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Canoe
03-05-2021, 06:06 AM
This thread is to discuss food Inflation in the Oklahoman City area and the general cost of food in the United States.

According to the Food and Agriculture Organization of the United Nations, inflation in a basket of food has steadily increased since last July.

http://www.fao.org/worldfoodsituation/foodpricesindex/en/

We will discuss the impact the rising food prices have in our personal economy and the effects it has on the lower middle class. If you are able please cite your reasources when making a claim.

fromdust
03-05-2021, 09:02 AM
Bound to happen when the fed prints more money than ever in history. Should be an interesting year.

Jersey Boss
03-05-2021, 09:08 AM
^ You are narrowing the focus of the original post.
The OP was referencing a world wide data base, not USA. If you are going to opine on the Fed, maybe some #''s that apply only to the USA would be relevant.

GoGators
03-05-2021, 09:40 AM
This is really a supply side problem not an increase in demand. It really has nothing to do with the fed printing money. The rising price of food has more to do with supply chain disruption from the pandemic mixed with recent extreme weather events that has caused shortages and price increases. The freeze event alone in southern Texas destroyed hundreds of millions of dollars in crops. That cost will be passed on to the consumer as retailers supplant this inventory from regions further away.

This is why certain goods (like food and lumber) are seeing price increases while the inflation rate of the broader economy is almost non existent. If printing money was to blame, you would expect to see rising rates across the board not just in specific markets.

Ward
03-05-2021, 10:26 AM
I've noticed that many food items locally have gone up in price.

However, Beef has come back down.

If you remember at the start of the covid crisis Beef basically doubled in price, or maybe a little more.

My main go to for food purchases is Crest. I also shop some at Sprouts and at Aldi's.

Canoe
03-05-2021, 10:29 AM
I found this report.

https://www.marketplace.org/2021/03/04/food-commodity-prices-highest-since-2014-according-to-un/

In addition to what is being discussed above, apparently China is buying more cereal crops to feed thier local pork industry.

Bill Robertson
03-05-2021, 11:12 AM
I haven't really noticed except for meat in general a few months ago. Not just beef but also pork, chicken and fish. But as mentioned before it came back down. Not food really but TP and paper towels were astronomical when they became available again. They still haven't dropped to pre panic prices. And limes tripled a few months ago. They've come back down to twice what they were a year ago.

jccouger
03-05-2021, 12:59 PM
Definitely has more to do with messed up supply chains than it does fed money printing

Bill Robertson
03-05-2021, 01:39 PM
Definitely has more to do with messed up supply chains than it does fed money printing
Supply chains were really bad for awhile. At least from the end I know a little about. Warehouses would try to place orders from manufacturers or suppliers and either couldn't order or the order would be accepted but the product never showed and ended up being cancelled. Things are much better now except for certain isolated items. For instance I guess the Propel Flavored Water plant must be shut down because it can't be found. Most vendors are begging to get their shipments into warehouses.

BDP
03-05-2021, 05:26 PM
Outside of health care and higher education, food and beverage has been a leading category of inflation for awhile.

Basically, essential consumer goods and services have been going up for years. That's not to say that Pandemic factors or stimulus measures haven't had an effect on food prices, but it's definitely nothing new.

mugofbeer
03-05-2021, 09:29 PM
Interesting article.

https://chinapower.csis.org/china-food-security/

Canoe
04-14-2021, 07:47 PM
https://www.nbcnews.com/business/consumer/get-ready-higher-grocery-bills-rest-year-n1263897

NBC seems to think we will have higher food prices all year.

Pete
04-14-2021, 08:27 PM
If you talk to restaurant operators, they'll tell you they are all having a terrible time finding enough product.

Lots of people are running out of things due to high demand in their restaurants, but the suppliers can't get enough to them to keep up.

unfundedrick
04-14-2021, 09:02 PM
If you talk to restaurant operators, they'll tell you they are all having a terrible time finding enough product.

Lots of people are running out of things due to high demand in their restaurants, but the suppliers can't get enough to them to keep up.

This is a little off topic for this thread but this KFOR news segments, including an interview with Cathy Cummings, highlights another shortage being experienced by local restaurants. https://kfor.com/news/local/oklahoma-city-service-industry-staff-shortage-as-workers-transition-to-cannabis/

Jersey Boss
04-14-2021, 09:41 PM
This is a little off topic for this thread but this KFOR news segments, including an interview with Cathy Cummings, highlights another shortage being experienced by local restaurants. https://kfor.com/news/local/oklahoma-city-service-industry-staff-shortage-as-workers-transition-to-cannabis/

Seeing how you put this out there it warrants a response. If you want good employees than offer good wages and benefits. Obviously most employers have this figured out.

