Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. On Wall Street, that’s currently good news because the hope is a cooling job market would mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. A second report on the economy said that growth for businesses in the US services industry slowed in September by a touch more than economists expected.
Benchmark US crude fell $5.01 to settle at $84.22 per barrel, the worst drop in just over a year. It’s been pulling back since topping $93 last week. Brent crude, the international standard, lost $5.11 to $85.81. Big oil-and-gas companies fell with the price of crude. Exxon Mobil dropped 3.7%, Chevron lost 2.3% and ConocoPhillips slid 3.7%. Cal-Maine tumbled 7.3% after the egg producer reported a sharp drop in profit for its latest quarter from a year earlier.
None of this means dick unless some relief is afforded to the middle class. Gas is still $5.50 a gallon, food prices are still high, the stock market hasn’t done anything all year, and interest rates on a 30-year fixed as at a 25-year high.
If a recession hits next year (50/50) you would think it would not bode well for the incumbent, but all those election maxims have been thrown out the window, so who knows?
Why the hell is regular gas at $4.75 to $4.90 gallon now and one almost empty Chevron at $4.99 in Eastern Wash. right now. Especially if the price of oil has dropped $5 a barrel recently. I’m pissed at the state of Wash. and its damned carbon tax that make our gas even higher in price. This is ridiculous. FJI.
If you blue staters think you are being rat fucked and pig piled you are right. Regular gas is $3.51 in Virginia. Still way too high. It was $1.89 under Trump.
Pack up your stuff, fill up and get out of your enviro hell holes. Stat.
“Build Back Bidenomics Better. Because trickle down doesn’t work. We’ve proven it”
When?
“Benchmark US crude fell $5.01 to settle at $84.22 per barrel, the worst drop in just over a year.”
“worst drop”? Who wrote that? Any drop is GOOD!
@PHenry
Rural Maryland is at $3.33. Libtardia is higher. It’s been steadily declining for the past month.
Funny that the price is exactly the same as I travel from one end of the state to the other. Hagerstown to Ocean City. One or two stations up or down a few cents, but the vast majority is at 3.33 exactly…
@Jethro – it never ceases to amaze me that when energy costs go up, so does the stock market, and vice versa. That does not make sense.
$5 a barrel is about 10 cents a gallon. Something, but not huge. $30 drop is possible from where it is. Particularly if this evil administration goes away and the new one permits drilling.
Build Back Better:
https://m.youtube.com/watch?v=lkgIP0p9hJY
$3.20 here in WI.
3.20 to 3.60 driving across Georgia and Suoth Carolina. Had to stop in SC, the Atlantic has no gas stations.
The ‘powers-that-be’ have way too much power.
Regular is $3 a gallon and Diesel is $4.09 in the ATL. The Governor has suspended state taxes. Above $4 a gallon I cannot afford to drive my truck. It is parked right now. I am eating a $900 a month expense over a $1500 loss per week running it right now. I have enough reserves for about another 14 months. I haven’t worked in 3 months.
$2.89 in Knoxville at Costco