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Thread: Inflation

  1. #331
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    Biden suspends oil and gas leases in Alaska wildlife refuge previously approved by Trump
    June 2, 2021
    https://www.rebelnews.com/biden_susp...roved_by_trump

    President Joe Biden has suspended oil and gas leases in Alaska’s Arctic National Wildlife Refuge that were previously approved by the Trump administration.

    “The Department of the Interior today suspended all activities related to the implementation of the Coastal Plain Oil and Gas Leasing Program in the Arctic National Wildlife Refuge pending completion of a comprehensive analysis under the National Environmental Policy Act (NEPA),” Interior Secretary Deb Haaland stated. “The Department is notifying lessees that it is suspending oil and gas leases in the Arctic Refuge, pending the review, to determine whether the leases should be reaffirmed, voided, or subject to additional mitigation measures.”

    The effort to clamp down on oil drilling in the United States continues even as the nation reels from rising gas prices caused by the recent cyberattack and subsequent shutdown of the Colonial Pipeline, which supplies a significant percentage of America’s gas supply. Gas prices under the Biden administration have steadily risen each month since Biden stepped into office, and currently stand at $0.60 per gallon higher than they did in January, on average.

    Politico reported that the Arctic Refuge’s coastal plain, which comprises a 1.6 million-acre stretch of tundra on Alaska's North Slope, was opened to oil and gas development in 2017 under the Trump administration as part of the 2017 Tax Cuts and Jobs Act.

    “The language included in the bill was drafted by Sen. Lisa Murkowski (R-Alaska) and gave power and authority over the leasing program to the secretary of the Interior, acting through the Bureau of Land Management. The Fish and Wildlife Service, which manages the refuge, played only a marginal role in the environmental review process,” the publication reported.

    Efforts to drill in the Arctic followed a decade of campaigning to be able to drill in the oil-rich region, which has remained largely untapped and holds few residents.

    Republican Alaska Governor Mike Dunleavy condemned the Biden administration for revoking the permits and released a statement in response:

    The Biden Administration’s suspension of leases in the ANWR 1002 Area is contrary to federal law. Section 20001 of the Tax Cuts and Jobs Act (2017) clearly says ‘The Secretary shall establish and administer a competitive oil and gas program for the leasing, development, production and transportation of oil and gas in and from the Coastal Plain.’ Neither the President nor the Secretary are given the discretion to decide otherwise. Our leases for oil and gas are valid and cannot be taken away by the federal government. I oppose this assault on Alaska’s economy and will use every means necessary to undo this egregious federal overreach.

    Alaska does responsible oil and gas development in the Arctic under stricter environmental standards than anywhere else in the world. Yet the federal government is focused on trying to stop our ability to produce oil and gas. Each action they take demonstrates a failure to comprehend the worldwide demand for oil and gas. If Alaska continues to be denied its constitutional right to safely develop resources, countries with much lower environmental standards will gladly fill that void with significant environmental impacts. Shutting down our lands was not what William Seward intended when Alaska was founded and we are not going to allow the Biden administration to turn Alaska into a giant national park.
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  2. #332
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    Soaring lumber prices add $36,000 to the cost of a new home, and a fierce land grab is only making it worse
    April 30, 2021
    https://www.cnbc.com/2021/04/30/soar...-new-home.html

    -The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multifamily home, according to the NAHB.
    -“We have seen, over the last four or five months, what I have never seen in my career before, is lumber to move to the level it has,” said Sheryl Palmer, CEO of Taylor Morrison Home.
    -New lot supply is down 20% from a year ago, according to Zonda.

    As the housing market gets leaner, potential buyers are turning in record numbers to new construction, but several factors are making those homes pricier than ever before.

    First is a major shift in the market’s composition due to the record shortage of existing homes available. About 1 in 4 homes for sale are now newly built, the highest share ever. Historically new homes make up about 1 in 10, but fierce buyer competition is behind that shift. Prices for new and existing homes are at record highs.

    But it is not just competition fueling prices for new homes. The cost of what goes into the home is adding to it as material and land prices surge.

    Lumber prices seem to set a new record almost daily, now up 67% this year and up 340% from a year ago, according to Random Lengths, a wood products industry tracking firm. And lumber doesn’t just go into framing a house. Those added costs hit cabinets, doors, windows and flooring.

