Gas isn't going to 10 dollars.
It's gone up $1.15 in what, 2.5 weeks? Price rises are speeding up rather than slowing down, and if you think this war is going to be all wrapped up in another month, I have some development land in central Florida to sell you.
Oil would have to break $300/BBL for gas to flirt with a nationwide average of $10/gallon.
If gas goes to $10/gallon, we'll have bigger issues than the price of gas.
Hope is not optimism, which expects things to turn out well, but something rooted in the conviction that there is good worth working for. - Seamus Heaney, Irish poet and likely Hoosier basketball fan.
POTFB
Gas isn't going to 10 dollars.
It's gone up $1.15 in what, 2.5 weeks? Price rises are speeding up rather than slowing down, and if you think this war is going to be all wrapped up in another month, I have some development land in central Florida to sell you.
Oil would have to break $300/BBL for gas to flirt with a nationwide average of $10/gallon.
If gas goes to $10/gallon, we'll have bigger issues than the price of gas.
I remember when gas went from around 24 cents to around 60 cents (1972 - 1974). Somehow we managed to survive.
@snarlcakes when does Truflation kick in?
Did you finally put down your newspaper and fire up your desktop to hop on here? Truflation is updated daily grandpa. CPI is up like 60% since Trump decide to take over Persia.
It's a product made up by a company that's looking to sell a better mousetrap .... With wild claims that their data aggregation is superior to what is found in the govt issued monthly data.
The real Feb data shows we were at 3.9% core inflation. And that was before Iran started.
Suggest you read this critique and stick with citing legitimate data.
https://www.reddit.com/r/AskEconomics/s/SE2SJ1kAzK
@snarlcakes when does Truflation kick in?
Did you finally put down your newspaper and fire up your desktop to hop on here? Truflation is updated daily grandpa. CPI is up like 60% since Trump decide to take over Persia.
It's a product made up by a company that's looking to sell a better mousetrap .... With wild claims that their data aggregation is superior to what is found in the govt issued monthly data.
The real Feb data shows we were at 3.9% core inflation. And that was before Iran started.
Suggest you read this critique and stick with citing legitimate data.
https://www.reddit.com/r/AskEconomics/s/SE2SJ1kAzK
I suggest you worry about yourself.
@snarlcakes when does Truflation kick in?
Did you finally put down your newspaper and fire up your desktop to hop on here? Truflation is updated daily grandpa. CPI is up like 60% since Trump decide to take over Persia.
It's a product made up by a company that's looking to sell a better mousetrap .... With wild claims that their data aggregation is superior to what is found in the govt issued monthly data.
The real Feb data shows we were at 3.9% core inflation. And that was before Iran started.
Suggest you read this critique and stick with citing legitimate data.
https://www.reddit.com/r/AskEconomics/s/SE2SJ1kAzK
I suggest you worry about yourself.
You're really flailing and lashing out tonight.... Have a drink and enjoy the tournament.
@twenty not at all. I disagree with your opinion on it. If you think governments produce the best data, no worries, I don't. It explains some of our differing opinions. Also, I brought up CPI and you keep changing it to PPI by the way. Next month when CPI data comes in hot, just know Truflation was showing that weeks prior😉 If it comes in cool, then you can bust my balls.
@snarlcakes I posted PPI because it just came out this week. And it is an important data point that is well followed by the market.
I've read the methodology that Truflation uses, and it's just a bunch of marketing fluff.
With surging gas prices
Did some driving yesterday. Filled up yesterday morning for $3.09. Filled up again this afternoon for $3.59.
Here in Bton, before the attacks gas was $2.79. The Monday after it was $3.29 and by Friday it was $3.59. Several talking heads have said $4.00 gas is just around the corner, and $5 gas isn't out of the question if things totally go to shit in Hormuz.
when I hear Mark worried about gas prices…
https://twitter.com/TheBabylonBee/status/2034676294500180054
So, the economy is f#cked up? Is that what you're saying? ... Answer the questions.
yes, it is, or is at least strongly trending that way. I thought that we were headed for $5 gas, but it's already here (paid $5.01 for premium, today). Where's it headed? $10? Can you imagine what that will do to the price of virtually EVERYTHING?
