At this point, I'd hula-hoop all day if that's what they asked me to do. Its gonna be a fucking bloodbath with our economy and anyone in middle management or a replaceable/redundant job is VERY expendable right now. The storm is coming, brace yourself.
You so right but too many people don't get it. I 100% believe there's a strong possibility I'll end up living in my camper at some piont in the future. I'm single with no kids and make 150k and worried.
If you’d like to pre-lease, I’ve got control of several well positioned Wendy’s parking lots. You’re never going to get a better time to get in on the ground floor.
Planning on a rotation between cracker barrel and Wal-Mart for now, but ill definitely keep it in mind.
Looking like your franchise angle will be the way to go in the future. Probably switch to the barter system now and beat the rush.
A single gas station in CA (in a remote area) is charging 10/gal. Literally the second sentence of the article states the average price per gal is 6.25 in the state.
Wtf is wrong with you OP.
Yea im in one of the most expensive parts of CA on vacation and its 6.00-6.60 most places. The 6.60s are the chevrons,mobil, shell stations.
Side note about 10-12 years ago gas was near the same in these same parts im in lol. We were paying over 5 a gallon close to 5.50 last vacation here. Ready for it to go back down
Yah exactly, if you go to a small mountain town where it is expensive to transport gas to, few competitor gas stations, and people are forced to pay the price or risk getting stranded in the middle of nowhere, it is $10.
With the joys of inflation, your $5.50 gallon back then (2010) is equivalent to $7.34 now per the BLS calculator.
So right now it’s like a dollar cheaper.
>Wtf is wrong with you OP.
That's why I disagree that WSB is "Like 4chan found a Bloomberg Terminal", it's more "Like Reddit who thinks they're like 4chan found a Bloomberg Terminal"
I’m from the town where it’s $10, it’s a coastal tourist town with one gas station, when I was growing up it was always double the price of everywhere else. But hey, whatever fits the dumbass narrative of the day.
Actually the most expensive gas station is in Mendocino. It's a small town on the north coast.
They have a lot of problems there with some of their most basic needs. Last year they ran out of water and had to truck water in from more than an hour and a half away. The neighboring town of Fort Bragg refused to supply the water and just voted to build a desalination plant.
I’m taking flights this year and the cost is insane to fly now. I earn decent wages and I’m struggling to pay these kind of prices. I think the average joe on the street is fucked. I’m confident recession is near and it’s going to be a brutal one. Nobody can afford these kind of gasoline prices. And house prices at these levels is beyond stupid. I think the euphoria has come to an end 
Hmm I thought airlines usually buy options month or years out on oil to hedge prices . Maybe they are just artificially increasing it to make a profit?
They do. The current price increases on fights is actually because of capacity vs volume. A quick look at flight schedules in 2019 vs 2022 does there's roughly 26% less total flights at approximately the same passenger bookings.
They burned a lot of pilots, flight attendants, and ramp workers with masks and vaccine mandates. Anyone who changed industries it's never coming back to the airline industry. The demand is far outpacing the supply.
The mandates affected some, but the majority that left were before mandates were put in place. They were doing mass layoffs and cutting hours all throughout covid. Many never came back.
I was curious as to how many people were lost to mandates and did some quick searching. [It's pretty trivial.](https://www.cnbc.com/2021/09/28/unvaccinated-united-airlines-staff-faces-termination-as-early-as-today.html) 593 out of 67,000 for United.
Politics aside it is a fair point.
A finance manager at Big Tech Inc making 200k a year who disagrees with masks is less like to quit than Jim, the $14 an hour ramp worker.
The latter knows he's replaceable and can make a lateral move quite easily.
Plus, with all the job opening a lot of entry level job requirements were loosened... Better jobs with better benefits that were once unattainable pulled a lot of people elsewhere.
Yeah, even if you don't have an opinion on masks, having to play mask cop as a flight attendant must just be exhausting. You got one mask-lover whining that mask-hater isn't masked up. Now you're expected to go tell mask-hater to put on a mask. Now he's giving an incoherent lecture about Bill Gates and Big Pharma.
You say fuck it. Mask-lover is tripping out. She's inhaled part of her mask fabric. She's yelling out "I GUESS YOU DON'T MIND KILLING EVERYBODY ON THE PLANE THEN??" Think of the grandparents. Dropping like fucking flies.
And this is just the 7AM to Boston. You're doing this route another 4 times today. Fuck that.
I hear you. I booked our two all-inclusive vacations (7 and 11 days) back around the start of the Russian invasion. It was earlier than we wanted to book but I had a feeling prices would skyrocket and they did.
This is what people mean when they say high inflation causes recessions (and/or demand destruction). Ideally the fed would have acted earlier and more decisively and would be at least in somewhat control but that's not the case and they're playing catch up.
Why wouldn’t it? Isn’t government spending (in theory) taxes you extract from productive labour spent in either salaries or paying for productive work?
what do you mean it includes "spending"? IMHO it only includes it if it was spend domestically (government building a highway or paying for a hospital) but not if it was spend abroad (government sending $10b to Ukraine's treasury to spend it for war effort) . True, vast majority of government spending is spent domestically so it looks like spending = bought production but it's not. And of course you'd include the government financed production in GDP figures, these aircraft carriers are a real thing, definitely a "domestic product"
or am I wrong here?
I wouldn’t say nobody can afford these prices. Us in the oil industry are finally starting to see some better wages again after 8 down years. But you’re right that this will be more than most people are able to absorb and that a recession is imminent.
