Latest Inflation Numbers and Discussion

[jim584672]

I've heard it mentioned in the news quite a bit that gas prices have gone down, but like you said, they're really still quite high. About $4.40/gal here.

Surprising, even in my HCOL area it is $3.99 right now, and that is NY.

 

[GenXguy]

Surprising, even in my HCOL area it is $3.99 right now, and that is NY.

Unfortunately, Illinois has some high gas taxes, and after another big hike, they updated the tax so that it automatically increases further with inflation, so the tax is going to continue skyrocketing. Gas is always lower cost across the state line.

 

[W2R]

The average price of gasoline has declined for 50 straight days. Not getting as much mention, though, as when it increased.

Have they finished replenishing the Strategic Petroleum Reserves after taking out so much in recent months? With the China/Russia situation getting so tense, I'll feel more at ease if/when that is completely done.

 

[Piper20]

Have they finished replenishing the Strategic Petroleum Reserves after taking out so much in recent months? With the China/Russia situation getting so tense, I'll feel more at ease if/when that is completely done.

I don’t think that will start until the fall of 2022 from what I read.

 

[copyright1997reloaded]

Have they finished replenishing the Strategic Petroleum Reserves after taking out so much in recent months? With the China/Russia situation getting so tense, I'll feel more at ease if/when that is completely done.

It is still being drawn down. As of August 1, the previous week drawdown was 4.6 million barrels and the SPR is at the lowest level since May 1985. Last September the reserve held 618 million barrels, as of last week it is under 470 million barrels.

Article: https://www.reuters.com/business/energy/us-emergency-crude-stockpile-falls-lowest-37-years-2022-08-01/

In addition, most of the oil released has been "medium-sour" which is supposedly is what many USA refineries prefer. This has left the reserve with more "light-sweet" vs. "medium-sour" (which I would have thought would be good but supposedly is not in terms of our existing refineries).

 

[madatrub]

Have they finished replenishing the Strategic Petroleum Reserves after taking out so much in recent months? With the China/Russia situation getting so tense, I'll feel more at ease if/when that is completely done.

They havent finished emptying it yet.


As for crude, most refineries that are left standing have Cokers, so its easier for them to run heavier crude than lighter. Many of the refineries that used to run light sweet exclusively have shut down, although there are some still out there.

 

[Koolau]

Honestly, I never understood why we would take from the strategic reserves due to inflation. Well, I guess I do understand, but I'll leave it at that. The whole concept of strategic reserves is so much bigger than "pain at the pump." If our military planes, tanks, trucks can't run, THAT would be painful and make us forget about inflation. But, of course, YMMV.

 

[aja8888]

Honestly, I never understood why we would take from the strategic reserves due to inflation. Well, I guess I do understand, but I'll leave it at that. The whole concept of strategic reserves is so much bigger than "pain at the pump." If our military planes, tanks, trucks can't run, THAT would be painful and make us forget about inflation. But, of course, YMMV.

Politics.....that's why.

 

[Koolau]

Politics.....that's why.

Oh, yeah. I forgot.

 

[Chuckanut]

Calculate inflation between any two dates.

https://www.usinflationcalculator.com/

 

[Koolau]

Calculate inflation between any two dates.

https://www.usinflationcalculator.com/

Very nice. I'm book marking this one. Thanks.

 

[aja8888]

Just plain nuts. Also, $8 for a small carton of blueberries, $18 sandwich, etc.

https://www.nytimes.com/2022/08/08/nyregion/inflation-nyc.html

After a day of work, Kathy Li met up with a colleague at the Skylark, a cocktail bar near Times Square. She ordered a neon blue gin and vodka cocktail for $20, and then split $15 French fries and $19 chips with guacamole — a price she described as “ridiculous.”

 

[MichaelB]

$54 for a drink, fries and chips is bad, even in Manhattan, but whining about it and calling it ridiculous, but still ordering it is worse IMO.

After a day of work, Kathy Li met up with a colleague at the Skylark, a cocktail bar near Times Square. She ordered a neon blue gin and vodka cocktail for $20, and then split $15 French fries and $19 chips with guacamole — a price she described as “ridiculous.”

 

[Koolau]

$54 for a drink, fires and chips is bad, even in Manhattan, but whining about it and calling it ridiculous, but still ordering it is worse IMO.

My thoughts exactly. You get what you order and pay the listed price. End of story. YMMV

 

[explanade]

Manhattan has had $15-20 cocktails for a long time.

You're paying for the atmosphere in many cases.

 

[Chuckanut]

Manhattan has had $15-20 cocktails for a long time.

You're paying for the atmosphere in many cases.

My oldest on her first trip to Italy made the mistake of sitting a table in la piazza di san marco in Venice. She ordered an espresso. 20 euros. ($25).

Yes, you often pay for the location/atmosphere/ambiance.

 

[Gumby]

My oldest on her first trip to Italy made the mistake of sitting a table in la piazza di san marco in Venice. She ordered an espresso. 20 euros. ($25).

Yes, you often pay for the location/atmosphere/ambiance.

That's not a mistake, that's an experience everyone should have at least once. Drinking espresso, listening to the orchestra play and watching all the people. Ahh, Venice.

 

[Irishgirlyc58]

Manhattan has had $15-20 cocktails for a long time.

You're paying for the atmosphere in many cases.

That’s what I was thinking. $20 doesn’t seem outrageous to me considering the location.

And have you seen the price of avocados? No wonder guacamole and chips was $19.

$34- fries and guac/chips split is $17-assuming one other person. So $37 for an alcohol drink and snacks. [emoji2368]
These people have clearly never fed teenagers. [emoji38]

 

[Dtail]

Manhattan has had $15-20 cocktails for a long time.

You're paying for the atmosphere in many cases.

+1

 

[Chuckanut]

That's not a mistake, that's an experience everyone should have at least once. Drinking espresso, listening to the orchestra play and watching all the people. Ahh, Venice.

Oh, I agree. She is a really into music and the dueling bands where just great! But, she thought she would get away with ordering the cheapest thing on possible, an espresso. Surprise! I had a good laugh and so did she. And, she loved Venice.

 

[Koolau]

Manhattan has had $15-20 cocktails for a long time.

You're paying for the atmosphere in many cases.

Heh, heh, been to Manhattan lately? The atmosphere has gotten a lot worse. YMMV

 

[explanade]

The atmosphere I'm referring to is a place that attracts a lot of people looking to have sex.

 

[Magus]

My oldest on her first trip to Italy made the mistake of sitting a table in la piazza di san marco in Venice. She ordered an espresso. 20 euros. ($25).

Yes, you often pay for the location/atmosphere/ambiance.

Wow! I have only been to Rome in Italy but was surprised at how reasonable the prices were - and that was at 1.35 dollars per year rather than the current parity. The above is why I always ask the price for a drink if not on the menu. I have also been burned but not like $25 for an espresso! I did get charged $3 for “rocks” once in a suburb or Charlotte which was mine blowing given ice water was free, soda (unlimited) was cheaper and it was just regular ice, not the large balls to prevent melt

 

[Gumby]

CPI-U for July 2022 is 296.276, DOWN from 296.311 in June.

 

[aja8888]

CPI-U for July 2022 is 296.276, DOWN from 296.311 in June.

Gasoline and other fuel products down while food products up a bit. No real deal here.