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Thread: Consumer Prices in U.S. Rose in February as Gasoline Jumped

  1. #1
    usa
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    Default Consumer Prices in U.S. Rose in February as Gasoline Jumped

    Consumer Prices in U.S. Rose in February as Gasoline Jumped


    The cost of living in the U.S. rose in February by the most in 10 months, reflecting a jump in gasoline that failed to spread to other goods and services.
    The consumer-price index climbed 0.4 percent, matching the median forecast of economists surveyed by Bloomberg News, after increasing 0.2 percent the prior month, the Labor Department reported today in Washington. The so-called core measure, which excludes more volatile food and energy costs, climbed 0.1 percent, less than projected.


    The biggest jump in gasoline in more than a year accounted for about 80 percent of the increase in prices last month, leaving households with less money to spend on other goods and services. Federal Reserve policy makers say the advance in fuel costs will be temporary, and most see little risk inflation will flare out of control as unemployment exceeds 8 percent.
    “There are some worries from the energy prices perspective, but the Fed and most people realize that the increase will probably be transitory,” said Benjamin Reitzes , an economist at BMO Capital Markets in Toronto. “Outside of energy prices, there is not much risk for the consumer.”
    Stock-index futures held earlier gains after the report. The contract on the Standard & Poor’s 500 Index maturing in June rose 0.2 percent to 1,399.3 at 8:31 a.m. in New York. Treasury securities trimmed losses,, with the yield on the benchmark 10- year note at 2.32 percent, down from a high of 2.35 percent in the minutes before the data was released.
    Survey Results
    Estimates of the 80 economists surveyed ranged from increases of 0.2 percent to 0.6 percent.
    Consumer prices increased 2.9 percent in the 12 months ended in February, the same as in January.
    The gain in the core gauge followed a 0.2 percent increase in January and was smaller than the 0.2 percent gain median forecast of economists surveyed. They were up 2.2 percent for the last 12 months, compared with 2.3 percent for the 12 months ended in January.
    Today’s report showed energy costs increased 3.2 percent from a month earlier. Gasoline jumped 6 percent, the most since December 2010.
    Escalating oil prices has pushed up the cost of the fuel. Regular gasoline in February averaged $3.56 a gallon, or 18 cents more than January, according to AAA, the nation’s biggest auto group. It was the highest monthly average since September.
    The cost has kept climbing, reaching $3.82 on March 14, the highest in 10 months.
    Fed’s View
    The Fed, nonetheless, said it anticipates that the pressure on consumer prices from energy will wane later in the year.
    “Inflation has been subdued in recent months although prices of crude oil and gasoline have increased lately,” the Federal Open Market Committee said in a statement following a March 13 meeting. Oil will “push up inflation temporarily, but the committee anticipates that subsequently inflation will run at or below the rate that it judges most consistent with its dual mandate” of stable prices and maximum employment.
    The central bank’s preferred inflation gauge, the measure calculated by the Commerce Department and tied to consumer spending, rose at a 1.2 percent annual rate in the fourth quarter. Fed officials have set an explicit inflation goal of 2 percent.
    Today’s report showed food costs were little changed, the least since July 2010.
    Clothing Less Expensive
    The increase in the core measure reflected higher prices for new cars and hotel stays. Clothing costs dropped by the most since July 2006, and used-cars were also cheaper last month.
    “We feel like inflation will moderate,” Charles Holley, chief financial officer at Wal-Mart Stores Inc. (WMT), said during a March 7 investor conference. “The one wildcard, though, is going to be gas prices. If oil continues to go up, I think that could be a drag on economies around the world.”
    Paychecks are failing to keep up with even limited inflation, another Labor Department report today showed. Hourly earnings adjusted for prices dropped 0.3% in February, and were down 1.1 percent over the past 12 months, today’s report showed.
    A Labor Department report yesterday showed prices paid to producers rose 0.4 percent in February, paced by the gain in energy expenses. Import prices, reported March 14, also climbed 0.4 percent.
    The CPI is the broadest of the three monthly price measures from the Labor Department because it includes goods and services. About 60 percent of the CPI covers prices consumers pay for services ranging from medical visits to airline fares and movie tickets.

    http://www.bloomberg.com/news/2012-0...e-changed.html


    No wonder Obama and Chu are in total panic mode. They are about to be fired for incompetence.