Canoe
04-15-2021, 07:21 PM
Seeing how you put this out there it warrants a response. If you want good employees than offer good wages and benefits. Obviously most employers have this figured out.

Well said Jersey Boss.

Canoe
04-23-2021, 09:31 AM
Here is a list of commodity price changes. As you can see many items are up, but not all items.

https://www.indexmundi.com/commodities/

Canoe
05-23-2021, 07:54 PM
According to this economist.

https://www.thecarsonreport.com/post/apples-to-apples-consumer-price-inflation-is-nearing-1970-type-numbers

Inflation numbers are about as high as they were in the late 70s. Now I wasn't alive in the late 70s. Can anyone any older members confirm or deny what this economist is saying in his blog?

Jersey Boss
06-01-2021, 10:04 AM
This action by hackers of unknown origin will cause the cost of meat to rapidly rise.
I don't know what the answer is but this threat needs to be dealt with.
Meat Plant Shutdowns Are Spreading After a Cyberattack on JBS
https://finance.yahoo.com/news/meat-latest-cyber-victim-hackers-214130697.html

oklip955
06-01-2021, 04:47 PM
California and Arizona are going to have huge cuts to their ag water this year so many areas will not be able to grow produce, hay for cattle ie dairy herds etc. Throw in the fact that Brazil is having a bad drought also in an area that produces cattle and grain for the world market, and then consider flooding in New Zealand and drought in Australia, how can there not be an increase in food prices. This is not covid related stuff either. I have not heard about the hacking. It seems like alot of different factors happening right now. With all of them I cannot see how food prices will not soar. This is going to really hurt those who are just barely making it. Lots of elderly on fixed incomes and others on pensions that are not going to get cost of living increases. It back to doing more with less. It seems like there is not any "cheap" foods to fall back on anymore. Even beans and rice are getting pricey.

mugofbeer
06-01-2021, 10:26 PM
According to this economist.

https://www.thecarsonreport.com/post/apples-to-apples-consumer-price-inflation-is-nearing-1970-type-numbers

Inflation numbers are about as high as they were in the late 70s. Now I wasn't alive in the late 70s. Can anyone any older members confirm or deny what this economist is saying in his blog?

Yes and no. The moment in time we are in is a blip mostly caused by Covid related causes, a sudden economic boom as Covid wanes and is innoculated, leftover from the winter cold snap, the recent pipeline shutdown and a slow recovery of our supply chain. Demographics that previously wanted to live in urban, near-downtown and near-work apartments, now want to buy houses in suburban areas where there is less covid, room for home offices, less rioters and better schools.

In 1973, we had the Arab oil embargo as retaliation for the Arab-Israeli Yom Kippur war. Oil prices jumped 350% suddenly causing inflation to ripple throughout the entire economy for most of the rest of the decade. Interest rates stayed up and the economy was in a high interest rate, high inflation "stagflation." It took a shock interest rate increase (money supply decline) by the Fed to slow the economy into a deep recession. Output and employment declined, interest rates declined but inflation stayed high based on psychology of expected inflation. It took several years, a tax cut and coordinated efforts to lower the relative value of the $ to finally boost the economy, lower rates and inflation.

Today is totally different. We have a supply chain problem coupled with an unexpected flight to the suburbs - in some cases, long-term demographic changes. Covid has caused problems across the economy with mass layoffs, an available labor shortage, microchip shortages and supply shortages. The economy is fairly strong and interest rates are near historical lows. The supply chain will slowly correct itself so what we have should be a short-lived blip.



y circumstances are completely different and

Canoe
06-11-2021, 05:57 AM
According to Reuters the high cost of food will cause unrest in developing countries.

https://www.reuters.com/world/china/global-food-import-costs-surge-12-record-this-year-fao-2021-06-10/

mugofbeer
06-11-2021, 07:00 PM
I haven't really noticed except for meat in general a few months ago. Not just beef but also pork, chicken and fish. But as mentioned before it came back down. Not food really but TP and paper towels were astronomical when they became available again. They still haven't dropped to pre panic prices. And limes tripled a few months ago. They've come back down to twice what they were a year ago.

