Inflation Report *

december 9th, 2022:

- robert reich's twitter verified by 'the hill'

Oil was at $16.53 / barrel april 2020 during lockdown as covid spread through the u s like a 'prairie fire', fueled by antimaskers and covid denier campaign stops.

A 100% rise in price from $16.53 in april 2020 would be $33.06 / barrel.

Oil prices rose from $16.53 / barrel in April, 2020 to $52 / barrel in january, 2021, a 350% increase:

https://tinyurl.com/tvfzv7zv

- eia .gov

Oil rose to $83 / barrel to today, october 24th, 2022, a 500% increase from april 2020:

- marketwatch

America, the jiffy lubed, 'tis of thee I sing.

- espn

inflation rose 6.8% in 2021

Oil prices rose at least 80% in 2021, (#2) while inflation rose 6.8%. ( #15)

Oil rose from $16.55 per barrel in April of 2020 to $101.78 in April of 2022 (#7) as Republicans clammored (#13) to reopen the economy during the Covid-19 pandemic that killed black people at 3 times the rate of white people (#14)

She's giving me inflation sensations:

inflation rose 8% from 2020 to 2022

Inflation rose from 0.3% in April of 2020 to 8.3% in April of 2022,(#8) as the Trump largest top tax rate cuts ever were and are in full effect. (#16)

Oil reportedly rose in price as pandemic restrictions ended so world economies could open, with refineries reportedly not prepared for the return of petroleum demand. (#3)

Rosneft-Exxon Rosneft-Exxoff:

Exxon-Mobil held a 30% stake in Rosneft oil fields before being forced to leave by public pressure after the Ukraine usurption attempt and both corporations' mutual subsidiary, Rex Tillerson's Exxon-Neftgas, is headquartered in the Bahamas to avoid both Russian and U S taxes and sanction oversight. (#17) (#18)

The Russian invasion of Ukraine began on February 24th, 2022 (#10) when the price of oil was over $90 per barrel. #5

Exxon's profits increased by over 200% from the first quarter of 2022 to the end of the second quarter in 2022 during the Russian invasion of Ukraine. (#17)

Ski patrols use vasoline petroleum jelly infused cotton balls as waterproof fire starters for rescuing snow bunnies. (#20)

Fed Chair Jerome Powell says every $10 per barrel increase in crude oil directly raises inflation 0.2%.. #5

senator red tide rick clammored to reopen the economy during covid causing defense to be too expensive

- u s senator rick scott and bat boy

Another federal Reserve study says oil prices above $100 per barrel for 3 or more months would raise inflation by 3%. #5

- oil price hikes raise rents and rents are also driving inflation

Hard 'core' soft porn inflation separates the energy and food price spikes to give an idea how deeply the oil industry has been shearing the sheeple. (#19)

Direct Drive Logistics says increased fuel costs raise ancillary inflation through increased transportation costs, which also increases retailer's product costs. #9

Oil prices were above $100 per barrel for 5 months from March to August, 2022. #6

News Nation reports 60% of oil company execs say investor pressure caused them to stop producing more oil to raise prices to make up for profits they didn't realize during the pandemic restrictions. #4

- march 24th, 2022

Pennzoil envy:

In 2021, 19 oil and gas companies paid an effective u s tax rate of 2.86% dodging $8.5 billion in taxes the declared rate of 21% would have charged. #1

The Brookings Institution says Trump had lowered the corporate tax rate the oil industry supposedly paid from 35% to 21% in 2017. #12

- brown eyed susan's twitter

The Guardian says the U S oil industry laid off 16% of it's workforce despite recieving direct stimulus tax breaks designed to encourage companies not to lay off workers. (#11)

'Grab your lube!' - St James Street James

#1 'WASHINGTON, DC — While Congress moves toward historic action to address inflation, close tax loopholes, and tackle climate change, new earnings reports reveal an unprecedented wave of profiteering from Big Oil when families struggled under the crushing weight of high gas prices. Climate Power’s new analysis shows that 19 U.S. Oil & Gas companies managed to dodge $8.5 billion in taxes in 2021, paying an average effective tax rate of 2.86%—far below the nominal rate of 21%. The findings clearly demonstrate the need to take on the fossil fuel industry’s greed and enact tax fairness, and the House must act swiftly to close these loopholes by passing the Inflation Reduction Act.'

#1 https://climatepower.us/resources/new-analysis-big-oil-dodged-8-5-billion-in-federal-income-taxes-in-2021-senate-passed-inflation-reduction-act-would-make-them-pay-for-profiteering/

#2 https://www.eia.gov/todayinenergy/detail.php?id=50718

#3 'Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.'

#3 https://www.eia.gov/todayinenergy/detail.php?id=50738#:~:text=Crude%20oil%20prices%20increased%20in%202021%20as%20increasing,global%20petroleum%20demand%20rising%20faster%20than%20petroleum%20supply.

#4 'Nearly 60% of oil executives say that they aren’t drilling for more oil now because of investor pressure. Their investors want their money back after the volatility of the energy market during the pandemic.

And as gas prices continue to soar, SEC filings from the largest oil and gas companies show they’ve collectively completed $45.6 billion worth of buybacks since the start of last year.'

#4 https://www.newsnationnow.com/business/at-a-glance-oil-companies-see-record-profits-in-2021/

#5 'Federal Reserve Chair Jerome Powell said in his semiannual testimony before the U.S. Senate Banking Committee in March 2022 that, as a rule of thumb, every $10 per barrel increase in the price of crude oil raises inflation by 0.2% and sets back economic growth 0.1%.'

#5 https://www.investopedia.com/ask/answers/06/oilpricesinflation.asp

#6 https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M

#7 inflation monthly historical:

https://www.usinflationcalculator.com/inflation/historical-inflation-rates/

#8 oil prices monthly historical:

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M

16.55 April 2020

101.78 April 2022

#9 https://www.directdrivelogistics.com/logisticsNews/LogisticsFuelCosts

#10 https://en.m.wikipedia.org/wiki/2022_Russian_invasion_of_Ukraine

#11 https://www.google.com/amp/s/amp.theguardian.com/us-news/2021/apr/02/fossil-fuel-companies-billions-tax-breaks-workers

#13 https://www.politico.com/amp/news/2020/04/15/republicans-trump-economy-coronavirus-186452