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On 6/13/2022 at 6:34 AM, SpikedLemonade said:

I DRIVE ELECTRIC

LOL, as long as you don't have to drive over 200 miles you're all set. I wish I was there when you realize the major loss you took when the battery isn't capable of holding a charge anymore and your car is worthless. EVs are completely useless to anybody who travels, uses a vehicle for towing or expects to have any value after 7 years. EVs are going backwards not forward.

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1 hour ago, Sucked In Again said:

And your point is? What's your take on the 22.44 billion they lost in 2020, or doesn't that count for ByE-dUn?

You mean when far fewer people were driving?? So that justifies not reopening refineries to meet the production we had pre-covid so they can rape us at the gas pumps?

Get the fuck out of here and come back when you have a real take

  • Poop 1

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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22 minutes ago, HipKat said:

You mean when far fewer people were driving?? So that justifies not reopening refineries to meet the production we had pre-covid so they can rape us at the gas pumps?

Get the fuck out of here and come back when you have a real take

That's your take, keep believing...

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Top economist says forget Biden’s stimulus—Putin’s war in Ukraine is by far the biggest driver of inflation

The war in Ukraine and the subsequent sanctions imposed on Russia account for more than a third of U.S. inflation, according to the chief economist at Moody’s Analytics, a financial services firm.

Mark Zandi broke down the drivers behind May’s skyrocketing inflation numbers, which rose unexpectedly to a four-decade high of 8.6% last month, in a Twitter thread Sunday. Principal among them was the Russian invasion of Ukraine, which he said contributed a 3.5% year-over-year increase in consumer price inflation through May. 

“The Russian invasion and spike in oil and other commodity prices is the No. 1 reason, followed by the pandemic & the housing shortage,” Zandi wrote. He added that most of that growth, 2.8%, is from the invasion directly pushing prices for commodities higher. 

Zandi’s tweets cite the Bureau of Labor Statistics and Moody’s Analytics as sources but do not detail how he landed at the analysis numbers. He included a link to a podcast episode, in which Moody’s Ryan Sweet, a senior director, and Cristian deRitis, the deputy chief economist, joined Zandi a day earlier to elaborate on the reasoning behind the Twitter analysis. 

“The primary culprit was higher energy prices, particularly gasoline, and a lot of that can be traced back to Russia's invasion of Ukraine that caused global oil prices to spike,” Sweet said on the podcast.

Zandi noted in his tweet thread that higher energy prices have in turn spread into other sectors of the economy. 

“It’s led to higher diesel prices, which causes food prices to be higher, and it’s also bleeding into things like airfares,” he said on the podcast. 

The COVID-19 pandemic, mainly through its disruption of supply chains, was responsible for 2% year-over-year growth in consumer price inflation, according to Zandi. 

Zandi added in his tweets that an unspecified “other” category—which he told Fortune denotes underlying inflation—contributed to 2.3% of the rise.

“At an estimated 2.3%, it is consistent with the Federal Reserve’s inflation target. It suggests that if not for the factors accounted for in the analysis, inflation would currently be near the Fed’s inflation target,” he said of the category. 

In his analysis, Zandi pushed back against other economists like Steven Rattner and Larry Summers, who have blamed the Biden administration’s $1.9 trillion American Rescue Plan, during which Americans received $1,400 stimulus checks, for contributing to inflation. In fact, Zandi believes that the American Rescue Plan represented only 0.1% year-over-year growth. 

“Often-touted reasons for the outsized inflation, such as stiff regulation of the fossil fuel industry, strong money supply growth, and corporate greed are not playing a significant role in the high inflation. Ditto with the American Rescue Plan,” Zandi wrote on Twitter. 

Zandi also claimed that energy regulation and the money supply had null effects on inflation.

The economist concluded by arguing that inflation should ease as the pandemic subsides and the market eventually adjusts to sanctions against Russia.

“If you buy into this analysis, it suggests that inflation will peak when the fallout of the Russian aggression on oil/commodities is behind us,” Zandi wrote. “No one else seems likely to sanction Russian oil, and the pandemic-related disruptions are fading. Inflation should thus moderate meaningfully by this next year.”