Remember PT and TP are paper products (wood). That's not going to change until supply and demand for that commodity gets balanced properly again. Also, the price of oil affects the cost of production and delivery of everything.

Canoe
07-08-2021, 12:14 PM
Here is a story from NPR regarding food inflation.

https://www.npr.org/sections/money/2021/07/06/1012409112/beware-of-shrinkflation-inflations-devious-cousin

Canoe
10-10-2021, 06:33 AM
CNN believe the problems at the grocery store will continue this winter.

https://www.cnn.com/2021/10/09/business/grocery-stores-food-supply-chain/index.html

chssooner
10-10-2021, 08:47 AM
Well no crap the prices of food are increasing. If labor shortages (and costs) increase, and transportation costs increase, then the price is obviously going to increase.

PoliSciGuy
10-10-2021, 09:12 AM
I *strongly* recommend you get your Christmas shopping done ASAP. The supply chains are gonna get worse before they get better.

oklip955
10-10-2021, 07:57 PM
The price of beef has really gone up. Go price a nice steak. Ugh

BoulderSooner
10-12-2021, 06:38 AM
Well no crap the prices of food are increasing. If labor shortages (and costs) increase, and transportation costs increase, then the price is obviously going to increase.

the white house thinks raising prices is unfair ..

Cocaine
10-15-2021, 08:33 PM
I *strongly* recommend you get your Christmas shopping done ASAP. The supply chains are gonna get worse before they get better.

The supply chain issues will not improve this year. I know a lot of factories in Vietnam that pretty much lost a lot of workers due to covid and they are just now starting to reopen due to covid restrictions. Those workers aren't coming back this year and they will not be open to get up and running in time for Christmas. It's literally a nightmare of supply chain issues, factory shutdowns in vietnam, a bunch of issues in china. This is bad and even if the issues at ports are fixed in the US it won't fix the problems in East South Asia.

Canoe
10-25-2021, 12:39 PM
The supply chain issues will not improve this year. I know a lot of factories in Vietnam that pretty much lost a lot of workers due to covid and they are just now starting to reopen due to covid restrictions. Those workers aren't coming back this year and they will not be open to get up and running in time for Christmas. It's literally a nightmare of supply chain issues, factory shutdowns in vietnam, a bunch of issues in china. This is bad and even if the issues at ports are fixed in the US it won't fix the problems in East South Asia.

https://www.foxbusiness.com/markets/kimberly-clark-planning-further-price-increases-mitigate-inflationary-pressures

Our businesses are still struggling with increased input costs.

Canoe
11-05-2021, 07:21 AM
The UN's Food and Agriculture Organization's food price index, which tracks a basket of food commodities, averaged 133.2 in October, up 3.9 points (3%) from September and 31.8 points (31.3%) from October 2020. The index has risen three consecutive months and is now at a new decade high

soonergolfer
11-10-2021, 08:47 AM
Keeps on rolling.

https://www.cnbc.com/2021/11/10/consumer-price-index-october.html

Canoe
11-17-2021, 05:33 PM
https://www.bloomberg.com/news/articles/2021-11-17/cargill-ceo-says-global-food-prices-to-stay-high-on-labor-crunch?srnd=premium&sref=6uww027M

Cargill CEO says prices will continue to rise.

April in the Plaza
11-17-2021, 09:31 PM
i keep hearing that the supply chains will be messed up, pretty badly, until the very back half of 2022

ChrisHayes
11-18-2021, 02:52 AM
This inflation was totally predictable when the gov't shut down the economy last year, and the Fed had to come to the rescue with massive money production. Especially with hundreds of billions to trillions hitting the streets in the name of stimulus. It may only get worse with the infrastructure bill and any other spending bills that are coming down the pike.

TheTravellers
11-18-2021, 08:14 AM
What’s Really Driving Inflation? Corporate Power (https://robertreich.org/post/667491205931745280)

Lots more at the link, but here's a sample:

"The biggest culprit for rising prices that’s not being talked about is the increasing economic concentration of the American economy in the hands of a relative few giant big corporations with the power to raise prices.

If markets were competitive, companies would seek to keep their prices down in order to maintain customer loyalty and demand. When the prices of their supplies rose, they’d cut their profits before they raised prices to their customers, for fear that otherwise a competitor would grab those customers away.