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  2. #2
    usa
    Location: Looking for the America we've lost
    Posts: 19,208

    Default

    are you better off today than you were 4 years ago?

    home prices have tanked as has equity

    fuel prices are outrageous

    underemployed has grown

    wages are stagnant while prices soar

    insurance rates for everything has risen

    utility rates have risen

    national debt continues to rise with the only proposed fix is to take more money from the working folk vs fixing the spending problem


    other than a few misguided Kool Aid drinkers here, the answer is no, people are not better.
    If the emperor is naked, and despite fear of insults, we are duty bound to state the obvious.

  3. #3
    usa
    Location: USA
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    Default

    Quote Originally Posted by sec View Post
    are you better off today than you were 4 years ago?

    home prices have tanked as has equity

    fuel prices are outrageous

    underemployed has grown

    wages are stagnant while prices soar

    insurance rates for everything has risen

    utility rates have risen

    national debt continues to rise with the only proposed fix is to take more money from the working folk vs fixing the spending problem


    other than a few misguided Kool Aid drinkers here, the answer is no, people are not better.
    I've held my own, but only by seeing this coming and acting accordingly. Obama has prolonged this recession, and his energy policies could cause even more damage to America. He must go, and his defeat will cause incredible economic gains and confidence. The immediate progressive reaction will be shock and screams that it is Obama's recovery come back to life. LOL!





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  4. Default

    Thanks Obama!
    A Chicago public housing project is missing their community organizer.

  5. #5
    usa
    Location: USA
    Posts: 47,176
    Blog Entries: 2
    My Latest Mood: Yeehaw

    Default

    Quote Originally Posted by MolonLabe2009 View Post
    Thanks Obama!
    LOL!! He will be thanked by being fired in November.

    _

  6. Icon6

    Gas Prices May Drop 50 Cents...

    Gas prices could soon drop 50 cents a gallon
    Oct 20, 2012 - Early fall run-up in gasoline prices is fading fast. With inventories rising and demand slowing, wholesale gas prices are plunging. Consumers should see some major price cuts at the pump within weeks. Figure an average of $3.35 next month
    Autumn gasoline prices are about to drop faster than fall foliage. With inventories rising and demand waning, gasoline prices could plunge 50 cents a gallon from October's $3.86 peak average over the next few weeks, providing a lift for the economy and possibly becoming a factor in next month's presidential election.

    Gasoline, now averaging $3.72 a gallon, is expected to fall to $3.35 or lower by late November. In some regions, prices have already sunk below $3. "Most of the country is heading appreciably lower the next few weeks,'' says Tom Kloza of the Oil Price Information Service, who notes wholesale prices in some key markets have dropped from as high as $4.35 a gallon to $2.71. Pump prices typically lag big wholesale drops. But Kloza expects retail prices to sink five to 15 cents a gallon over each of the next three weeks.

    The drop could provide a boost to consumer spending and influence next month's presidential race, where gas prices have been a hot-button issue for much of the campaign. Several battleground states, including Ohio, Pennsylvania and Wisconsin, are enjoying big price drops. "Certainly, lower gas prices are helpful in terms of consumer spending by increasing disposable income,'' says Brian Bethune, chief economist at Alpha Economic Foresights. "And if prices come down at a rapid rate in the next three weeks, that would tend to help the incumbent. It may not be logical, but if people see problems with the high cost of food or gas, it's the president who tends to get the blame."

    Gas prices have remained stubbornly high well past their traditional Memorial Day weekend peak, due largely to supply shortages and refinery woes on the West Coast and Midwest. But with oil inventories rising and production issues ebbing, prices have been easing the past week, a trend likely to accelerate. "This is very much gravity at work,'' Kloza says. "The faster prices soar, the more prone they are to panic sell-offs." Kloza expects prices to bottom in the $3.30 range. Gasbuddy.com analyst Patrick DeHaan and energy analyst Brian Milne of Telvent DTN see a $3.35 bottom. Barring rising troubles in the Middle East or refinery issues in the U.S., prices could remain in that range through early 2013.

    On Friday, gasbuddy.com was tracking some central Ohio stations selling gas for $2.97 a gallon. Gas prices remain stubbornly high in California -- the nation's priciest state averaging $4.51 a gallon -- although some stations are charging more than $5. Energy experts expect prices to bottom in the $4 range. "California is not completely out of the woods yet regarding supplies, and their refineries haven't been able to keep up,'' Milne says.

    http://www.usatoday.com/story/news/n...rices/1641935/
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  7. Cool

    Granny says we can grow our way outta foreign energy dependence...