Still, he warns other contributors—such as the affordable housing crisis and its year-over-year price growth—will not get resolved so quickly, meaning that “inflation won’t be fully back in the box until mid-decade.” 

In an op-ed for CNN, Zandi wrote last week that his optimistic view that inflation will ease soon is contingent “on the Federal Reserve getting monetary policy roughly right.” 

“That means raising interest rates fast enough and high enough to slow down the strongly growing economy and contain inflation expectations, but not too fast and high to push us into recession. This will require some deft policymaking, but so far so good,” Zandi wrote. 

Other economists and academics—including Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget—were skeptical, pointing out that his timing of when the Russian invasion would have raised prices might be “off” since the war did not officially begin until February. 

“Global oil markets began to anticipate a Russian invasion of Ukraine in December 2021. Oil prices were close to $70 per barrel and falling when a Russian invasion began to become a significant possibility,” Zandi said of their comments. “Moreover, the analysis includes the impact on inflation of oil and range of other commodity prices, including prices for agricultural prices, metal, and gases, that are exported by Russia and Ukraine.”  

Kyle Pomerleau, a fellow for tax policy at the American Enterprise Institute, questioned Zandi’s lack of attention to demand-side factors of inflation. 

“A war can increase commodity prices, but shouldn't that also make people worse off and translate into less price pressure elsewhere? Same Q for labor shortages,” he wrote on Twitter Monday. “Seems like there has to be something on the demand side going on!”

Jason Furman, former presidential economic adviser under Barack Obama, also asked if alternative explanations had been left out: “How do these factors explain rising shelter or wages?” 

In response to the inquiries, Zandi told Fortune: “The affordable housing crisis captures the impact of accelerating rent growth. Labor shortages capture the impact of accelerating wage growth, but it’s small, as for the most part wage growth is being driven by inflation and not vice versa. At least so far.”

  • Disagree 2

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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7 hours ago, Sucked In Again said:

That's your take, keep believing...

No that's actually the facts, something no MAGAt is familiar with

  • Poop 3

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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17 hours ago, HipKat said:

You mean when far fewer people were driving?? So that justifies not reopening refineries to meet the production we had pre-covid so they can rape us at the gas pumps?

Get the fuck out of here and come back when you have a real take

How's this for a real take? Your thoughts, particularly the last paragraph.

ExxonMobil statement regarding President Biden Letter to Oil Industry

ExxonMobil today released the following statement in response to a letter from
President Biden.

We have been in regular contact with the administration to update the
President and his staff on how ExxonMobil has been investing more than any
other company to develop U.S. oil and gas supplies. This includes investments
in the U.S. of more than $50 billion over the past five years, resulting in an
almost 50% increase in our U.S. production of oil during this period.

Globally, we’ve invested double what we’ve earned over the past five years
-- $118 billion on new oil and gas supplies compared to net income of $55
billion. This is a reflection of the company’s long-term growth strategy,
and our commitment to continuously invest to meet society’s demand for our
products.

Specific to refining capacity in the U.S., we’ve been investing through the
downturn to increase refining capacity to process U.S. light crude by about
250,000 barrels per day – the equivalent of adding a new medium-sized
refinery. We kept investing even during the pandemic, when we lost more than
$20 billion and had to borrow more than $30 billion to maintain investment to
increase capacity to be ready for post-pandemic demand.

In the short term, the U.S. government could enact measures often used in
emergencies following hurricanes or other supply disruptions -- such as
waivers of Jones Act provisions and some fuel specifications to increase
supplies. Longer term, government can promote investment through clear and
consistent policy that supports U.S. resource development, such as regular and
predictable lease sales, as well as streamlined regulatory approval and
support for infrastructure such as pipelines.
 

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24 minutes ago, Sucked In Again said:

How's this for a real take? Your thoughts, particularly the last paragraph.

They're desperate now. They know that these prices are unsustainable especially going into a recession and they will pay for their ill policy decisions.

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Parler @NYexile

 

 

 

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On 6/13/2022 at 5:55 AM, HipKat said:

There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon.

Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.

Everyone seems to have a favorite villain for the high cost of filling up.

Some blame President Joe Biden. Others say it’s because Russian President Vladimir Putin recklessly invaded Ukraine. It’s not hard to find people, including Democrats in Congress, who accuse the oil companies of price gouging.

As with many things in life, the answer is complicated.

WHAT IS HAPPENING?

Gasoline prices have been surging since April 2020, when the initial shock of the pandemic drove prices under $1.80 a gallon, according to government figures. They hit $3 in May 2021 and cruised past $4 this March.

On Saturday, the nationwide average for a gallon ticked just above $5, a record, according to auto club AAA, which has tracked prices for years. The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.

State averages ranged from $6.43 a gallon in California to $4.52 in Mississippi.

WHY IS THIS HAPPENING?

Several factors are coming together to push gasoline prices higher.

Global oil prices have been rising — unevenly, but sharply overall — since December. The price of international crude has roughly doubled in that time, with the U.S. benchmark rising nearly as much, closing Friday at more than $120 a barrel.

Russia’s invasion of Ukraine and the resulting sanctions by the United States and its allies have contributed to the rise. Russia is a leading oil producer.

The United States is the world’s largest oil producer, but U.S. capacity to turn oil into gasoline is down 900,000 barrels of oil per day since the end of 2019, according to the Energy Department.

Tighter oil and gasoline supplies are hitting as energy consumption rises because of the economic recovery.

Finally, Americans typically drive more starting around Memorial Day, adding to the demand for gasoline.

WHAT CAN BE DONE TO GET MORE OIL?

Analysts say there are no quick fixes; it’s a matter of supply and demand, and supply can’t be ramped up overnight.

If anything, the global oil supply will grow tighter as sanctions against Russia take hold. European Union leaders have vowed to ban most Russian oil by the end of this year.

The U.S. has already imposed a ban even as Biden acknowledged it would affect American consumers. He said the ban was necessary so that the U.S. does not subsidize Russia’s war in Ukraine. “Defending freedom is going to cost,” he declared.

The U.S. could ask Saudi Arabia, Venezuela or Iran to help pick up the slack for the expected drop in Russian oil production, but each of those options carries its own moral and political calculations.

Republicans have called on Biden to help increase domestic oil production — for example, by allowing drilling on more federal lands and offshore, or reversing his decision to revoke a permit for a pipeline that could carry Canadian oil to Gulf Coast refineries.

However, many Democrats and environmentalists would howl if Biden took those steps, which they say would undercut efforts to limit climate change. Even if Biden ignored a big faction of his own party, it would be months or years before those measures could lead to more gasoline at U.S. service stations.

At the end of March, Biden announced another tapping of the nation’s Strategic Petroleum Reserve to bring down gasoline prices. The average price per gallon has jumped 77 cents since then, which analysts say is partly because of a refining squeeze.

WHY IS U.S. REFINING DOWN?

Some refineries that produce gasoline, jet fuel, diesel and other petroleum products shut down during the first year of the pandemic, when demand collapsed. While a few are expected to boost capacity in the next year or so, others are reluctant to invest in new facilities because the transition to electric vehicles will reduce demand for gasoline over the long run.

The owner of one of the nation’s largest refineries, in Houston, announced in April that it will close the facility by the end of next year.

WHO IS HURTING?

Higher energy prices hit lower-income families the hardest. Workers in retail and the fast-food industry can’t work from home — they must commute by car or public transportation.

The National Energy Assistance Directors Association estimates that the 20% of families with the lowest income could be spending 38% of their income on energy including gasoline this year, up from 27% in 2020.

WHEN WILL IT END?

It could be up to motorists themselves — by driving less, they would reduce demand and put downward pressure on prices.

“There has got to be some point where people start cutting back, I just don’t know what the magic point is,” said Patrick De Haan, an analyst for the gas-shopping app GasBuddy. “Is it going to be $5? Is it going to be $6, or $7? That’s the million-dollar question that nobody knows.”

HOW ARE DRIVERS COPING?

