Oil Is Flying Higher

Oil is flying higher, and wages are rising slower. Those two aren’t ideal to say the least. While ‘Bidenflation may prove to be a bit lower in September when Thursday’s hugely important CPI report comes out due to oil and thus gas prices sliding throughout much of September, we currently know two unpleasant realities. The reprieve at the pump was temporary and so was the rising wage growth. Last week’s economic news pretty well stunk. OPEC cut oil production by 2 million barrels of oil a day because President Biden’s energy policy made the US reliant on foreign sources of energy once again. So, OPEC, who Biden’s pled with to raise production to offset what he won’t allow here at home, owns us and knows it. So, they’re now screwing with us because they can – which is what bad actors do when they’re given to ability. So left with a president no American would hire run a convenience store, running our economy into the ground, oil is flying higher, back to over $93 per barrel, which is back where it was in August when inflation was still surging higher. The average price for gas will soon be back over $4 per gallon, though with Florida’s state gas tax suspension, not likely during October in our state. And meanwhile, wage growth just checked at the lowest rate of the year at just 5%, meaning that the average American has been falling even further behind than before net of inflation. Friday’s jobs report produced two especially troubling numbers – which is why markets sold off. The unemployment rate only fell because labor force participation did, reaching near non-pandemic record low levels and wage gains were falling even faster. But hey, at least no more Trump tweets. This is really so much better, right? Election Day is just a little more than a month away – so the first opportunity to take corrective action is at least right around the corner.