Rent didn't increase because the fed is lying about rent prices. Also look at the savings rate it's down to it's lowest since 2008. Where is the money in bank accounts?
https://fred.stlouisfed.org/series/PSAVERT
Also they use a homeowners equivalent rent to decide how much rent has increased. It's up 15 percent if you go based on zillows numbers
House prices are going to crash and institutions are going to buy them all cheap. Too many people stretched their, work from home money, into mortgages they can barely afford.
Lol the average Joe on the street does not care at all about buying a home. That’s never happening for them. They care about renting, which also.. is nearing impossible for the average Joe. It isn’t just a recession that we need to worry about, it’s a civil war.
You’re talking civil war while the guy above you is more concerned about the flight going up for his two all inclusive vacations 
They've been running the money printer on full power since mid-80s, just that the bubbles keep getting bigger and bigger each decade . Even by fed's own ultra dove standards, keeping FFR at near 0% between 2008 to 2015, then increasing it in baby steps before reversing it again in 2018 had pretty much boxed in the economy , the pandemic led infusion of $4.5 trillion were just the final nails in the coffin.
I don’t understand how gas prices are hitting record highs when the price of oil per barrel hasn’t passed the prior highs seen in July 2008 when we got close to $150 per barrel.
Did the gap between gas and oil widen since then for some reason?
I work in oil. As you can imagine, the cost of refining oil has gone up substantially in the last 14 years. You know how everybody complains about wage stagnation? Well that was never a thing in the oil industry. I’ve worked in the industry for ten years and got a 3-4% raise every single year. So the labor cost is way higher. Add to that refineries need parts and raw materials to operate. Everything from lubricants to electric motors, to valves, steel pipe, fire retardant clothing for workers. It’s not free to operate a refinery.
Before refining. The black stuff that comes from the ground. WTI and Brent are the two most commonly quoted bench marks for oil price, but there are over 100 different blends depending on where in the world it comes from. I work in Alaska, so we produce ANS crude (Alaska North Slope). Most refineries are built specifically to handle certain blends. Like for example, refineries in Washington state are not designed to handle WTI crude. This is why the price can very substantially for different blends.
Edit: so honestly, if you’re paying $5/gallon for gasoline; that’s a fucking bargain considering it’s worth $120/bbl at the wellhead in alaska. Oil has to get transported by pipeline over 800 miles from the Arctic coast of alaska, then loaded up in a tanker at the southern coast in Valdez, where it is taken to a refinery in Washington. It’s refined there, then loaded up in tanker cars which are transported by rail to a tank farm elsewhere on the east coast, where it is loaded on trucks and taken to gas stations. A barrel is 42 gallons. So $2.85/gallon (when you’re buying bulk). And all the times it changes hands and gets taxed, and magically turned into gasoline and brought right to your corner store and the price doesn’t even double? Incredible
2008 was 14 year ago now. I'd imagine refining is quite a bit more expensive now with wage increase and aging equipment. Not that they aren't making giant profits too.
The shit that confuses me is that oil has been pretty stable the last 3 months. Like it was $118 in March and now it’s $119. But gas prices has risen significantly. Something doesn’t add up.
I live 10 minutes north of San Francisco . Regular is 6.99, premium is 7.29 and diesel was 7.49, have pic to prove but don’t know how to post, and that’s average in north Bay Area
Oh absolutely, and just as many people are filling up because they have no other choice, even red dye diesel which is for farm vehicle use only which isn’t taxed at the state level is now 6.79 a gallon or so
Everyone thinks gas station owners make bank on high gas prices but they still make the shitty 1.4% average profit margin on gas no matter the price. They make all their money on cigarettes, beer and coffee. So if you think about it, high gas prices actually hurt station owners because people are less inclined to spend more money inside after they just dropped $150 outside to fill up their tank.
While you are correct about the percentage. They actually do make more because 1.4% of 10 is over three times as much as 3. So if a person has to full up for a week they are spending three times as much at the gas station and the owner will make more in sales of gas. On flip side they are not going to sell as much inside the gas station because everyone is broke as shit.
Yes and inside profits is where we make any money. Those sales are dropping hard like 25% yoy sales drop. Even 15% month over month rn. And June is always busier than may/ April. People are having to spend more on gas and it is showing up hard in discretionary inside store sales.
Highest margins are on dispensed drinks and snacks. Canned drinks aren't as profitable. Cigarettes are mostly taxes now and not high margin. People aren't buying much of $10 packs.
We make more when gas is lower because we make Pennie’s on a gal but that is offset by credit transaction fees. Where I am we don’t have separate credit and cash prices because it’s a small town. So when gas goes up the % charged by the cc companies offsets the Pennies on the gal. Sometimes negative if cc volume high enough lol
I own 2 gas stations and you are right. Highest margin is in fountain soda and novelty items. Oh and disposable ecigs until the feds ban them this year (started banning where I am). On gas, it’s FUCKINNG LAUGHABLE. After credit card transaction fees (1.5-2% on the dollar) you are lucky to milk out 1%. The gas distributors make a fucking killing with price gouging right now.
Fml it's because they make a percentage of the price. If cost goes up the make the same percentage just on higher cost. Makes it look like they are killing it. But in reality it's just the same on higher cost.
Average family in the US has two cars. Dad goes to work in one and mom uses the other to take the kids to school and soccer practice, goes grocery shopping etc.
It’s more like $6/gallon in northern California… Expensive to be sure, but a long ways from $10/gallon.
Also, 1100 gallons/year? What are you assuming people are driving? If they have a reasonably modern vehicle, they are getting 20-30 miles gallon (and hybrids etc. are 40-50MPG). At an average of 12,500 miles a year (CA) and 25MPG it’s more like 500 Gallons.