On Saturday morning at a BP station in Brooklyn, New York, computer worker Nick Schaffzin blamed Putin for the $5.45 per gallon he was shelling out and said he will make sacrifices to pay the price.

“You just cut back on some other things — vacations, discretionary stuff, stuff that’s nice to have but you don’t need,” he said. “Gas you need.”

At the same station, George Chen said he will have to raise the prices he charges his customers for film production to cover the gas he burns driving around New York City. He acknowledged that others aren’t so fortunate.

“It’s going to be painful for people who don’t get pay increases right away,” he said. ”I can only imagine the families who can’t afford it.”

Sucker

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13 hours ago, HipKat said:

Top economist says forget Biden’s stimulus—Putin’s war in Ukraine is by far the biggest driver of inflation

The war in Ukraine and the subsequent sanctions imposed on Russia account for more than a third of U.S. inflation, according to the chief economist at Moody’s Analytics, a financial services firm.

Mark Zandi broke down the drivers behind May’s skyrocketing inflation numbers, which rose unexpectedly to a four-decade high of 8.6% last month, in a Twitter thread Sunday. Principal among them was the Russian invasion of Ukraine, which he said contributed a 3.5% year-over-year increase in consumer price inflation through May. 

“The Russian invasion and spike in oil and other commodity prices is the No. 1 reason, followed by the pandemic & the housing shortage,” Zandi wrote. He added that most of that growth, 2.8%, is from the invasion directly pushing prices for commodities higher. 

Zandi’s tweets cite the Bureau of Labor Statistics and Moody’s Analytics as sources but do not detail how he landed at the analysis numbers. He included a link to a podcast episode, in which Moody’s Ryan Sweet, a senior director, and Cristian deRitis, the deputy chief economist, joined Zandi a day earlier to elaborate on the reasoning behind the Twitter analysis. 

“The primary culprit was higher energy prices, particularly gasoline, and a lot of that can be traced back to Russia's invasion of Ukraine that caused global oil prices to spike,” Sweet said on the podcast.

Zandi noted in his tweet thread that higher energy prices have in turn spread into other sectors of the economy. 

“It’s led to higher diesel prices, which causes food prices to be higher, and it’s also bleeding into things like airfares,” he said on the podcast. 

The COVID-19 pandemic, mainly through its disruption of supply chains, was responsible for 2% year-over-year growth in consumer price inflation, according to Zandi. 

Zandi added in his tweets that an unspecified “other” category—which he told Fortune denotes underlying inflation—contributed to 2.3% of the rise.

“At an estimated 2.3%, it is consistent with the Federal Reserve’s inflation target. It suggests that if not for the factors accounted for in the analysis, inflation would currently be near the Fed’s inflation target,” he said of the category. 

In his analysis, Zandi pushed back against other economists like Steven Rattner and Larry Summers, who have blamed the Biden administration’s $1.9 trillion American Rescue Plan, during which Americans received $1,400 stimulus checks, for contributing to inflation. In fact, Zandi believes that the American Rescue Plan represented only 0.1% year-over-year growth. 

“Often-touted reasons for the outsized inflation, such as stiff regulation of the fossil fuel industry, strong money supply growth, and corporate greed are not playing a significant role in the high inflation. Ditto with the American Rescue Plan,” Zandi wrote on Twitter. 

Zandi also claimed that energy regulation and the money supply had null effects on inflation.

The economist concluded by arguing that inflation should ease as the pandemic subsides and the market eventually adjusts to sanctions against Russia.

“If you buy into this analysis, it suggests that inflation will peak when the fallout of the Russian aggression on oil/commodities is behind us,” Zandi wrote. “No one else seems likely to sanction Russian oil, and the pandemic-related disruptions are fading. Inflation should thus moderate meaningfully by this next year.”

Still, he warns other contributors—such as the affordable housing crisis and its year-over-year price growth—will not get resolved so quickly, meaning that “inflation won’t be fully back in the box until mid-decade.” 

In an op-ed for CNN, Zandi wrote last week that his optimistic view that inflation will ease soon is contingent “on the Federal Reserve getting monetary policy roughly right.” 

