loveaTm said:

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I was born in 1973 so can't speak to that but I can say gas was around $1/gallon in late 80s when I started driving. It stayed that way a while. So, I'm not sure you picking the high point 48 years ago makes a lot of sense.

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It makes perfect sense when you consider that they're trying to frame the information to present a false assertion.

rgag12 said:

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aTmAg said:

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Prices going up due to inflation are not good. Expenses are going up too and they are merely passing the costs onto the customers.

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Oil drives inflation. Inflation doesn't drive oil.

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Wrong. Inflation doesn't mean "rising prices". It means "the undue expansion of the money supply." As Milton said, "Inflation is always and everywhere a monetary phenomenon". Oil has nothing to do with monetary policy.

I had no idea. Thought Biden only wanted OPEC to produce more.

The lack of drilling over the last 18 months hasn't helped. There are around 300 rigs at the moment and before Covid, 800 or so. There are many variables at play.

Marcus Brutus said:

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PrestigeWorldwideAg12 said:

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To be fair, $90/barrel today is the equivalent of roughly $76 in 2015. Thanks government.

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Yes, but we were making more money relative to prices back then. I doubt folks have gotten a 15% raise to compensate for inflation over the last year.

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Fixed it.

aTmAg said:

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rgag12 said:

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aTmAg said:

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Prices going up due to inflation are not good. Expenses are going up too and they are merely passing the costs onto the customers.

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Oil drives inflation. Inflation doesn't drive oil.

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Wrong. Inflation doesn't mean "rising prices". It means "the undue expansion of the money supply." As Milton said, "Inflation is always and everywhere a monetary phenomenon". Oil has nothing to do with monetary policy.

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Inflation sure was bad from 2012-2015 when oil prices were super high…..wait a minute.

HTH

rgag12 said:

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aTmAg said:

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rgag12 said:

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aTmAg said:

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Prices going up due to inflation are not good. Expenses are going up too and they are merely passing the costs onto the customers.

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Oil drives inflation. Inflation doesn't drive oil.

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Wrong. Inflation doesn't mean "rising prices". It means "the undue expansion of the money supply." As Milton said, "Inflation is always and everywhere a monetary phenomenon". Oil has nothing to do with monetary policy.

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Inflation sure was bad from 2012-2015 when oil prices were super high…..wait a minute.

HTH

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AGAIN. Inflation != higher prices. To avoid economic ignorance, you should rephrase your statement to be "prices sure were bad from 2012-2015..."

Obviously rising expenses push up prices. The cost to transport stuff being one such expense. But right now, EVERYTHING is going up in price in comparison to the dollar. And that is because we have been printing dollars at a faster rate then in national history which is THE thing that causes inflation.

And BTW, you can have inflation when prices are going down. That means that prices wouldn't be going down as much as they should thanks to inflation. Likewise you can have deflation when prices are going up as prices wouldn't be going up as much as they should.

Yes inflationary circumstances will drive up commodity prices.

I didnt pick the high point. But you certainly picked the low point.
Oil and gas goes up and down a lot.
It is almost always higher under democratic presidents.
Its really not that high.

I've been assured it's only transitory.

David Wallace said:

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Time for one more oil boom!

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Agree but it won't be the last one (idiots in this country will elect another D at some point and all this will repeat itself).

aTmAg said:

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rgag12 said:

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aTmAg said:

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rgag12 said:

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aTmAg said:

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Prices going up due to inflation are not good. Expenses are going up too and they are merely passing the costs onto the customers.

---

Oil drives inflation. Inflation doesn't drive oil.

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Wrong. Inflation doesn't mean "rising prices". It means "the undue expansion of the money supply." As Milton said, "Inflation is always and everywhere a monetary phenomenon". Oil has nothing to do with monetary policy.

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Inflation sure was bad from 2012-2015 when oil prices were super high…..wait a minute.

HTH

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AGAIN. Inflation != higher prices. To avoid economic ignorance, you should rephrase your statement to be "prices sure were bad from 2012-2015..."