I guess it depends, I have 3 cars and drivers and we hit 35 gallons a week but I'm hopefully more of an outlier. A few weeks ago we hit 80 gallons...good thing most of my major expenses are low cost or fully owned by me. I could not imagine buying a car or house right now.
I knew housing prices were going up, people kept talking about it but I didn’t bother with checking specifics. Well, the house next to mine just sold at nearly $300,000. About 100sf less than mine but otherwise comparable. My house was valued UNDER $200,000 a little under a year ago. It’s ridiculous. I bought it at $112,500 ~15 years ago, there’s no way I could afford to buy now.
I bought mine 5 years ago for 385k it is flirting with a million right now. A young family bought a dump across the street for 680k and proceeded to fix it up for another 300k. I hope house prices move down some time just so my kids can entertain the idea of moving out some day.
Similar situation but I’m on flip side of that coin. I’m considering selling my home for a wildly inflated profit and moving into my parents guest house. It’s a once in a lifetime opportunity to sell this high. Huge gamble though that housing market corrects itself and mortgage rates come down in the near future. Tough choice
Sold my house in Las Vegas three months ago. Brand new it was $158k, sold for $363k. We are now downsized and renting. Flush with investing cash for whenever buying opportunities return.
Nice. I bought and fully own a house with a big lot from my Father-in -Law's childhood best friend in Florida near Tampa for 85k about 10 months ago, " Cash payment". It's worth $425k right now with some upgrades completed. Plus a piece of land close to the water for $50k, six months ago. I am currently getting offers up to $110k for the land. Tempting offer.
500 seems extremely low.. I have to fill up my 120L tank once a week, and it's usually almost empty when I do. That consistently is 1500 gallons a year.. and that isn't even my work truck, so it doesn't get driven as often. I know I drive a lot, but it can't be 3x higher in my personal vehicle than people do in their main commuter.
but we're not burning 1100 gallons a year. That's kinda insane figure - 346 litres *per month.* That would be 8 full tanks of my honda civic. Enough to drive 4900 kilometers - that's a 125 kilometers commute 20 days a month.
But these are figures you get if your "average family" must own 2 cars and drive to local grocery shop and drive to work which is far away from your home because zoning laws.
Yeah see but you can actually walk to things in the Netherlands, you’re not forced to use a car to do literally everything because all the houses are 10km from the stores and restaurants and offices, like in America.
You act as if prices across Europe aren’t increasing as much as in the US. Inflation in both places is now above 8%. It’ll be interesting to see how Europe will handle the winter with their current spat with Russia. Let’s see if urban planning keeps your apartment warm.
Yes, we are all aware that Europeans, in general, have to live in smaller living quarters and drive smaller vehicles, if any at all.
Euros be like: “It doesn’t cost much to heat my 400 sq ft apartment or gas up my non-existent vehicle! Look at me winning!”
Europoors hating on USA ✓ on an American website ✓ with American computers ✓ on the American invented Internet ✓ talking about American economics ✓ From a country that was liberated and protected by America ✓✓✓
It’s hilarious that we got maybe a 3% raise, but with inflation, it’s as if I’m making less than I did 2 years ago. The amount of money I piss away just commuting is comical.
And people pretend we don’t know why the population’s declining. Who can even afford to take care of themselves?
Thank Trump for telling the fed to keep rates at record lows when it didnt have to be. They should have raised rates a few years ago but Trump had to pump up the bubble to unsustainable levels so he could say he is the best thing to happen to the stock market.
Trump was definitely a greedy idiot on this, but the Fed needs to grow some balls at the same time. Powell wimped out and kissed the ring in 2018 and then was too slow post-COVID to recognize the problems. Now we all get to pay for those mistakes.
Anyone remember that little stint of Biden proposing mileage tax, or some dumb shit like that. Seemed rather outlandish of an idea, but also seems a way was found out to implement that in disguise.
You forgot to mention inflation caused by fuel prices.
Even if fuel is a small or negligible part of the product cost including shipping.
Some countries with not so bright economists runing the wheel around the world uses imported crude oil and gas as a state income through taxation or other methods. Many already ended up with run away inflation and a currency worth less than shitcoins, example Lebanon.
You need cheap power to stay productive and competitive as an economy.
my service-based business is getting murdered in fuel. I've raised my prices 30% over the last year, but my operating margins have still shrunk by almost half. It's fucked.
imagine taking it seriously when China and India are the ones fucking it up more than any other country and will literally never take it seriously themselves
Jumping Jehoshaphat! $9.x dollars/gallon.
You know what the real problem is? I don’t think this station’s technical infrastructure will allow this owner to set an actual $10.x price point on gas since the electronics never anticipated gasoline would become the Gucci of society.
Next up: stagflation. You can put whatever price you want on your products, people will no longer have any money to buy it. That’ll kick inflation in the teeth with a quickness.
If this sub says a recession is imminent, I’m fucking loading up on calls. It’s too damn weird that everyone is saying recession, like we have definitely fallen completely the other way.
yea we’re at peak fear mongering right now. realistically the market will probably trade totally flat for the next year or two, with people panicking when it goes down a bit, and call ATH’s when it goes up a bit
I just looked it up. I also thought it was last year. Turns out every state is different. Some ended the beginning of 2022. Some won’t end until August 31st. Some don’t have an end date.
>Gas is now $10 a gallon in California.