“That means raising interest rates fast enough and high enough to slow down the strongly growing economy and contain inflation expectations, but not too fast and high to push us into recession. This will require some deft policymaking, but so far so good,” Zandi wrote. 

Other economists and academics—including Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget—were skeptical, pointing out that his timing of when the Russian invasion would have raised prices might be “off” since the war did not officially begin until February. 

“Global oil markets began to anticipate a Russian invasion of Ukraine in December 2021. Oil prices were close to $70 per barrel and falling when a Russian invasion began to become a significant possibility,” Zandi said of their comments. “Moreover, the analysis includes the impact on inflation of oil and range of other commodity prices, including prices for agricultural prices, metal, and gases, that are exported by Russia and Ukraine.”  

Kyle Pomerleau, a fellow for tax policy at the American Enterprise Institute, questioned Zandi’s lack of attention to demand-side factors of inflation. 

“A war can increase commodity prices, but shouldn't that also make people worse off and translate into less price pressure elsewhere? Same Q for labor shortages,” he wrote on Twitter Monday. “Seems like there has to be something on the demand side going on!”

Jason Furman, former presidential economic adviser under Barack Obama, also asked if alternative explanations had been left out: “How do these factors explain rising shelter or wages?” 

In response to the inquiries, Zandi told Fortune: “The affordable housing crisis captures the impact of accelerating rent growth. Labor shortages capture the impact of accelerating wage growth, but it’s small, as for the most part wage growth is being driven by inflation and not vice versa. At least so far.”

Bwahahahahahahahahahahahahahaha.  APOLOGIST.  Idiot.

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5 hours ago, Sucked In Again said:

How's this for a real take? Your thoughts, particularly the last paragraph.

ExxonMobil statement regarding President Biden Letter to Oil Industry

ExxonMobil today released the following statement in response to a letter from
President Biden.

We have been in regular contact with the administration to update the
President and his staff on how ExxonMobil has been investing more than any
other company to develop U.S. oil and gas supplies. This includes investments
in the U.S. of more than $50 billion over the past five years, resulting in an
almost 50% increase in our U.S. production of oil during this period.

Globally, we’ve invested double what we’ve earned over the past five years
-- $118 billion on new oil and gas supplies compared to net income of $55
billion. This is a reflection of the company’s long-term growth strategy,
and our commitment to continuously invest to meet society’s demand for our
products.

Specific to refining capacity in the U.S., we’ve been investing through the
downturn to increase refining capacity to process U.S. light crude by about
250,000 barrels per day – the equivalent of adding a new medium-sized
refinery. We kept investing even during the pandemic, when we lost more than
$20 billion and had to borrow more than $30 billion to maintain investment to
increase capacity to be ready for post-pandemic demand.

In the short term, the U.S. government could enact measures often used in
emergencies following hurricanes or other supply disruptions -- such as
waivers of Jones Act provisions and some fuel specifications to increase
supplies. Longer term, government can promote investment through clear and
consistent policy that supports U.S. resource development, such as regular and
predictable lease sales, as well as streamlined regulatory approval and
support for infrastructure such as pipelines.
 

This is nothing but propaganda. Increasing capacity is not increasing actual output. If I put a 50 Gallon fuel cell on my truck, I just increased my capacity to carry fuel, which means shit if I never fill it to capacity

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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43 minutes ago, HipKat said:

This is nothing but propaganda. Increasing capacity is not increasing actual output. If I put a 50 Gallon fuel cell on my truck, I just increased my capacity to carry fuel, which means shit if I never fill it to capacity

Your responses are amazing, incredible! So much so I can no longer give the benefit of the doubt to your comprehension and mental state. Unfortunately you now appear to be one unwilling to look at the big picture. Facts which can not be disputed you call propaganda, c'mon man. 

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10 hours ago, Sucked In Again said:

Your responses are amazing, incredible! So much so I can no longer give the benefit of the doubt to your comprehension and mental state. Unfortunately you now appear to be one unwilling to look at the big picture. Facts which can not be disputed you call propaganda, c'mon man. 

Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. “They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.”

Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas’ Hildebrand Department of Petroleum and Geosystems Engineering.

