National Average Price of Gasoline Hits an All-Time High

[Septic]

Yea. I wish I had a 1000 gallon tank in my back yard. I would fill it up with gas.

 

[hog88]

I'm just repeating what the CEO of Chevron said - "takes 10 years and a billion dollars" (and he had no plans to do it because the ROI took too long for his shareholders to see returns.)

A prudent use of the Defense Production Act would be to use it in cutting the red tape and expense in building a few more refineries (outside of the hurricane zone) and the pipelines to feed them. Biden and Co could offer than in exchange for guarantees on output levels and put the refiners/oil companies in a pickle.

Wouldn't be a short term solution by any means.

 

[Septic]

A prudent use of the Defense Production Act would be to use it in cutting the red tape and expense in building a few more refineries (outside of the hurricane zone) and the pipelines to feed them. Biden and Co could offer than in exchange for guarantees on output levels and put the refiners/oil companies in a pickle.

Wouldn't be a short term solution by any means.

I agree, strategically it makes sense. But removing the red tape doesn't necessary mean that the oil industry is going to start writing checks for capital expenditures that by there very nature will help drop the price of the very product they're trying to sell. Couple that with automakers shifting to EV's - it's very murky for the oil companies. I think they're content to sell expensive gas and bank the profits while the gettin's good.

 

[Orangeburst]

Yea. I wish I had a 1000 gallon tank in my back yard. I would fill it up with gas.

I use plastic bags.

 

[allvol123]

Not bad. I think the 50 milk jugs of gas in my garage is much less dangerous though.

 

[MurphyVol]

Wow, I haven't seen any slowdown in construction so is it just a glut on the market?

I can't say for sure, but in this area it seems like there's a lot of stuff in process but not so much new stuff coming online.

Keep in mind, I'm in podunk USA but historically this county has around 250 homes for sale at any given time. Last fall I saw inventory drop down to around 50 homes in the whole county.

In March we're were up to 80...today we're at 150 and climbing rapidly. We're still technically under housed, but lately I've seen listings jump 5-10 per day.

I also saw on CNBC that last week's mortgage applications were the lowest in 22 years.

 

[Septic]

Not bad. I think the 50 milk jugs of gas in my garage is much less dangerous though.

I store mine in the living room in mason jars and publix bags.

 

[volfanhill]

I store mine in the living room in mason jars and publix bags.

Waterbed...mason jars are reserved for my urine

 

[NorthDallas40]

There's a pretty neat email service I joined a while back called "The Hustle" that sends you about 5 bullet points every morning. If the topic is of interest you can click on the link to the story.

This was one of yesterday's topics
Timber! Lumber prices are falling hard - The Hustle

It has fallen from current years high yes but it’s still historically 50% higher than prepandemic.

 

[hog88]

I can't say for sure, but in this area it seems like there's a lot of stuff in process but not so much new stuff coming online.

Keep in mind, I'm in podunk USA but historically this county has around 250 homes for sale at any given time. Last fall I saw inventory drop down to around 50 homes in the whole county.

In March we're were up to 80...today we're at 150 and climbing rapidly. We're still technically under housed, but lately I've seen listings jump 5-10 per day.

I also saw on CNBC that last week's mortgage applications were the lowest in 22 years.

A buddy of mine is a builder, does both custom high end homes and spec (entry level) his custom home builds have dropped off. Has had several that were on schedule postpone or cancel but he's still building starter/mid level homes as fast as he can throw them up.

 

[NorthDallas40]

Demand is really high last I checked. Home builds cannot keep up with the demand.

I have anecdotal info on both sides of it. Know people unwilling to pay material prices and shelving products and others just hoping they can get in a new house or remod even in the current market. Only observation I’ve made is the ones that are willing to wait are either involved in or closely to the construction industry. So they believe the bubble will pop

 

[Septic]

Waterbed...mason jars are reserved for my urine

You're fancy, I use Kirkland brand water bottles for peein' in.

 

[VolStrom]

2008 all over again is on the horizon. Back then when things went to hell corporations came in and bought up as many houses as they could that were in foreclosure which then became rental properties. The housing market is a scam and hedge funds are scooping up houses to rape people in the rental market. The middle class is done, they've been crapped on by the elites that control the money.

 

[VolStrom]

You're fancy, I use Kirkland brand water bottles for peein' in.

I prefer the wide mouth jars myself.

 

[hog88]

2008 all over again is on the horizon. Back then when things went to hell corporations came in and bought up as many houses as they could that were in foreclosure which then became rental properties. The housing market is a scam and hedge funds are scooping up houses to rape people in the rental market. The middle class is done, they've been crapped on by the elites that control the money.

The federal government hates the idea of a strong independent middle class.

 

[allvol123]

You're fancy, I use Kirkland brand water bottles for peein' in.

Big timers I see. I just piss in the hole in the floor.

 

[PEPPERJAX]

Piss off the back deck FTW!

 

[volfanhill]

Big timers I see. I just piss in the hole in the floor.

If you don't keep it you can't monitor your health. Come on guys.

 

[Orangeburst]

Piss off the back deck FTW!

Might fall as you cannot afford the lumber to build such deck

 

[Orangeburst]

I pee in the shower....just interconnecting pipes.

 

[VolStrom]

Big timers I see. I just piss in the hole in the floor.

You have to have a little wiener to put it in a bottled water opening. Just saying.

 

[DC_Vol]

It's starting to slow down here in SWFL but only slightly (probably due to the interest rates.) Nonetheless - builders aren't selling homes upfront any more, they'll take your deposit with the understanding that the final cost will be determined at the time of the C.O.

The houses that are being built are taking 18-20 months whereas they were 12 months a year ago. Labor and material shortages are slowing everything down.

I have anecdotal info on both sides of it. Know people unwilling to pay material prices and shelving products and others just hoping they can get in a new house or remod even in the current market. Only observation I’ve made is the ones that are willing to wait are either involved in or closely to the construction industry. So they believe the bubble will pop

It’s interesting. I’ve asked several realtors and investors what they think will happen in the housing market, and there is no consensus.

On one side, I’ve heard there is not going to be a pullback in prices anytime soon, even if recession hits.

And on the other, something to the effect of, been in real estate for 40 years and this is the fourth big bubble they’ve been through. It’s in for a huge correction.

Personally, I don’t see how these prices can hold if wages don’t follow. Once supply chains loosen up, I would expect prices to fall. Not to mention interest rates. The question is how much. 10% correction? 20% correction?

 

[NorthDallas40]

It’s interesting. I’ve asked several realtors and investors what they think will happen in the housing market, and there is no consensus.

On one side, I’ve heard there is not going to be a pullback in prices anytime soon, even if recession hits.

And on the other, something to the effect of, been in real estate for 40 years and this is the fourth big bubble they’ve been through. It’s in for a huge correction.

Personally, I don’t see how these prices can hold if wages don’t follow. Once supply chains loosen up, I would expect prices to fall. Not to mention interest rates. The question is how much. 10% correction? 20% correction?

The nephew in mortgage banking believes once the foreclosure process protections are gone and processing starts there will be a supply glut again. They are thinking sometime second half of this year for foreclosures picking back up

 

[Septic]

Big timers I see. I just piss in the hole in the floor.

You have a floor?

 

[Septic]

I prefer the wide mouth jars myself.

Mickey's big mouth's have their place. Volume restricted tho.