    Lumber prices are skyrocketing for various reasons beyond just high demand from homebuilders and remodelers. Lumber tariffs had prices already rising a year ago, but then when the pandemic hit, production shut down. The expectation was that housing demand would dry up for a long time. But instead, after a brief pause, it came roaring back. Homebuilders were caught off guard, as were lumber producers.

    “Clearly, increasing the cost of imports via tariffs does not help the situation,” said Robert Dietz, chief economist for the National Association of Home Builders. “We need to do everything that we can to increase domestic supply, including producing more domestic lumber, as well as resolving the trade dispute. It is matter of housing affordability.”

    The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multifamily home, according to the NAHB.

    Some builders have said they are slowing production in the face of exorbitant costs, but single-family housing starts were up 41% in March year over year, according to the U.S. Census. Builders are clearly trying to ramp up production as fast as they can to meet soaring demand.

    “We just have no supply in either the new home or resale market today,” Sheryl Palmer, CEO of homebuilder Taylor Morrison, said in an interview on CNBC’s “Worldwide Exchange.”

    Palmer said she has seen demand rise across all geographies and all segments of the market, particularly first-time buyers and 55+ buyers. Builder costs, however, are out of control, she said.

    “We have seen, over the last four or five months, what I have never seen in my career before, is lumber to move to the level it has,” said Palmer. “We are very anxious to see full capacity back domestically. I think if we can get the full supply on, we can get lumber to level out a bit.”

    But it’s not just lumber. Prices of gypsum, which is drywall, are up nearly 7% from a year ago.

    Steel mill product prices are at a record high, up nearly 18% in March year over year. It’s used for beams, sheet metal products and wiring.

    The price of copper also set a record high this month and is 27% year to date.

    And then there is land. The price per single lot is up 11% this year compared last year, because demand is so high and supply is low. New lot supply is down 20% from a year ago, according to Zonda, a real estate data and advisory firm.

    The inventory is tightest in San Diego, Baltimore and San Francisco. Nashville is also now seeing one of the biggest drops in supply. Lot supply in 90% of the top markets tracked by Zonda is considered significantly undersupplied.

    “There’s a literal land grab going on as builders are scooping up lots to better match housing supply with demand,” said Ali Wolf, chief economist with Zonda. “The lot supply shortage is real, and it is causing prices to rise and builders to move further into the suburbs.”

    Wolf adds that the new housing market is underperforming its full potential, and will continue to as long as the lot shortage persists. Add higher commodity prices to that equation and the new home market will continue to struggle at a time when it should be reaping huge rewards from hungry buyers.
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  3. #333
    Senior Member M1917 Enfield's Avatar
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    I wonder how Canada is going? are our inflation and CPI numbers lower?

    I know we have a budget that balances itself, but how well is it growing from the heart outwards?


    https://www.foxbusiness.com/economy/...index-may-2021


    Published 9 hours ago

    Consumer prices surge 5% annually, most since August 2008

    Used car and truck prices spiked 7.3% in May


    U.S. consumer prices increased in May at the fastest annual rate in nearly 13 years as the economic comeback from COVID-19 lockdowns continues to build momentum.

    The Labor Department said Thursday that the consumer price index in May rose 5% year over year, hotter than the 4.7% increase that was anticipated. The reading was above last month’s 4.2% print.

    Prices jumped 0.6% month over month, quicker than the 0.4% increase that was expected by analysts surveyed by Refinitiv.

    The annual data has a "base effects" skew due to the decline in prices that occurred at the start of the pandemic.

    USED CAR PRICES HIT RECORD HIGH ON MANHEIM WHOLESALE INDEX

    Used car and truck prices surged 7.3%, accounting for about one-third of the index’s gain. Food prices, meanwhile, rose 0.4% matching April’s increase. Energy prices were unchanged from April as a decline in gasoline prices was offset by an increase in natural gas and electricity costs.

    Core CPI, which excludes food and energy, in May rose 3.8% annually, the most since June 1992. Core prices increased 0.7% month over month, outpacing the 0.4% increase that was expected. The index rose 0.9% in April.