But strange enough, this isn’t happening. In fact, even in the face of supply constraints, corporations are raking in record profits. More than 80 percent of big (S&P 500) companies that have reported results this season have topped analysts’ earnings forecasts, according to Refinitiv.

Obviously, supply constraints have not eroded these profits. Corporations are simply passing the added costs on to their customers. Many are raising their prices even further, and pocketing even more.

How can this be? For a simple and obvious reason: Most don’t have to worry about competitors grabbing their customers away. They have so much market power they can relax and continue to rake in big money.

The underlying structural problem isn’t that government is over-stimulating the economy. It’s that big corporations are under competitive.

Corporations are using the excuse of inflation to raise prices and make fatter profits. The result is a transfer of wealth from consumers to corporate executives and major investors.

This has nothing to do with inflation, folks. It has everything to do with the concentration of market power in a relatively few hands.

It’s called “oligopoly,” where two or three companies roughly coordinate their prices and output.

Judd Legum provides some good examples in his newsletter. He points to two firms that are giants in household staples: Procter & Gamble and Kimberly Clark. In April, Procter & Gamble announced it would start charging more for everything from diapers to toilet paper, citing “rising costs for raw materials, such as resin and pulp, and higher expenses to transport goods.”

Baloney. P&G is raking in huge profits. In the quarter ending September 30, after some of its price increases went into effect, it reported a whopping 24.7% profit margin. Oh, and it spent $3 billion in the quarter buying its own stock.

How can this be? Because P&G faces very little competition. According to a report released this month from the Roosevelt Institute, “The lion’s share of the market for diapers,” for example, “is controlled by just two companies (P&G and Kimberly-Clark), limiting competition for cheaper options.”

So it wasn’t exactly a coincidence that Kimberly-Clark announced similar price increases at the same time as P&G. Both corporations are doing wonderfully well. But American consumers are paying more. "

BoulderSooner
11-18-2021, 08:24 AM
. Corporations are simply passing the added costs on to their customers. "

yes because this is how the real world works ... . even if the white house thinks that is "unfair"

chssooner
11-18-2021, 08:46 AM
Robert Reich is an embarrassment to true liberal thought. Whether it be Germany or Italy or the UK, companies in social countries all over the world pass increases in costs on to customers. This is economics and accounting 101. And it won't change. No matter who is in the White House. Hell, France could take us over, and it would still be the same way.

TheTravellers
11-18-2021, 09:10 AM
Robert Reich is an embarrassment to true liberal thought. ...

Why?

chssooner
11-18-2021, 09:30 AM
Why?

Because he is too extreme. Like, blaming companies for passing their increased costs onto customers. That happens in every country in the world, yet apparently it is only bad when American companies do it. Not saying it isn't a bad thing for consumers, but blaming companies for sound accounting and economic practices isn't fair.

TheTravellers
11-18-2021, 09:36 AM
Because he is too extreme. Like, blaming companies for passing their increased costs onto customers. That happens in every country in the world, yet apparently it is only bad when American companies do it. Not saying it isn't a bad thing for consumers, but blaming companies for sound accounting and economic practices isn't fair.

That was one small part of his article, and it related to the massive profits that the companies are having. And then there's this:

https://www.reuters.com/world/us/feds-bullard-us-businesses-having-no-problems-raising-prices-2021-10-04/

""I am concerned about the changing mentality, I would say, around prices in the economy and the relative freedom that businesses feel that they can just pass on increased costs easily to their customers. For years, that's not been the case," Bullard added."

https://www.detroitnews.com/story/business/2021/08/12/corporate-profits-soar-businesses-pass-higher-costs-consumers/8112402002/

"Across the S&P 500, such moves mean companies appear to have held onto $13 of profit for every $100 they made in sales during the spring. That would be the highest profit margin for a quarter since FactSet began tracking the measure in in 2008, and it’s well above the average of $10.60 for the past five years."

Basically, businesses are raising prices higher than their increased costs and still making insane profits, which is not normal. It's not like they're raising prices to keep themselves afloat, they're doing it to make ridiculously more profit than they already are. If a company can afford to buy back $3 billion worth of stock, they can handle an increase in some of their costs and not pass them on to the consumer.