The average price is 3.88 today. Gas isn't going to 10 dollars. Fade anyone who tells you that. Demand destruction would kick in well before that happens and we produce too much oil for it to happen. By the way it peaked at 5 dollars in June 22. Was the economy screwed then?
$10 is pretty extreme. However diesel is over $5 now. And Saudi's now protecting $180/bb if this is still going on a month from now.
https://twitter.com/i/status/2034797848164794577
So, the economy is f#cked up? Is that what you're saying? ... Answer the questions.
yes, it is, or is at least strongly trending that way. I thought that we were headed for $5 gas, but it's already here (paid $5.01 for premium, today). Where's it headed? $10? Can you imagine what that will do to the price of virtually EVERYTHING?
The average price is 3.88 today. Gas isn't going to 10 dollars. Fade anyone who tells you that. Demand destruction would kick in well before that happens and we produce too much oil for it to happen. By the way it peaked at 5 dollars in June 22. Was the economy screwed then?
According to many, yes it was.
Not too many Democrats. You guys still expanded your majority in the senate at midterms. And inflation topped out at 9% that year. Surprisingly, I never heard liberals or any liberals saying the economy was f#cked on here.
The Republicans and maga were acting like the sky was falling and they couldn't afford crab legs. And the Dems/Biden hadn't done anything to cause the issues (recovery from pandemic) But when Trump makes dumb decisions that lead directly to increased costs, it is crickets from that same crowd
Your hypocrisy reeks
Lazy posts like this serve no purpose. The moron who wrote that post could go so some basic research if they cared to post anything more than rage bait. The new funding in the infrastructure bill was like $500B.... Not $2T. And it was over a 10 year period.
Took me all of about 45 seconds to find some examples of how Indiana is using the funding and on what timeline
https://www.in.gov/indot/current-programs/IIJA/
So, the economy is f#cked up? Is that what you're saying? ... Answer the questions.
yes, it is, or is at least strongly trending that way. I thought that we were headed for $5 gas, but it's already here (paid $5.01 for premium, today). Where's it headed? $10? Can you imagine what that will do to the price of virtually EVERYTHING?
The average price is 3.88 today. Gas isn't going to 10 dollars. Fade anyone who tells you that. Demand destruction would kick in well before that happens and we produce too much oil for it to happen. By the way it peaked at 5 dollars in June 22. Was the economy screwed then?
$10 is pretty extreme. However diesel is over $5 now. And Saudi's now protecting $180/bb if this is still going on a month from now.
https://twitter.com/i/status/2034797848164794577
That's possible, but unlikely. I think 150 for WTI is probably max without getting the printer going. When your boy Bush was in office it got to 200 (adjusted for inflation). The problem with predicting 10 dollar gas is demand destruction and/or new supply kicks in and price comes down. The price in 2008 was back under 2 bucks (2.75 adjusted for inflation) by the end of the year. They would have to start helicoptering money like they did again during Covid to get to 10 dollars. It would be 300-400 dollars a barrel.
@snarlcakes I remember all too well.... But the 2008 run-up in prices was not a supply issue. It was a speculation driven price boom. Bidding up oil futures contracts were the crypto-like play of the day. Once the trade had to unwind - mainly due to the GFC and the loss of easy access to liquidity - the price quickly collapsed. Super contango was a term frequently flying around.
The later demand destruction was the result of the overall world economy going into the complete toilet by late 2008.
@snarlcakes if you want to make your Friday depressing, read this....
https://hbr.org/2026/03/the-oil-shock-is-here-and-were-just-beginning-to-feel-it
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