    Upward pressure on prices has appeared in wide swaths of the economy as businesses struggle to find materials due to supply chain bottlenecks that occurred as a result of the pandemic. Some businesses are also struggling to fill jobs because supplemental unemployment benefits have encouraged workers to stay home.

    The hot inflation reading comes with the Federal Reserve next week set to hold its June policy meeting. Investors will be paying close attention to the central bank's comments on when it may start tapering its asset purchase program and begin raising rates.

    Federal Reserve Chairman Jerome Powell has said he expects upward pressure on prices to be temporary.
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  4. #334
    The Gunsmithing Moderator blacksmithden's Avatar
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    Go ahead. Raise interest rates in Canada by 3%. Go ahead. I dare ya. When the government has to print another half trillion dollars or face defaulting on its debt, further devaluing our currency and having the opposite of the desired effect on inflation....when a massive number of low to moderate income households have to declare bankruptcy and walk away from their 5-10% paid for homes because their payments are going to nearly double when their mortgages come due.....when single moms are on the news saying they cant feed their kids because the bank raised their credit card and line of credit payments.....oh please, please, please, put a 3% bullet in this excuse for an economy !!! I f-ing DARE YOU !!!!
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  6. #335
    Resident Combine Pilot JustBen's Avatar
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    Quote Originally Posted by blacksmithden View Post
    Go ahead. Raise interest rates in Canada by 3%. Go ahead. I dare ya. When the government has to print another half trillion dollars or face defaulting on its debt, further devaluing our currency and having the opposite of the desired effect on inflation....when a massive number of low to moderate income households have to declare bankruptcy and walk away from their 5-10% paid for homes because their payments are going to nearly double when their mortgages come due.....when single moms are on the news saying they cant feed their kids because the bank raised their credit card and line of credit payments.....oh please, please, please, put a 3% bullet in this excuse for an economy !!! I f-ing DARE YOU !!!!
    Itd be great to pick up some cheap toys again... it's funny how so many people are so close the the edge and spend almost every dollar on toys when they really cant afford them.

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  8. #336
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    Quote Originally Posted by JustBen View Post
    Itd be great to pick up some cheap toys again... it's funny how so many people are so close the the edge and spend almost every dollar on toys when they really cant afford them.
    Think bigger. They’ve been plowing money into their properties during pandemic. Largely vaporized if housing prices flatten at all.

    A 3% interest rise can kill the buyers moving upwards trend to severe downsizing, giving keys to bank, etc.

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  10. #337
    One Mile Mentor tigrr's Avatar
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    Plant a big garden because anything coming into Canada will cost a fortune. Turdo is spending like a drunken sailor. Canadian mint has outsourced their money printing to china now. They have the plates to print our currency. How does that make you feel?
    The challenge of retirement is how to spend time without spending money.
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  12. #338
    Senior Member Camo tung's Avatar
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    Quote Originally Posted by tigrr View Post
    Plant a big garden because anything coming into Canada will cost a fortune. Turdo is spending like a drunken sailor. Canadian mint has outsourced their money printing to china now. They have the plates to print our currency. How does that make you feel?
    That's troubling. Source?
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  13. #339
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    Maybe Sonny Daze is going to take a page from the debacle south of the '49th where "supposed" phony ballots ( with bamboo content ) were illegally used in the last election .
    The way the little pryck is spending money, he better have a currency printer going 24/7/365 !!
    Nothing will F--k you up as much as the realization that there's no real reason the alphabet needs to be in order !!

    GET OUT AND VOTE !!!

  14. #340
    Senior Member M1917 Enfield's Avatar
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    Quote Originally Posted by Camo tung View Post
    That's troubling. Source?
    I think he is using information from a recent National Post article about Canadian government contracts with China that said this -

    "The Canadian Mint, meanwhile, had contracts worth nearly $1.9 million between October 2019 and March 2021."


    I linked the article in another post recently but here it is again -

    https://nationalpost.com/news/politi...-were-arrested
    Warning! some sarcasm, facetious and jovial behavior, satire, irony, dry humor, playful banter and more may or may not be involved in my postings. Please read anything I have written as being said in the most joyful and happy voice you can imagine.

    To whom it may concern: I hereby declare I am not responsible for the debts incurred by one Justin Trudeau!

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