Ricter is useless in discussions on inflation, apart from bring on record to not personally give a shit about it (and thus, those paying it).
Regular unleaded up to $3.65 today, with Illinois once again joining the $4 club. Crude is up over $1.50 today, and touched a high of $94.50. I am hoping it breaks $100 soon (and will, unless we have a market correction).
That was a priceless line. It's really not worth the effort to even attempt to engage him in debate. For all we know, he probably created another sock puppet to try and support his own flawed understanding of things.
Gas continues to creep up, hitting $3.71 for unleaded regular on a nationwide average basis. Since the last report, California has taken the lead in the continental US at $4.10 a gallon, with Illinois following close behind. Michigan, Connecticut, Oregon, New York, Wisconsin, Washington State, and DC all on the verge of busting $4. Crude has continued to hover around the $93 mark, as the promises of more QE from the Fed continue to fuel commodity prices, and turmoil in the ME rattles chains. But hey, Bloomberg ran a story on how inflation is low, doncha know. What a bunch of yambags. We're on target for $4 avg gas right around the election time in November, which will then put to test whether it truly is the Price of Gas, Stupid.
As you know, I live in Illinois, which also happens to be one of the ground zero states for the drought. Everyone here is terrified about what fuel is going to cost this winter. That was before Mittens picked Ryan. Do you think Mittens can still pull it out?
Actually, I am concerned that gasoline might crack that mythical 5 dollar mark. If that happens, congrats Mitt, you won.
Here's the thing, it not about the oil. It is about the fact we are going to get one of the worst corn crops since the dustbowl. Prices should begin to creep up in September. If they can control in October, then it's all good. But Obama knows what is about to go down, hence his speeches in Iowa this week. This could be bad, Phoenix.
I think it is irrelevant whether I believe Mittens can pull it out. If gas gets ridiculously high, it's game over for Obama. Where is that point? I don't know. But it's not as far as you might think. The Strategic Oil Reserve is worthless in this situation, where it's too much money sloshing around in the speculative system. Oh sure, the President will come out and attempt to "declare war" on speculators, like last time. But it's the same system HE is allowing to go on (the Fed and it's printing money) that is propping up the stock market and causing higher commodities. The tricky part is cutting back on enough easing without killing the market. What's a manipulator to do? Either way, it blows up in Obama's face now or after he wins the election. But it WILL blow up somewhere. This cannot sustain forever.