There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said.

In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. Investors remain reluctant to invest in fossil fuels. Pavel Molchanov, an analyst at Raymond James, told CNN Businessthat “oil and gas companies do not want to drill more.”

“They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial ‘drill, baby, drill,’ which is the way they would have done things 10 years ago. Corporate strategy has fundamentally changed.”

Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production.

“While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70,” 
Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. “So it simply wasn’t profitable to drill with oil below $70.

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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Share on other sites

On 6/15/2022 at 6:39 AM, HipKat said:

Top economist says forget Biden’s stimulus—Putin’s war in Ukraine is by far the biggest driver of inflation

The war in Ukraine and the subsequent sanctions imposed on Russia account for more than a third of U.S. inflation, according to the chief economist at Moody’s Analytics, a financial services firm.

Mark Zandi broke down the drivers behind May’s skyrocketing inflation numbers, which rose unexpectedly to a four-decade high of 8.6% last month, in a Twitter thread Sunday. Principal among them was the Russian invasion of Ukraine, which he said contributed a 3.5% year-over-year increase in consumer price inflation through May. 

“The Russian invasion and spike in oil and other commodity prices is the No. 1 reason, followed by the pandemic & the housing shortage,” Zandi wrote. He added that most of that growth, 2.8%, is from the invasion directly pushing prices for commodities higher. 

Zandi’s tweets cite the Bureau of Labor Statistics and Moody’s Analytics as sources but do not detail how he landed at the analysis numbers. He included a link to a podcast episode, in which Moody’s Ryan Sweet, a senior director, and Cristian deRitis, the deputy chief economist, joined Zandi a day earlier to elaborate on the reasoning behind the Twitter analysis. 

“The primary culprit was higher energy prices, particularly gasoline, and a lot of that can be traced back to Russia's invasion of Ukraine that caused global oil prices to spike,” Sweet said on the podcast.

Zandi noted in his tweet thread that higher energy prices have in turn spread into other sectors of the economy. 

“It’s led to higher diesel prices, which causes food prices to be higher, and it’s also bleeding into things like airfares,” he said on the podcast. 

The COVID-19 pandemic, mainly through its disruption of supply chains, was responsible for 2% year-over-year growth in consumer price inflation, according to Zandi. 

Zandi added in his tweets that an unspecified “other” category—which he told Fortune denotes underlying inflation—contributed to 2.3% of the rise.

“At an estimated 2.3%, it is consistent with the Federal Reserve’s inflation target. It suggests that if not for the factors accounted for in the analysis, inflation would currently be near the Fed’s inflation target,” he said of the category. 

In his analysis, Zandi pushed back against other economists like Steven Rattner and Larry Summers, who have blamed the Biden administration’s $1.9 trillion American Rescue Plan, during which Americans received $1,400 stimulus checks, for contributing to inflation. In fact, Zandi believes that the American Rescue Plan represented only 0.1% year-over-year growth. 

“Often-touted reasons for the outsized inflation, such as stiff regulation of the fossil fuel industry, strong money supply growth, and corporate greed are not playing a significant role in the high inflation. Ditto with the American Rescue Plan,” Zandi wrote on Twitter. 

Zandi also claimed that energy regulation and the money supply had null effects on inflation.

The economist concluded by arguing that inflation should ease as the pandemic subsides and the market eventually adjusts to sanctions against Russia.

“If you buy into this analysis, it suggests that inflation will peak when the fallout of the Russian aggression on oil/commodities is behind us,” Zandi wrote. “No one else seems likely to sanction Russian oil, and the pandemic-related disruptions are fading. Inflation should thus moderate meaningfully by this next year.”

Still, he warns other contributors—such as the affordable housing crisis and its year-over-year price growth—will not get resolved so quickly, meaning that “inflation won’t be fully back in the box until mid-decade.” 

In an op-ed for CNN, Zandi wrote last week that his optimistic view that inflation will ease soon is contingent “on the Federal Reserve getting monetary policy roughly right.” 

