Gas prices up for 33 straight days

CNN had some interesting excuses for high prices at the pump.

http://money.cnn.com/2013/02/17/news/economy/gas-prices/

Refineries are going down, unanticipated maintenance, and higher demand going into driving season.

“Unanticipated maintenance” that is actually mandated. Refineries go down this time of year to retool for summer blends. Once again, our beloved government forces many different blends based upon location and season. This has a biannual negative effect on supply. Many industry experts claim if the U.S. used only one blend, it would drop the price of a gallon of gas by a dollar.

As the U.S. housing market experiences a resurgence, the jobs picture brightens and consumer spending expands, anticipation of higher oil demand is driving up prices.

“The jobs picture brightens, and consumer spending expands.” CNN Money is either not keeping up with current events or they are simply covering for their leader. Of course it is the latter.

CNN failed to mention the devaluation of the dollar. Since oil is traded in U.S. dollars, of course the price is going up when we are churning out paper money as fast as the fed can. They also failed to mention 0bamas war on domestically produced oil.

Supply and demand. More basic economics the White House fails to grasp and the media fails to cover.



Don't worry Obama says it's just the economy improving, again and again and again.

meanwhile...

The following are 12 signs that you better get prepared for the Obama recession of 2013...


1. The mainstream media was absolutely shocked when it was announced that U.S. GDP actually contracted at an annual rate of 0.1 percent during the fourth quarter of 2012. This was the first contraction that the official numbers have shown in more than three years. But of course the truth is that the official numbers always make things appear better than they really are. According to John Williams of shadowstats.com, U.S. GDP growth has actually been continuously negative all the way back to 2005 once you account "for distortions in government inflation usage and methodological changes that have resulted in a built-in upside bias to official reporting."

2. For the entire year of 2012, official U.S. GDP growth was only about 1.5%. According to Art Cashin, every time economic growth has fallen that low (below 2 percent annually) the U.S. economy has always ended up going into a recession.

3. According to the Conference Board, consumer confidence in the United States has hit its lowest level in more than a year.

4. For the week ending January 26th, initial claims for unemployment rose to 368,000. In future weeks, watch to see if it goes above 400,000. If we hit that level, that will be a sign of real trouble for the economy.

5. During the first full week of January, an astounding $114 billion was pulled out of U.S. banks. That is the largest amount that we have seen moved out of U.S. banks in one week since 2001.

6. The U.S. Mint was on pace to sell more silver eagles during the first month of 2013 than it did during the entire year of 2007. Why is so much silver being sold all of a sudden?

7. The payroll tax hike that went into effect in January has reduced the paychecks of average American workers by about $100 a month.

8. Several important measures of manufacturing activity along the east coast missed expectations by a huge margin in January. The following summary is from a recent Zero Hedge article...
So much for the latest "recovery." While everyone continued to forget that in the New Normal markets do not reflect the underlying economy in the least, and that the all time highs in the Russell 2000 should indicate that the US economy has never been better, things in reality took a deep dive for the worse, at least according to the Empire State Fed, the Philly Fed, and now the Richmond Fed, all of which missed expectations by a huge margin, and are now deep in contraction territory. Moments ago, the Richmond Fed reported that the Manufacturing Index imploded from a 9 in November, 5 in December and missed expectations of a 5 print at -12: this was the biggest miss to expectations since September 2009.

9. An astounding 33 percent of all "subprime student loans" are at least 90 days past due. Back in 2007, that number was only at 24 percent. Could this be evidence that the student loan debt bubble is beginning to burst?

10. According to a new Pew Research study that was just released, one out of every seven adults in the United States is financially supporting their kids and their parents at the same time. Pew Research is calling it "the Sandwich Generation".

11. According to one recent Gallup poll, 65 percent of all Americans believe that 2013 will be a year of "economic difficulty", and 50 percent of all Americans believe that the "best days" of America are now behind us.

12. According to a different Gallup poll, Americans are now more pessimistic about where the U.S. economy will be five years from now than Gallup has ever recorded before.