Anything else that makes him an embarrassment?

chssooner
11-18-2021, 10:01 AM
That was one small part of his article, and it related to the massive profits that the companies are having. And then there's this:

https://www.reuters.com/world/us/feds-bullard-us-businesses-having-no-problems-raising-prices-2021-10-04/

""I am concerned about the changing mentality, I would say, around prices in the economy and the relative freedom that businesses feel that they can just pass on increased costs easily to their customers. For years, that's not been the case," Bullard added."

https://www.detroitnews.com/story/business/2021/08/12/corporate-profits-soar-businesses-pass-higher-costs-consumers/8112402002/

"Across the S&P 500, such moves mean companies appear to have held onto $13 of profit for every $100 they made in sales during the spring. That would be the highest profit margin for a quarter since FactSet began tracking the measure in in 2008, and it’s well above the average of $10.60 for the past five years."

Basically, businesses are raising prices higher than their increased costs and still making insane profits, which is not normal. It's not like they're raising prices to keep themselves afloat, they're doing it to make ridiculously more profit than they already are. If a company can afford to buy back $3 billion worth of stock, they can handle an increase in some of their costs and not pass them on to the consumer.

Anything else that makes him an embarrassment?

He isn't accounting for the fact that people keep getting paid more, despite what the minimum wage is. Companies are having to pay more to get and keep employees, or offer better benefits. Those are overhead costs included in pricing items. As things around supply chain issues also increase in price, those impact the price of goods. I'm not saying companies are free from some guilt and greed. Not by any means. But there are other factors than just the cost of a good to a retailer that affect the cost of an item on the consumer. Some quantitative, some not.

mugofbeer
11-18-2021, 09:08 PM
There are also other factors at play not discussed such as a continuation of a dramatic demographic change in shopping habits away from bricks and morter into online shopping and curbside pickup - much of which not only costs the consumer less, but is more profitable to the company (see today's announcement that CVS is closing 10% of it's brick and morter).

Prof. Reisch doesn't seem to understand the market takes care of itself. If a company makes too much profit, others will always come in to compete. His kneejerk reaction is always government intervention and taxation before the natural progression of supply and demand.

April in the Plaza
11-18-2021, 09:47 PM
i'm more than fine with paying 10-20% more if it means the cashiers can make a healthier wage

mugofbeer
11-18-2021, 09:50 PM
That's why we have choices but not everyone is able to do that.

oklip955
11-19-2021, 03:52 AM
i'm more than fine with paying 10-20% more if it means the cashiers can make a healthier wage

You maybe fine but what about alot of older people on fixed incomes? What those who dont get automatic colas to their pensions? My pension in 12 yrs only increased 4% in that time. How much did stuff go up in that time and this was before this current round of inflation. Not all of my fellow retirees have SS or other pension investments or can just go back to work. Those who do have SS because its a pension in lo of ss then the ss is hit with a large penalty. I am one of the luckier ones with mine but lots of older folks or ones that are now disabled are stuck in a squeeze. I'll bet there are a lot of others who were just getting by before this round of inflation and like you say now paying that 10 to 20% more. Wonder if more seniors will have to turn to food banks. I have a friend in another state that is disabled and their pension is no longer covering basic living expenses. Folks can only cut back so much on basics.

Jersey Boss
11-19-2021, 08:00 AM
You maybe fine but what about alot of older people on fixed incomes? What those who dont get automatic colas to their pensions? My pension in 12 yrs only increased 4% in that time. How much did stuff go up in that time and this was before this current round of inflation. Not all of my fellow retirees have SS or other pension investments or can just go back to work. Those who do have SS because its a pension in lo of ss then the ss is hit with a large penalty. I am one of the luckier ones with mine but lots of older folks or ones that are now disabled are stuck in a squeeze. I'll bet there are a lot of others who were just getting by before this round of inflation and like you say now paying that 10 to 20% more. Wonder if more seniors will have to turn to food banks. I have a friend in another state that is disabled and their pension is no longer covering basic living expenses. Folks can only cut back so much on basics.

It seems that your concerns have more to do with how pension systems and Social Security administer benefits and how much they pay out.
Paying a living wage to current workers and how that affects retirees should have no bearing on each other.

Canoe
11-19-2021, 08:43 AM
It seems that your concerns have more to do with how pension systems and Social Security administer benefits and how much they pay out.
Paying a living wage to current workers and how that affects retirees should have no bearing on each other.

I agree we shouldnt have to balance two vurenable groups, but that is not the world we live in. Besides shopping at places that pay thier employees more like whole foods, what else can be done right now? I giess you could have a state run grocery store that offered basics at a subisized rate. Hmmm, I am not sufe how that would turn out though....