Obviously rising expenses push up prices. The cost to transport stuff being one such expense. But right now, EVERYTHING is going up in price in comparison to the dollar. And that is because we have been printing dollars at a faster rate then in national history which is THE thing that causes inflation.

And BTW, you can have inflation when prices are going down. That means that prices wouldn't be going down as much as they should thanks to inflation. Likewise you can have deflation when prices are going up as prices wouldn't be going up as much as they should.

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Maybe my ignorance is showing, but isn't inflation (CPI) measured by increased pricing?

redsquirrelAG said:

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It will go to 150 by end of year.

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& beyond !!

Oil to the Moon

DrEvazanPhD said:

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DallasAg 94 said:

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Martin Q. Blank said:

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Electric vehicles, solar, wind, etc. can't compete unless oil is high.

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The fantasy is high O&G prices make renewables more competitive.

The reality is renewables are dependent on O&G.

Renewables are not self-sustaining. They are dependent on O&G.

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Way I heard it, is if you own a Tesla you never need any oil products of any kind!

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Calculate the cost of ownership of an electric vehicle. Sure the electricity is about half the cost of gas, but with the initial price of the electric vehicle - you could put gas in your forever and still always be ahead.

sleepybeagle said:

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DrEvazanPhD said:

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DallasAg 94 said:

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Martin Q. Blank said:

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Electric vehicles, solar, wind, etc. can't compete unless oil is high.

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The fantasy is high O&G prices make renewables more competitive.

The reality is renewables are dependent on O&G.

Renewables are not self-sustaining. They are dependent on O&G.

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Way I heard it, is if you own a Tesla you never need any oil products of any kind!

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Calculate the cost of ownership of an electric vehicle. Sure the electricity is about half the cost of gas, but with the initial price of the electric vehicle - you could put gas in your forever and still always be ahead.

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...and hope you don't have to replace your battery pack. I thought engine and transmission rebuilds were bad.

PrestigeWorldwideAg12 said:

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To be fair, $90/barrel today is the equivalent of roughly $76 in 2015. Thanks government.

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No, thanks Joe Biden, our idiot president!

DrZ said:

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Gasoline is dirt cheap.
It hit $1 in 1973. That would be $6.28 today. Throw in all the additional taxes and we should be looking at $8-9 just to keep up with inflation.

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A few years later Jimmy Carter was president and this happened:

Shades Of Jimmy Carter: Gas Lines, Inflation, Rising Unemployment Return Under Biden

Back in 1979, oil production plunged in the wake of the Iranian Revolution and the coming Iran-Iran War. The price of crude oil soared over the next year, more than doubling to $39.50 per barrel. The price spike prompted fuel shortages and long lines at U.S. gas stations.

The situation got so bad that motorists in America were forced to buy gas depending on their license plates: If the last number was odd, they could only buy on odd-numbered days, and those with even numbers could buy only on even days. Lines to buy gas got so long that people would sometimes wait in shifts: One person doing four or five hours then tagging out for another to wait hours more before reaching the front of the line.Gas lines have now returned, but for a far different reason.

JamesBREI06 said:

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aTmAg said:

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rgag12 said:

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aTmAg said:

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rgag12 said:

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aTmAg said:

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Prices going up due to inflation are not good. Expenses are going up too and they are merely passing the costs onto the customers.

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Oil drives inflation. Inflation doesn't drive oil.

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Wrong. Inflation doesn't mean "rising prices". It means "the undue expansion of the money supply." As Milton said, "Inflation is always and everywhere a monetary phenomenon". Oil has nothing to do with monetary policy.

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Inflation sure was bad from 2012-2015 when oil prices were super high…..wait a minute.

HTH

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AGAIN. Inflation != higher prices. To avoid economic ignorance, you should rephrase your statement to be "prices sure were bad from 2012-2015..."

Obviously rising expenses push up prices. The cost to transport stuff being one such expense. But right now, EVERYTHING is going up in price in comparison to the dollar. And that is because we have been printing dollars at a faster rate then in national history which is THE thing that causes inflation.