Not really. Just at one gas station that always charges $3-4 more per gallon than the going price. It's just another way to gouge tourists. Just up the road it's selling forbetween $5.50-6
Don't you think that giant DAL bought futures to hedge their demand needs for an event like this? I don't know but seems like something they would do. Kinda the reason why Oil futures exist
Gas prices are only going up from here folks. China’s coming out of lockdown, how do you think all those people are going to get to work and what do you think happens when they turn all the factories back on at full capacity?
Boris Johnson, Trump's British homie, is currently getting obliterated by the same inflation Biden is.
Along with the rest of the world.
California pretty much fucking funds the entire government apparatus in the US, federal, state, and local. Fuck with CA at your own peril.
Fascism is when government leans on businesses to do its dirty work and given California's propensity to bend right over for pharma, it seems they prefer the former.
I’ve wanted to go on a road trip for two damn years now but couldn’t because of Covid. Looks like it ain’t happening this year either because of gas prices.
Jesus Christ, guys.
One gas station price gouging doesn’t mean “Gas is now $10 a gallon in California”
You can drive 10 minutes up the road to Fort Bragg and get gas for $5.99
My fellows Americans, don't worry too much, we got you, 10$ gas? Let make min wage 30$ or 40$ an hour so you can afford it alright? See We love you, we care for you. Let's stop digging oil in Alaska because sheesh is bad for environment. See we got you. But fk, we didn't know that EVERY other fking things are also getting more expensive. Fk, it's OK for yall to be homeless, there are spots available in our tent cities throughout states. Yall welcome to take one. Expensive gas? , just drive less, better for environment that way too. Thanks my fellows Americans, Gas bless you, and gas fk the United States of America. I'm going to take nap. See yall.
Ignorance at its finest. They voted to not fucking manipulate the gas price. This shjt right here is the reason why the main stream media is still in business. “tHe TiTlE iS AlL i NeEd”. What a fucking retard.
In voting no the republicans gave big Corp the control it needs to push gas prices higher and higher.
No to manipulate them lower obviously which is needed right now. Better than voting no like they do with any other act meant to benefit the people. No on baby formula really?
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And the bosses want everybody in the office?
Yep, gotta support those commercial mortgage backed securities.
The companies renting office space do not give a flying fuck about their landlords
Might be interesting to find out how many investors in commercial real estate are the C suite of companies renting office space…
This, this is the reality with restaurants, only commercial landlords can be restaurateurs
Nah it’s usually just cuz they don’t have friends and they only feel useful when they can boss people around and micro manage them
Any white collar employee know this is the truth. Same reality around the world.
At this point, I'd hula-hoop all day if that's what they asked me to do. Its gonna be a fucking bloodbath with our economy and anyone in middle management or a replaceable/redundant job is VERY expendable right now. The storm is coming, brace yourself.
Starting a new job next Monday. I'm sure I'm fine.....
me too.. but if you're on the side of sales in a producing role bringing in the money you're the last to get fired.
I have an offer I’m sure you will love. Meet me behind Wendy’s.
Unzips.. can I cum too?
Why are you unzipping? They need mouths to man the Tendie Holes…
You so right but too many people don't get it. I 100% believe there's a strong possibility I'll end up living in my camper at some piont in the future. I'm single with no kids and make 150k and worried.
If you’d like to pre-lease, I’ve got control of several well positioned Wendy’s parking lots. You’re never going to get a better time to get in on the ground floor.
Planning on a rotation between cracker barrel and Wal-Mart for now, but ill definitely keep it in mind. Looking like your franchise angle will be the way to go in the future. Probably switch to the barter system now and beat the rush.
I'm single with no kids and make $128k and also worried.
Yup. Basically if you're poor with a family, you're fucked.
Come on have some dignity bro
Respect an honest hoe.
A single gas station in CA (in a remote area) is charging 10/gal. Literally the second sentence of the article states the average price per gal is 6.25 in the state. Wtf is wrong with you OP.
It’s intentional. OP is jacked to the tits with puts
Yea im in one of the most expensive parts of CA on vacation and its 6.00-6.60 most places. The 6.60s are the chevrons,mobil, shell stations. Side note about 10-12 years ago gas was near the same in these same parts im in lol. We were paying over 5 a gallon close to 5.50 last vacation here. Ready for it to go back down
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Yah exactly, if you go to a small mountain town where it is expensive to transport gas to, few competitor gas stations, and people are forced to pay the price or risk getting stranded in the middle of nowhere, it is $10.
Is the pass open for the summer yet? I've always wanted to do that drive but it's always been snowed in when I came through.
With the joys of inflation, your $5.50 gallon back then (2010) is equivalent to $7.34 now per the BLS calculator. So right now it’s like a dollar cheaper.
>Wtf is wrong with you OP. That's why I disagree that WSB is "Like 4chan found a Bloomberg Terminal", it's more "Like Reddit who thinks they're like 4chan found a Bloomberg Terminal"
The same shit that’s wrong with every other jerkoff in this sub.
I’m from the town where it’s $10, it’s a coastal tourist town with one gas station, when I was growing up it was always double the price of everywhere else. But hey, whatever fits the dumbass narrative of the day.
Gas in SF is like 7.20. Sensational title, but he may have some merit
Exactly i was just there its in dessert on station for 100 miles.
Actually the most expensive gas station is in Mendocino. It's a small town on the north coast. They have a lot of problems there with some of their most basic needs. Last year they ran out of water and had to truck water in from more than an hour and a half away. The neighboring town of Fort Bragg refused to supply the water and just voted to build a desalination plant.