Jersey Boss
11-29-2021, 09:25 AM
Have you seen any proposals from the leadership in either party addressing inflation?
I've heard complaining and have seen finger pointing but no solutions proposed.

soonergolfer
11-29-2021, 11:52 AM
Have you seen any proposals from the leadership in either party addressing inflation?
I've heard complaining and have seen finger pointing but no solutions proposed.

Here is a new proposal that will likely increase the inflation rate.

https://www.axios.com/biden-interior-department-oil-gas-leasing-federal-lands-increase-rates-7674ffc8-9f03-4712-bed4-8567c36b0b3d.html

Jersey Boss
11-29-2021, 12:01 PM
Here is a new proposal that will likely increase the inflation rate.

https://www.axios.com/biden-interior-department-oil-gas-leasing-federal-lands-increase-rates-7674ffc8-9f03-4712-bed4-8567c36b0b3d.html

Your response has zero relevance to the question I posed. Take a mulligan.

mugofbeer
11-29-2021, 12:46 PM
That is not correct. O & G are commodities that are affected by market psychology as well as supply and demand and supply chain problems.

Every time Biden limits delivery and drilling or slaps on new or higher drilling costs, market psychology raises the price of O & G Simply by the perception of higher future prices. Its the same psychology that causes prices to go up just at the prospect of a significant hurricane in the Gulf of Mexico, just long-term.

This IS a valid long-term component on inflation since the cost of gasoline and diesel affect virtually everything in our economy.

Bunty
11-30-2021, 11:24 PM
That is not correct. O & G are commodities that are affected by market psychology as well as supply and demand and supply chain problems.

Every time Biden limits delivery and drilling or slaps on new or higher drilling costs, market psychology raises the price of O & G Simply by the perception of higher future prices. Its the same psychology that causes prices to go up just at the prospect of a significant hurricane in the Gulf of Mexico, just long-term.

This IS a valid long-term component on inflation since the cost of gasoline and diesel affect virtually everything in our economy.

At least the price of oil sank to $66.18 on Tuesday. Covid has a lot of market psychology influence for the downside.

April in the Plaza
12-01-2021, 07:01 PM
Have you seen any proposals from the leadership in either party addressing inflation?
I've heard complaining and have seen finger pointing but no solutions proposed.

That ship sailed in the 1970s and 80s when the Globalists decided to offshore basically all of the country's manufacturing and means of production to China and other countries that don't necessarily like us.

We're now at the mercy of third parties, which in normal times did not matter. But these aren't normal times.

soonergolfer
12-01-2021, 10:15 PM
Your response has zero relevance to the question I posed. Take a mulligan.

Please explain to me how this proposal (which you asked for) won’t affect inflation? You didn’t specify whether u want a proposal that decreases inflation or increases inflation. It’s a pretty strait forward response.

mugofbeer
12-01-2021, 10:25 PM
Please explain to me how this proposal (which you asked for) won’t affect inflation? You didn’t specify whether u want a proposal that decreases inflation or increases inflation. It’s a pretty strait forward response.

He doesn't know, he just wanted to swipe at your comment.

Jersey Boss
12-02-2021, 06:52 AM
Please explain to me how this proposal (which you asked for) won’t affect inflation? You didn’t specify whether u want a proposal that decreases inflation or increases inflation. It’s a pretty strait forward response.

So even though less than 10% of US production is on public onshore lands this will be a significant cause of inflation in the USA? Ok.
Now to get into specifics, what is GOP leadership proposing to curb inflation. My initial comment singled out those complaining and finger pointing which is clearly the opposition party.
Less time defending bigots and kooks and more time on policy is what House GQP leadership should be addressing. Problem is Kev Mc has no control over his caucus.

mugofbeer
12-02-2021, 05:01 PM
You are still ignoring other factors that determine the price of a commodity, specifically market psychology which l explained in post #53. I can also say that mere 10% of production could be greatly expanded if not for regulation, not to mention drillable land locked up by state and local regulation. So when trying to shoot down another's post, have a complete picture of the subject.

Your pointing at Republicans for this makes zero sense. Few, if any Republican's are trying to restrict drilling or slow oil production right now. This inflation is purely a Democrat issue.

https://www.americanfreepress.net/html/u_s__has_massive_oil.html

Canoe
12-11-2021, 03:14 PM
According to the st. Louis fed we are at 6.7% inflatiion as of the date of this post.

https://fred.stlouisfed.org/series/CPIAUCSL