Back…
The Fed hiked rates by a stunning (but expected) 75bps – the biggest hike since 1994. Esther George dissented (preferring 50bps). Fed expresses that is “strongly committed” to fighting inflation…
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