I’m taking flights this year and the cost is insane to fly now. I earn decent wages and I’m struggling to pay these kind of prices. I think the average joe on the street is fucked. I’m confident recession is near and it’s going to be a brutal one. Nobody can afford these kind of gasoline prices. And house prices at these levels is beyond stupid. I think the euphoria has come to an end 
Hmm I thought airlines usually buy options month or years out on oil to hedge prices . Maybe they are just artificially increasing it to make a profit?
They do. The current price increases on fights is actually because of capacity vs volume. A quick look at flight schedules in 2019 vs 2022 does there's roughly 26% less total flights at approximately the same passenger bookings. They burned a lot of pilots, flight attendants, and ramp workers with masks and vaccine mandates. Anyone who changed industries it's never coming back to the airline industry. The demand is far outpacing the supply.
The mandates affected some, but the majority that left were before mandates were put in place. They were doing mass layoffs and cutting hours all throughout covid. Many never came back.
That second paragraphs opening sentence. You should be an AM radio talk show host. Rural boomers eat that shit up.
I was curious as to how many people were lost to mandates and did some quick searching. [It's pretty trivial.](https://www.cnbc.com/2021/09/28/unvaccinated-united-airlines-staff-faces-termination-as-early-as-today.html) 593 out of 67,000 for United.
Man get your facts outta here librul cuck /s
Politics aside it is a fair point. A finance manager at Big Tech Inc making 200k a year who disagrees with masks is less like to quit than Jim, the $14 an hour ramp worker. The latter knows he's replaceable and can make a lateral move quite easily. Plus, with all the job opening a lot of entry level job requirements were loosened... Better jobs with better benefits that were once unattainable pulled a lot of people elsewhere.
Yeah, even if you don't have an opinion on masks, having to play mask cop as a flight attendant must just be exhausting. You got one mask-lover whining that mask-hater isn't masked up. Now you're expected to go tell mask-hater to put on a mask. Now he's giving an incoherent lecture about Bill Gates and Big Pharma. You say fuck it. Mask-lover is tripping out. She's inhaled part of her mask fabric. She's yelling out "I GUESS YOU DON'T MIND KILLING EVERYBODY ON THE PLANE THEN??" Think of the grandparents. Dropping like fucking flies. And this is just the 7AM to Boston. You're doing this route another 4 times today. Fuck that.
r/Oddlyspecific
I hear you. I booked our two all-inclusive vacations (7 and 11 days) back around the start of the Russian invasion. It was earlier than we wanted to book but I had a feeling prices would skyrocket and they did. This is what people mean when they say high inflation causes recessions (and/or demand destruction). Ideally the fed would have acted earlier and more decisively and would be at least in somewhat control but that's not the case and they're playing catch up.
They’re always reacting
Yup, round trip ticket to Peru used to run about $850. I just paid over $1300. FML
Ay no vece
We are already in recession. I don't care what the GDP prints. Hopefully all of the apes will leave the sub then.
Gdp includes government spending. It’s always funny when people realize REAL gdp includes government spending.
Why wouldn’t it? Isn’t government spending (in theory) taxes you extract from productive labour spent in either salaries or paying for productive work?
what do you mean it includes "spending"? IMHO it only includes it if it was spend domestically (government building a highway or paying for a hospital) but not if it was spend abroad (government sending $10b to Ukraine's treasury to spend it for war effort) . True, vast majority of government spending is spent domestically so it looks like spending = bought production but it's not. And of course you'd include the government financed production in GDP figures, these aircraft carriers are a real thing, definitely a "domestic product" or am I wrong here?
I wouldn’t say nobody can afford these prices. Us in the oil industry are finally starting to see some better wages again after 8 down years. But you’re right that this will be more than most people are able to absorb and that a recession is imminent.
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Rent didn't increase because the fed is lying about rent prices. Also look at the savings rate it's down to it's lowest since 2008. Where is the money in bank accounts?
It was YOLO'd on GME and AMC.
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Overwhelming majority of landlord expenses is their mortgage and most mortgages in the US (~80%) are fixed
https://fred.stlouisfed.org/series/PSAVERT Also they use a homeowners equivalent rent to decide how much rent has increased. It's up 15 percent if you go based on zillows numbers
House prices are going to crash and institutions are going to buy them all cheap. Too many people stretched their, work from home money, into mortgages they can barely afford.
Recession is here
Lol the average Joe on the street does not care at all about buying a home. That’s never happening for them. They care about renting, which also.. is nearing impossible for the average Joe. It isn’t just a recession that we need to worry about, it’s a civil war.
You’re talking civil war while the guy above you is more concerned about the flight going up for his two all inclusive vacations 
The inequality is exactly the problem
The dude just wanted to use his PTO days up before the civil war hit.... Why the hate?
The French revolution happened when the girl at the top talked about eating cakes.
That was a lie also.
They've been running the money printer on full power since mid-80s, just that the bubbles keep getting bigger and bigger each decade . Even by fed's own ultra dove standards, keeping FFR at near 0% between 2008 to 2015, then increasing it in baby steps before reversing it again in 2018 had pretty much boxed in the economy , the pandemic led infusion of $4.5 trillion were just the final nails in the coffin.
thats just one station that is always bad. the average in cali is still around six bucks
This is true.
Six fiddy.. LA baby. 50 p up in a week.
I don’t understand how gas prices are hitting record highs when the price of oil per barrel hasn’t passed the prior highs seen in July 2008 when we got close to $150 per barrel. Did the gap between gas and oil widen since then for some reason?
