Tag Archives: US/Global Economics

Housing unaffordability closes in on bubble peaks; expect substantial price declines and increased foreclosures in the likely oncoming recession – by New Deal democrat I last looked at the issue of housing affordability at the beginning of April. As we all know, mortgage rates have continued to skyrocket in the past several months. At present they are just under 6.10%: This has changed the calculus on housing affordability considerably. So...

Jean-Paul loved Simone as he could never love anyone else; gave her his heart and, with some great effort, won hers. Simone, she wasn’t one to be particular. Both he and she were Existentialists. Albert, an Absurdist, and Jean-Paul were friends. Simone fell for Albert on first sight. Absurd or not; big minds attract. Absurd or not; he demurred. Unrequited or not; seems Simone’s hots for Albert ruined one of philosophy’s great friendships. Lo, the...

RJS: Focus on Fracking ~~~~~~~ Summary: Global oil surplus at 560,000 barrels per day in May as OPEC output fell to 1.049 million bpd below quota ~~~~~~~ OPEC’s Report on Global Oil for May Tuesday of this week saw the release of OPEC’s June Oil Market Report, which includes details on OPEC & global oil data for May, and hence it gives us a picture of the global oil supply & demand situation at a time when major cities in China...

Tariffs and Inflation Kevin Quinn, Econospeak  Jason Furman and Janet Yellen have both suggested that cutting Trump’s tariffs would be anti-inflationary. But most economists agree that the incidence of the tariffs is for the most part on US consumers, not foreign suppliers (pace the treasonous and ignorant former president, who crowed about all the revenues we were raising from China). So how is a tax cut anti-inflationary?  There is a supply-side...

Summary: US oil supplies at a 17½ year low. SPR at a 35 year low after the SPR largest withdrawal on record. Gasoline supplies at a 6-month low. ~~~~~~~~ The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending June 10th show that after a big increase in our oil imports, another big oil withdrawal from the SPR, and an increase in oil supplies not accounted...

RJS: MarketWatch 666 ~~~~~~~~ Summary: April Trade Deficit Decreased by a record 19.1%, Led by Lower Imports of Consumer Goods and Industrial Supplies and Materials ~~~~~~~~ Our trade deficit was 19.1% lower in April, as our exports increased while our imports decreased. The  Commerce Dept report on our international trade in goods and services for April, incorporating an annual revision, indicated that our seasonally adjusted goods...

Texas is big. To frame how big, let me contextualize the normal travels for a rural resident in a few touch points that are universal. The closest large city with a decently large grocery store and a Home Depot are 37 miles one way. When running an “errand” it is easy to tack on 100 miles to the odometer in just a few hours. The parents are 42 miles away in the next city “down the highway” as it were. Sister in law 92 miles, brother 121 miles, Tesla...

RJS Focus on Fracking Summary: Oil price sees highest weekly close in 13 years; natural gas price hit new 13 year high before falling back Oil prices rose for a seventh consecutive week as record high fuel prices showed no signs of dampening demand. After rising 3.3% to $118.87 a barrel last week as China ended their lockdowns and the EU banned 90% of Russian oil imports, the contract price for US light sweet crude for July delivery jumped to...

I do not remember the first time I ran across Treehugger. It was probably at Slate where I was writing in Moneybox and The Best of The Fray. Slate was featuring Treehugger in a series called “Go on an eight-week carbon diet” as written by Meaghan O’Neil in October 2006. Time does fly, doesn’t it? Not everyone gets satisfaction with Treehugger’s offerings as Jack Schafer at Slate points out. But then, maybe he was agitating? You know, stirring the...

RJS: Focus on Fracking Summary: US oil supplies at a 17½ year low with SPR at a 35 year low; refinery utilization highest since 2019, refinery throughput highest in 17 months; gasoline supplies at a 6 month low even with gasoline imports at a 46 week high The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending June 3rd indicated that after a major drop in our...