And BTW, you can have inflation when prices are going down. That means that prices wouldn't be going down as much as they should thanks to inflation. Likewise you can have deflation when prices are going up as prices wouldn't be going up as much as they should.

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Maybe my ignorance is showing, but isn't inflation (CPI) measured by increased pricing?

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CPI stands for Consumer Price Index rather than the "II" (Inflation Index). It is supposed to measure the prices on average across the entire economy of which inflation is one of many factors. The idea is that if prices across the entire economy is going up, then the Fed must be printing money too fast. If it were going up in some things but down in others, then perhaps it's just changes in supply and demand across those particular goods.

What is adding confusion is that if you look up "inflation" in a modern dictionary it will incorrectly include "rising prices". If you look up the original definition (of the guys who coined the term) it typically didn't include the term "price" at all other than to maybe say "which could cause higher prices".

Inflation is the CAUSE not the EFFECT.

ABATTBQ87 said:

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DrZ said:

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Gasoline is dirt cheap.
It hit $1 in 1973. That would be $6.28 today. Throw in all the additional taxes and we should be looking at $8-9 just to keep up with inflation.

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A few years later Jimmy Carter was president and this happened:

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This was because of price controls attempted to fight high prices caused by inflation. If Biden enacts price controls, then we will see the same thing in whatever goods he tries to control.

The higher $/bbl the better!!!!

ArbAg said:

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PrestigeWorldwideAg12 said:

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To be fair, $90/barrel today is the equivalent of roughly $76 in 2015. Thanks government.

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No, thanks Joe Biden, our idiot president!

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Hang on Hippie

Those of us with oil in our portfolios need that high price for the $$$$$.

And with no numbers?

TxTarpon said:

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Hang on Hippie

Those of us with oil in our portfolios need that high price for the $$$$$.

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All that worthless, worthless money.

In the late 90's when I first started driving, there was a Valero on Hwy 6 here in Houston where gas was like $0.78/gallon. But gas was generally under a dollar a gallon back then for a while. Blows my mind as I won't be surprised if we are paying $4.50-5.00/gal within the next year.

I love all the "good" comments. It's not at all good for the millions of middle class people who live outside of the Democrat controlled crime ridden cesspools and commute to work, who might see their already stretched monthly expenses go up significantly because we have idiot leaders who appear to be intentionally sabotaging supply.

This is just another part of the plan! Remember Obama said he wanted Americans to pay 8$ per gal so we would be more flexible to accept Green Technical advancement.
Just another way to say "I want to redistribute the wealth of America" just not to Americans. It's only going to get a lot worse.

ABATTBQ87 said:

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Shades Of Jimmy Carter: Gas Lines, Inflation, Rising Unemployment Return Under Biden

Back in 1979, oil production plunged in the wake of the Iranian Revolution and the coming Iran-Iran War. The price of crude oil soared over the next year, more than doubling to $39.50 per barrel. The price spike prompted fuel shortages and long lines at U.S. gas stations.

The situation got so bad that motorists in America were forced to buy gas depending on their license plates: If the last number was odd, they could only buy on odd-numbered days, and those with even numbers could buy only on even days. Lines to buy gas got so long that people would sometimes wait in shifts: One person doing four or five hours then tagging out for another to wait hours more before reaching the front of the line.Gas lines have now returned, but for a far different reason.

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I remember my dad once leaving at night to go sleep in his car to be in line to buy gas.

If the greenies want high gas prices to make the transition to renewables more palatable, what is their plan to replace the other non-fuel products made from oil? Do they still want oil produced, but just not to be made into fuel products?

Carter also gave us the "Windfall Profit Tax".
One of the most idiotic government bills ever to pass through Congress.

Quote:

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windfall profits tax in a nutshell: reduced domestic production, increased dependence on foreign oil, and pump prices either unchanged (best case) or higher (worst case).

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You can always count on the Dems to create an energy boom!

Would prefer steady vs boom and bust but it is what it is.