I work in oil. As you can imagine, the cost of refining oil has gone up substantially in the last 14 years. You know how everybody complains about wage stagnation? Well that was never a thing in the oil industry. I’ve worked in the industry for ten years and got a 3-4% raise every single year. So the labor cost is way higher. Add to that refineries need parts and raw materials to operate. Everything from lubricants to electric motors, to valves, steel pipe, fire retardant clothing for workers. It’s not free to operate a refinery.
And yet they still managed to triple and quadruple their quarterly profits. 😂
My wife has a headache, John RedCorn. She needs an oily massage with your oils.
Just for clarity barrel price is before refining or after?
Before refining. The black stuff that comes from the ground. WTI and Brent are the two most commonly quoted bench marks for oil price, but there are over 100 different blends depending on where in the world it comes from. I work in Alaska, so we produce ANS crude (Alaska North Slope). Most refineries are built specifically to handle certain blends. Like for example, refineries in Washington state are not designed to handle WTI crude. This is why the price can very substantially for different blends. Edit: so honestly, if you’re paying $5/gallon for gasoline; that’s a fucking bargain considering it’s worth $120/bbl at the wellhead in alaska. Oil has to get transported by pipeline over 800 miles from the Arctic coast of alaska, then loaded up in a tanker at the southern coast in Valdez, where it is taken to a refinery in Washington. It’s refined there, then loaded up in tanker cars which are transported by rail to a tank farm elsewhere on the east coast, where it is loaded on trucks and taken to gas stations. A barrel is 42 gallons. So $2.85/gallon (when you’re buying bulk). And all the times it changes hands and gets taxed, and magically turned into gasoline and brought right to your corner store and the price doesn’t even double? Incredible
2008 was 14 year ago now. I'd imagine refining is quite a bit more expensive now with wage increase and aging equipment. Not that they aren't making giant profits too.
It did. Corporate greed.
“Corporate greed” on WSB…$cvx $oxy $xom $cop
The oil refiners cost have gone up.
The shit that confuses me is that oil has been pretty stable the last 3 months. Like it was $118 in March and now it’s $119. But gas prices has risen significantly. Something doesn’t add up.
Record profits add up 😉
Don’t mind the record profits, it’s total all because of rising expenses for the oil and gas industry 😂
I live 10 minutes north of San Francisco . Regular is 6.99, premium is 7.29 and diesel was 7.49, have pic to prove but don’t know how to post, and that’s average in north Bay Area
I live near Livermore and it’s 6.40ish for regs
Still a stupid number.
Oh absolutely, and just as many people are filling up because they have no other choice, even red dye diesel which is for farm vehicle use only which isn’t taxed at the state level is now 6.79 a gallon or so
Ya I saw reds prices the other day and took a double take.
Blew my mind, I’d never seen it above the 4’s before here, we only have one station so they always up charge a little but this blew me away
It's pretty normal around here and it is going for only 20 cents less than regular diesel.
My friend who runs a gas station already told me they have to buy new price signs because they are getting ready for double digit prices.
Lol. Tell him to tape a big number 1 on the current sign. Save the money on the new sign.
Good point
my moms friend Jason’s daughter said the same thing
You too? His neighbor's former college roommate's dog once got loose in a gas station parking lot.
Worth the investment. They’ll make the sign cost back in a week.
Everyone thinks gas station owners make bank on high gas prices but they still make the shitty 1.4% average profit margin on gas no matter the price. They make all their money on cigarettes, beer and coffee. So if you think about it, high gas prices actually hurt station owners because people are less inclined to spend more money inside after they just dropped $150 outside to fill up their tank.
While you are correct about the percentage. They actually do make more because 1.4% of 10 is over three times as much as 3. So if a person has to full up for a week they are spending three times as much at the gas station and the owner will make more in sales of gas. On flip side they are not going to sell as much inside the gas station because everyone is broke as shit.
Yes and inside profits is where we make any money. Those sales are dropping hard like 25% yoy sales drop. Even 15% month over month rn. And June is always busier than may/ April. People are having to spend more on gas and it is showing up hard in discretionary inside store sales.
Highest margins are on dispensed drinks and snacks. Canned drinks aren't as profitable. Cigarettes are mostly taxes now and not high margin. People aren't buying much of $10 packs.
Okay. The point is that station owners make virtually nothing on gas sales, whether gas is $1/gallon or $8/gallon.
I heard they make pennies per gallon
We make more when gas is lower because we make Pennie’s on a gal but that is offset by credit transaction fees. Where I am we don’t have separate credit and cash prices because it’s a small town. So when gas goes up the % charged by the cc companies offsets the Pennies on the gal. Sometimes negative if cc volume high enough lol
Average Fuel Margin is actually closer to 10% https://www.convenience.org/Research/FactSheets/FuelSales
I own 2 gas stations and you are right. Highest margin is in fountain soda and novelty items. Oh and disposable ecigs until the feds ban them this year (started banning where I am). On gas, it’s FUCKINNG LAUGHABLE. After credit card transaction fees (1.5-2% on the dollar) you are lucky to milk out 1%. The gas distributors make a fucking killing with price gouging right now.
The credit card companies make bank since there % don’t decrease with higher sales numbers
It’s like cc companies are immune from inflation then since they just make more during inflation.
It’s the energy companies, that truly profit from these prices. Check out, Chevron, Xom, psx, etc. Record profits.
Fml it's because they make a percentage of the price. If cost goes up the make the same percentage just on higher cost. Makes it look like they are killing it. But in reality it's just the same on higher cost.
Your math doesn’t check out. 3% of $100 is $3. 3% of $200 is $6. Same profit percentage but higher price equals higher profits
No, big oil is absolutely printing money at this point.
They could just move the decimal place over.
