RE:RE:RE:RE:Jobs report: U.S. economy adds 528,000 jobs in JulyI hate to sound like a tinfoil hat jockey but the disinformation being heaped on the public right now verges on criminal . I understand that cheap energy is better for the economy but getting there with false info always ends badly . The price of WTI has been talked down 33% in the past 2 months based on a compliant media , bank algos and inaccurate government agency reports being used for personal gain .
Between treating the SPR as a permanant supplier and EIA figures that are contradicted by every private source on gasoline demand , the media just buys and echos the BS . It may sound paraniod but it seems everyone is down on oil , the only sector actually making profits . Oddly enough , this Hatfield/McCoy like feud is only delaying the inevitable conversation that needs to happen . Governments must accept the fact that we need a two decade energy transition plan laying out how we all stay warm/cool/fed/mobile/etc between now and when green energy can take over . The left needs to get their heads out of the clouds and either present a plan or get out of the way .
At present , there is a world wide shortage of diesel , gasoline inventories are at low levels not seen in decades (when there was less cars on the road) , refinery capacity is maxed out and Europe needs help desperately . Is anyone talking about this ? Hell NO , that would only ignite Brent/WTI prices and look bad for Biden . The SPR will run up to the election but with this resilient economy the supply/demand imbalance may rear its head and become to obvious to ignore before November . People are working and getting PAID , the roads are packed as are aircraft . Check Shiptracker to see how busy the oceans are , the world is on the move and it all takes oil to keep the wheels going round .
Its summer right now and the media is banking that nobody is paying attention but when trucks start running out of diesel and line ups at the gas station start believe me , people will be paying attention . Unfortunately this reminds me of a dangerous intersection where people would say , "how many people have to die before they install traffic lights" . Right now its politically expedient to crush WTI but the public will be enraged when gas is on sale but not available (I can't even believe I said that) .
Honestly I have never seen such a messed up market , short the moneymakers and buy concept stocks . They say the market can remain irrational longer than you can stay solvent but in this case I think reality will eventually crush this irrational trading . I don't mean to dictate my personal rant but its frustrating when adults act like children and justify it because they "heard it on TV" . Tighten your seatbelt and assume the crash position , the energy market is heading toward a collision at the corner of Supply and Demand .
Enjoy the weekend people , since nobody is driving the trip to the cottage should be fast and easy .