    Colorado national lab and industry team to turn grass into gasoline
    12/28/2012 - The goal is to turn a pine tree into a tank of gasoline, and it turns out it is just as difficult as it sounds.
    The National Renewable Energy Laboratory in Golden has been working on the challenge of making biofuels for years and has now struck up a partnership with London-based specialty chemical maker Johnson Matthey Plc. Under the Cooperative Research and Development Agreement, NREL and Johnson Matthey are embarking on a five-year, $7 million project to perfect the chemistry and cut the price of turning trees, switchgrass or solid waste into fuel. Making fuel from corn has been easier as the plant's combination of high sugars and cellulose makes it easy to turn it into alcohol, said David Robichaud, an NREL staff scientist.

    Switch grass or fast-growing trees such as pines and poplars are a challenge because along with cellulose they contain lignin, Robichaud said. In the pyrolysis process — which uses heat and pressure in the absence of oxygen — the lignin adds impurities, such as acids and water, to the fuel mix. The aim of the NREL-Johnson Matthey project is to find catalysts that will help break down the lignin into useful components. Johnson Matthey is one of the world's largest makers of catalysts. "The challenge is that catalysts are expensive, and the impurities tend to inactivate the catalyst. And that hurts the economics," said Ken Reardon, a chemical- and biological-engineering professor at Colorado State University, who is not involved in the project.

    Reardon's work focuses on using enzymes instead of heat and pressure to break down cellulose — but it, too, faces a problem with lignin. "With either route, you are trying to deal with the economics and the environmental impacts," said Reardon, who is working with NREL on a separate project to find a naturally occurring enzyme to break down lignin. The aim of the new project is to combine Johnson Matthey's catalysis expertise with NREL's biomass processing to "help accelerate the development of more economic routes to biofuels," Andrew Heavers, Johnson Matthey business-development director, said in a statement.

    The cost of producing a gallon of fuel from the pyrolysis process will have to reach about $3 a gallon, according to NREL. NREL will use each catalyst and report to Johnson Matthey the chemical constituents of the oil. The chemical company will then tweak the catalysts, trying to direct the chemical process in the right direction. "It is a journey," Robichaud said. "It may be incremental, but we hope there will be a Eureka moment that will really drop the price." The cooperative research-and-development agreement with Johnson Matthey is one of 184 active joint ventures NREL has with industry.

    Read more: Colorado national lab and industry team to turn grass into gasoline - The Denver Post http://www.denverpost.com/breakingne...#ixzz2GQ9zyE7X
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  8. Icon15

    And we were worried about the $2/gal. if Bush got elected...

    Longest Streak Ever for $3-Plus Gas
    September 17, 2013 -- The national average price of gasoline will surpass $3.00 a gallon Tuesday for the 1,000th consecutive day -- the longest stretch above $3.00 on record, according to the American Automobile Association (AAA).
    “Paying less than $3.00 per gallon for gasoline may be automotive history for most Americans,” said Bob Darbelnet, president and CEO of AAA. “The reality is that expensive gas is here to stay, which is tough on millions of people who need a car to live their lives. “ The current thousand-day streak began on Dec. 23, 2010.

    AAA is predicting that the national average will remain above $3.00 a gallon for at least another thousand days, barring a major economic recession. “Spending more on gas concerns consumers because it reduces savings and spending for everything else we need,” Darbelnet said. “Our leaders can help alleviate this economic burden by encouraging a national policy that stimulates production, limits price volatility, ensures greater efficiency and promotes alternative energy.”


    A sign with gas prices is shown at a gas station, in Hialeah, Fla. The price of oil rose 2 percent Wednesday, July 10, 2013, as the U.S. government reported another steep decline in the nation's supplies of oil and gasoline.

    According to the Energy Information Agency, the average retail price of regular gasoline in the U.S. decreased two cents to $3.59 per gallon as of September 9, 2013, and that is 26 cents lower than it was last year at this time.

    Prices were up five cents on the West Coast to $3.80 per gallon; Rocky Mountain prices added half a cent but remained $3.63 per gallon. The largest decrease came in the Midwest, where prices fell six cents to $3.57 per gallon. On the Gulf Coast, the price was $3.38 per gallon, three cents lower than last week. The East Coast price dropped two cents to $3.59 per gallon.

    - See more at: http://www.cnsnews.com/news/article/....ZFmD0ORE.dpuf
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

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