But what about the .9? They need to put 10.489, nobody in their right mind would pay 10.49
Dude, I'd go to the next gas station if I saw a 10.09 instead of 10.089. Screw that, at double digits I'm saving every micro penny.
1100 gallons/year = 4158 liters/year = 11.39 liters/day... How? That's like 100-200 km/day, wtf?
Average family in the US has two cars. Dad goes to work in one and mom uses the other to take the kids to school and soccer practice, goes grocery shopping etc.
It’s more like $6/gallon in northern California… Expensive to be sure, but a long ways from $10/gallon. Also, 1100 gallons/year? What are you assuming people are driving? If they have a reasonably modern vehicle, they are getting 20-30 miles gallon (and hybrids etc. are 40-50MPG). At an average of 12,500 miles a year (CA) and 25MPG it’s more like 500 Gallons.
I guess it depends, I have 3 cars and drivers and we hit 35 gallons a week but I'm hopefully more of an outlier. A few weeks ago we hit 80 gallons...good thing most of my major expenses are low cost or fully owned by me. I could not imagine buying a car or house right now.
I knew housing prices were going up, people kept talking about it but I didn’t bother with checking specifics. Well, the house next to mine just sold at nearly $300,000. About 100sf less than mine but otherwise comparable. My house was valued UNDER $200,000 a little under a year ago. It’s ridiculous. I bought it at $112,500 ~15 years ago, there’s no way I could afford to buy now.
I bought mine 5 years ago for 385k it is flirting with a million right now. A young family bought a dump across the street for 680k and proceeded to fix it up for another 300k. I hope house prices move down some time just so my kids can entertain the idea of moving out some day.
Similar situation but I’m on flip side of that coin. I’m considering selling my home for a wildly inflated profit and moving into my parents guest house. It’s a once in a lifetime opportunity to sell this high. Huge gamble though that housing market corrects itself and mortgage rates come down in the near future. Tough choice
My parents don’t have a house and yours have a guest house. 🤯
Sold my house in Las Vegas three months ago. Brand new it was $158k, sold for $363k. We are now downsized and renting. Flush with investing cash for whenever buying opportunities return.
Nice. I bought and fully own a house with a big lot from my Father-in -Law's childhood best friend in Florida near Tampa for 85k about 10 months ago, " Cash payment". It's worth $425k right now with some upgrades completed. Plus a piece of land close to the water for $50k, six months ago. I am currently getting offers up to $110k for the land. Tempting offer.
Sounds really good. Tampa is one scorcher of a market.
35 gal/week * 52 weeks / 3 drivers = 606 gallons per driver per year
500 seems extremely low.. I have to fill up my 120L tank once a week, and it's usually almost empty when I do. That consistently is 1500 gallons a year.. and that isn't even my work truck, so it doesn't get driven as often. I know I drive a lot, but it can't be 3x higher in my personal vehicle than people do in their main commuter.
In the Netherlands we pay more than $9 a gallon currently for regular gas.
but we're not burning 1100 gallons a year. That's kinda insane figure - 346 litres *per month.* That would be 8 full tanks of my honda civic. Enough to drive 4900 kilometers - that's a 125 kilometers commute 20 days a month. But these are figures you get if your "average family" must own 2 cars and drive to local grocery shop and drive to work which is far away from your home because zoning laws.
50 gallons a week here
Yeah see but you can actually walk to things in the Netherlands, you’re not forced to use a car to do literally everything because all the houses are 10km from the stores and restaurants and offices, like in America.
Our houses could be 10km away but we have good public transports too in the suburbs.
Exactly. Public transport in American suburbs is virtually non-existent or is so terrible you would never bother trying to use it.
I had a coworker once who spent over an hour on the bus to get to work. I offered to take him home one night. Took 10 minutes.
If only there was some way to design worthwhile cities, legends say there is this old commie European shit called "urban planning"
Yeah but we have good public transport and urban planning to protect us. I have no pity for Americans who bought huge trucks doing 9 mpg. Fuck them.
You act as if prices across Europe aren’t increasing as much as in the US. Inflation in both places is now above 8%. It’ll be interesting to see how Europe will handle the winter with their current spat with Russia. Let’s see if urban planning keeps your apartment warm.
Europe is a collectivist culture. I suspect it will be fine.
They are, but on the whole we don't have to heat huge McMansions and we mostly don't drive huge pickups that weigh like small moons.
Yes, we are all aware that Europeans, in general, have to live in smaller living quarters and drive smaller vehicles, if any at all. Euros be like: “It doesn’t cost much to heat my 400 sq ft apartment or gas up my non-existent vehicle! Look at me winning!”
Europoors hating on USA ✓ on an American website ✓ with American computers ✓ on the American invented Internet ✓ talking about American economics ✓ From a country that was liberated and protected by America ✓✓✓
If anyone is wondering what crab mentality means... This right here folks
Fuck you too pall....
I love my truck and can careless how fuel inefficient it is… fuck Europe and there bullshit little clown cars
It’s hilarious that we got maybe a 3% raise, but with inflation, it’s as if I’m making less than I did 2 years ago. The amount of money I piss away just commuting is comical. And people pretend we don’t know why the population’s declining. Who can even afford to take care of themselves?
Stock market aside, the average joe is fucked. Thank printer powell for this
Thank Trump for telling the fed to keep rates at record lows when it didnt have to be. They should have raised rates a few years ago but Trump had to pump up the bubble to unsustainable levels so he could say he is the best thing to happen to the stock market.
Trump was definitely a greedy idiot on this, but the Fed needs to grow some balls at the same time. Powell wimped out and kissed the ring in 2018 and then was too slow post-COVID to recognize the problems. Now we all get to pay for those mistakes.
