4 ms·

This is the broadest view of the economy growing. So there may be some business leaders who work in still growing industries who are trying to "wish the recessi

This is the broadest view of the economy growing. So there may be some business leaders who work in still growing industries who are trying to "wish the recession into existence" as you say.. But on the flipside you have things like housing taking a downturn (not just home prices, but actual housing construction) which negatively impacts all of their suppliers (HVAC equipment, lumber, contracting companies, etc etc). So there are some of those leaders who have a likely justified negative outlook.

treeman79 4y ago
Be real fun when the strategic oil reserve runs out / stop draining it after November Election. Nothing was done to increase domestic supply. And OPEC has decided to tighten the screws on us.
- themitigating 4y ago
  When will it run out?
  - treeman79 4y ago
    https://www.forbes.com/sites/davidblackmon/2022/10/20/president-bidens-dangerous-abuse-of-the-strategic-petroleum-reserve/amp/ https://www.forbes.com/sites/davidblackmon/2022/10/20/presid... Oil reserve has a mix of different kinds of oils. We’ve been using up the better stuff. Not sure how much of that’s left. US has a 25 day supply of diesel.
- matthewdgreen 4y ago
  "U.S. oil production is almost 12 million barrels per day. By the end of this year, it will be up by about one million barrels per day compared to when President Biden took office, and it is on track to reach a new annual high in 2023. However, a number of industry participants have suggested that, even with today’s high prices, they are concerned about investing in production when prices could fall in the future. The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment." https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/ https://www.whitehouse.gov/briefing-room/statements-releases...
  - everybodyknows 4y ago
    > $67 to $72 per barrel. The WH is going to have to wait a bit for those prices. Right now WTI is $89/bbl: https://www.cnbc.com/quotes/@CL.1 https://www.cnbc.com/quotes/@CL.1 Last time price fell below $72 was December '21.
    - treeman79 4y ago
      Trump wanted to fill the reserve when oil was at 25 a barrel. Congress put a stop to that.
importantbrian 4y ago
This may just be a localized thing, but housing construction here is not slowing down. My in-laws own a construction business and they're the busiest they've ever been. Their biggest challenge is hiring and getting supplies.
- pclmulqdq 4y ago
  I think there are signs that the economy is balakanizing, and that is not a good thing. We see the same thing near us: construction and landscaping are booming. In some other places, I hear that there is no work in that profession. The same appears to be happening to companies, with Facebook down 20% today while oil companies see no signs of recession.
  - importantbrian 4y ago
    Facebook probably isn't the best example. They're down because they've made some really awful business decisions. I don't think their issues are the result of larger economic headwinds.

treeman79 4y ago

Be real fun when the strategic oil reserve runs out / stop draining it after November Election. Nothing was done to increase domestic supply. And OPEC has decided to tighten the screws on us.

themitigating 4y ago
When will it run out?
- treeman79 4y ago
  https://www.forbes.com/sites/davidblackmon/2022/10/20/president-bidens-dangerous-abuse-of-the-strategic-petroleum-reserve/amp/ https://www.forbes.com/sites/davidblackmon/2022/10/20/presid... Oil reserve has a mix of different kinds of oils. We’ve been using up the better stuff. Not sure how much of that’s left. US has a 25 day supply of diesel.
matthewdgreen 4y ago
"U.S. oil production is almost 12 million barrels per day. By the end of this year, it will be up by about one million barrels per day compared to when President Biden took office, and it is on track to reach a new annual high in 2023. However, a number of industry participants have suggested that, even with today’s high prices, they are concerned about investing in production when prices could fall in the future. The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment." https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/ https://www.whitehouse.gov/briefing-room/statements-releases...
- everybodyknows 4y ago
  > $67 to $72 per barrel. The WH is going to have to wait a bit for those prices. Right now WTI is $89/bbl: https://www.cnbc.com/quotes/@CL.1 https://www.cnbc.com/quotes/@CL.1 Last time price fell below $72 was December '21.
  - treeman79 4y ago
    Trump wanted to fill the reserve when oil was at 25 a barrel. Congress put a stop to that.

importantbrian 4y ago

This may just be a localized thing, but housing construction here is not slowing down. My in-laws own a construction business and they're the busiest they've ever been. Their biggest challenge is hiring and getting supplies.

pclmulqdq 4y ago
I think there are signs that the economy is balakanizing, and that is not a good thing. We see the same thing near us: construction and landscaping are booming. In some other places, I hear that there is no work in that profession. The same appears to be happening to companies, with Facebook down 20% today while oil companies see no signs of recession.
- importantbrian 4y ago
  Facebook probably isn't the best example. They're down because they've made some really awful business decisions. I don't think their issues are the result of larger economic headwinds.