“That means raising interest rates fast enough and high enough to slow down the strongly growing economy and contain inflation expectations, but not too fast and high to push us into recession. This will require some deft policymaking, but so far so good,” Zandi wrote. 

Other economists and academics—including Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget—were skeptical, pointing out that his timing of when the Russian invasion would have raised prices might be “off” since the war did not officially begin until February. 

“Global oil markets began to anticipate a Russian invasion of Ukraine in December 2021. Oil prices were close to $70 per barrel and falling when a Russian invasion began to become a significant possibility,” Zandi said of their comments. “Moreover, the analysis includes the impact on inflation of oil and range of other commodity prices, including prices for agricultural prices, metal, and gases, that are exported by Russia and Ukraine.”  

Kyle Pomerleau, a fellow for tax policy at the American Enterprise Institute, questioned Zandi’s lack of attention to demand-side factors of inflation. 

“A war can increase commodity prices, but shouldn't that also make people worse off and translate into less price pressure elsewhere? Same Q for labor shortages,” he wrote on Twitter Monday. “Seems like there has to be something on the demand side going on!”

Jason Furman, former presidential economic adviser under Barack Obama, also asked if alternative explanations had been left out: “How do these factors explain rising shelter or wages?” 

In response to the inquiries, Zandi told Fortune: “The affordable housing crisis captures the impact of accelerating rent growth. Labor shortages capture the impact of accelerating wage growth, but it’s small, as for the most part wage growth is being driven by inflation and not vice versa. At least so far.”

Putin would not have invaded Ukraine if Biden had followed Trump's energy policies. 

Biden didn't need the stature or gravitas of our Greatest Living President. He only needed to follow his policies. 

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1 hour ago, RichJ said:

Hipkat likes to pretend he dislikes Brandon  but this thread is all about making excuses for the senile one. 

I’m sorry, where did I make excuses for Joe Biden in this thread? Pretty sure all my comments are targeting the energy companies. Other than where I said that Joe Biden needs to pressure these companies to start producing more

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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2 minutes ago, HipKat said:

I’m sorry, where did I make excuses for Joe Biden in this thread? Pretty sure all my comments are targeting the energy companies. Other than where I said that Joe Biden needs to pressure these companies to start producing more

MORON.  APOLOGIST.

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19 minutes ago, HipKat said:

Pretty sure all my comments are targeting the energy companies. 

exactly.  Stop attempting to deflect blame to the oil companies. Biden is the MAIN reason. 

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47 minutes ago, RichJ said:

exactly.  Stop attempting to deflect blame to the oil companies. Biden is the MAIN reason. 

Well other than the fact that he’s not

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“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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10 minutes ago, HipKat said:

Well other than the fact that he’s not

Sill mking axcuses and then turn around and say "weredid I defend him?"

You're horrible at pretending. You're like "Rachel" Levine trying to convince us , he's a woman. LOL.

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3 minutes ago, RichJ said:

Sill mking axcuses and then turn around and say "weredid I defend him?"

You're horrible at pretending. You're like "Rachel" Levine trying to convince us , he's a woman. LOL.

Dummy, saying that Biden is not the only thing responsible for inflation is not defending him, you simple minded fucking nitwit. You’re a one trick pony dude. Seriously, expand your fucking horizons a little bit

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“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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1 minute ago, HipKat said:

Dummy, saying that Biden is not the only thing responsible for inflation is not defending him, you simple minded fucking nitwit. You’re a one trick pony dude. Seriously, expand your fucking horizons a little bit

Still defending. We believe you. LOL

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6 minutes ago, RichJ said:

Still defending. We believe you. LOL

seth meyers wtf GIF by Late Night with Seth Meyers

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

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Here's a fact that I bet many including Greg did not know. 

Warren Buffet owns much of the rail system that transports oil throughout our country. Warren Buffet donated to the Biden campaign like many billionaires did. The amount given varies depending on who you ask, but it was likely quite substantial.

Warren Buffet stood to lose a massive amount of money from the completion of the Keystone XL pipeline. Joe Biden canceled it on day one.

None of this is about "green energy" or climate change. These people make up crisis' and initiatives to profit and gain more power and control. 

 

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