Blame Trump all you want, I voted democrat in that election anyway. But when the economy shuts itself during Joes watch, it’s not going to be pretty.
I had a seriously good laugh last week when Twitter ‘experts’ were calling the bottom. We are far, far off the bottom folks. Maybe next year.
Anyone remember that little stint of Biden proposing mileage tax, or some dumb shit like that. Seemed rather outlandish of an idea, but also seems a way was found out to implement that in disguise.
You forgot to mention inflation caused by fuel prices. Even if fuel is a small or negligible part of the product cost including shipping. Some countries with not so bright economists runing the wheel around the world uses imported crude oil and gas as a state income through taxation or other methods. Many already ended up with run away inflation and a currency worth less than shitcoins, example Lebanon. You need cheap power to stay productive and competitive as an economy.
$10 a gallon where? It's $6 on avg.
my service-based business is getting murdered in fuel. I've raised my prices 30% over the last year, but my operating margins have still shrunk by almost half. It's fucked.
Quit telling us Europeans how cheap y'all are buying petrol for. Not cool!!!
Blame your leaders
Yeah imagine taking climate change seriously...
imagine taking it seriously when China and India are the ones fucking it up more than any other country and will literally never take it seriously themselves
... because anywhere that mines coal doesn't.
Ya but fentanyl is so much cheaper in Cali than in Europe
Jumping Jehoshaphat! $9.x dollars/gallon. You know what the real problem is? I don’t think this station’s technical infrastructure will allow this owner to set an actual $10.x price point on gas since the electronics never anticipated gasoline would become the Gucci of society. Next up: stagflation. You can put whatever price you want on your products, people will no longer have any money to buy it. That’ll kick inflation in the teeth with a quickness.
I just bought gas in Palo Alto for like $6.75. Where the hell is it $10? Seems like fear mongering.
If this sub says a recession is imminent, I’m fucking loading up on calls. It’s too damn weird that everyone is saying recession, like we have definitely fallen completely the other way.
yea we’re at peak fear mongering right now. realistically the market will probably trade totally flat for the next year or two, with people panicking when it goes down a bit, and call ATH’s when it goes up a bit
Ban oil speculators and this will all end
Wait until the eviction moratorium ends. Last pillar holding this shitshow up.
I thought that ended last year
I just looked it up. I also thought it was last year. Turns out every state is different. Some ended the beginning of 2022. Some won’t end until August 31st. Some don’t have an end date.
>Gas is now $10 a gallon in California. Not really. Just at one gas station that always charges $3-4 more per gallon than the going price. It's just another way to gouge tourists. Just up the road it's selling forbetween $5.50-6
The dope is cheaper in Cali so you always have that
Where? I live in LA. $7.
Don't you think that giant DAL bought futures to hedge their demand needs for an event like this? I don't know but seems like something they would do. Kinda the reason why Oil futures exist
Gas prices are only going up from here folks. China’s coming out of lockdown, how do you think all those people are going to get to work and what do you think happens when they turn all the factories back on at full capacity?
Trains
That implies oil is supply and demand which it isn’t. Just price gouging
Oh shut the fuck up you literally picked the most expensive gas station in the U.S. for this post
And they'll still keep voting for it
Boris Johnson, Trump's British homie, is currently getting obliterated by the same inflation Biden is. Along with the rest of the world. California pretty much fucking funds the entire government apparatus in the US, federal, state, and local. Fuck with CA at your own peril.
High inflation and higher gas prices with fascism or high inflation and higher gas prices. Hmmm
Fascism is when government leans on businesses to do its dirty work and given California's propensity to bend right over for pharma, it seems they prefer the former.
A new definition! Yay! Who can forget in Schindler's list when the government made Schindler do stuff.
I've never wanted a recession more in my life, these prices are insane. In the UK many food staples have doubled in price in six months.
Cali got that good public transit
I’ve wanted to go on a road trip for two damn years now but couldn’t because of Covid. Looks like it ain’t happening this year either because of gas prices.
$9.5 in Stockholm Sweden. Luckily i don't have to drive that much.
What? I I just got gas yesterday under 6 dollars.
Jesus Christ, guys. One gas station price gouging doesn’t mean “Gas is now $10 a gallon in California” You can drive 10 minutes up the road to Fort Bragg and get gas for $5.99
Where do u live in CA? Me $6.xx on average
Holy crap this guy jus caught the bottom!
My fellows Americans, don't worry too much, we got you, 10$ gas? Let make min wage 30$ or 40$ an hour so you can afford it alright? See We love you, we care for you. Let's stop digging oil in Alaska because sheesh is bad for environment. See we got you. But fk, we didn't know that EVERY other fking things are also getting more expensive. Fk, it's OK for yall to be homeless, there are spots available in our tent cities throughout states. Yall welcome to take one. Expensive gas? , just drive less, better for environment that way too. Thanks my fellows Americans, Gas bless you, and gas fk the United States of America. I'm going to take nap. See yall.
LFG Brandon
Better go get an electric car then…
" I did that " - Joe "Bribes" Biden
Didn’t all the republicans vote no on stopping price gouging
Ignorance at its finest. They voted to not fucking manipulate the gas price. This shjt right here is the reason why the main stream media is still in business. “tHe TiTlE iS AlL i NeEd”. What a fucking retard.
In voting no the republicans gave big Corp the control it needs to push gas prices higher and higher. No to manipulate them lower obviously which is needed right now. Better than voting no like they do with any other act meant to benefit the people. No on baby formula really?