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Topic: In other news ...

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FearlessF

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Re: In other news ...
« Reply #17332 on: June 14, 2022, 10:39:59 PM »
BEIJING — China released economic data for May that topped muted expectations for a month hampered by Covid controls.

Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year.

Retail sales fell less than expected, down by 6.7% in May from a year ago. Retail sales were estimated to have declined by 7.1% in May from a year ago, according to the Reuters poll. In April, retail sales fell by 11.1% from a year ago.

Fixed asset investment for the January to May period rose by 6.2%, topping expectations of 6% growth.

China’s National Bureau of Statistics said in a statement that the economy “showed a good momentum of recovery” in May, “with negative effects from Covid-19 pandemic gradually overcome and major indicators improved marginally.”

China’s exports accelerated in May to a better-than-expected 16.9% increase from a year ago in U.S. dollar terms. Imports also rose by a greater-than-expected 4.1%.
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NorthernOhioBuckeye

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Re: In other news ...
« Reply #17333 on: June 15, 2022, 08:06:25 AM »
agrees with my question

if the smart move is to sell gas at no profit to get folks to come inside to purchase the high profit items, why charge 30 cents per gallon more?

I worked at a full service gas station in 1980.  Night shift foreman.  Sold around 3,000 gallons per shift, 2 shifts.  Cheapest gas, cheapest cigarettes in Sewer City,  cashed payroll checks and had credit.  could charge all purchases and pay at the end of the month.

1980, highest gas prices in history, went over 99 cents a gallon for the first time ever.

cigarettes were 60 cents a pack, $7.50 per carton

inflation was at an all-time high

I made $3.15/hour as the shift foreman.

no employee discount on any products or services

life was good, decided to go to college in Lincoln

at that time graduating engineers were making around $30,000/year

a Porche 911 was about $30,000
It all depends upon how much they have to pay for to fill their tanks and how much the supplier is projecting the next load will cost. Also, if they don't have much in the way of a retail business in their station and rely primarily on gasoline sales, they have to keep a higher price to continue to make some profit. But I will bet they are not make much money at all even with their prices 30 cents higher. 

847badgerfan

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Re: In other news ...
« Reply #17334 on: June 15, 2022, 08:06:59 AM »
https://finance.yahoo.com/news/caterpillar-leaves-illinois-decades-relocate-163813033.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAGXDcV5kuGZl0QpY_buw8FN4TQoMH4hmfvBPI8lf2VeCRD3e9fujr8M0SkeRPYioy4oe8gfFYuuMbqtXoe_ltI331sc6mvLxXtMp3bUjShiMb2QrecvuAWj1ofvFHAduqJiTrMZpDVL0MmZWBn_vKS8qwWoJcmkrsf47DiSavaQa
https://finance.yahoo.com/news/caterpillar-leaves-illinois-decades-relocate-163813033.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAGXDcV5kuGZl0QpY_buw8FN4TQoMH4hmfvBPI8lf2VeCRD3e9fujr8M0SkeRPYioy4oe8gfFYuuMbqtXoe_ltI331sc6mvLxXtMp3bUjShiMb2QrecvuAWj1ofvFHAduqJiTrMZpDVL0MmZWBn_vKS8qwWoJcmkrsf47DiSavaQa
Not shocking at all.
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847badgerfan

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Re: In other news ...
« Reply #17335 on: June 15, 2022, 08:22:13 AM »
Rust Belt been dying....all COVID and the Democrats who continue to run those states/cities into the ground have done is accelerated the death.

The growth in this country is all in the south/southwest states that are mostly red, business friendly, and have low taxes and less regulation.

Great for Texas, was hoping they'd come to Florida. There is a sh*t ton of cheap ass land in Northern and Central Florida in the center of the state between the coasts and it's a state with a kick ass governor and state legislature that is extremely business friendly.
It's headquarters moving (and the $). They will still manufacture in Illinois some.

Don't hold your breath on this one, but there is a lot of chatter up North that Walgreens is moving their HQ to Florida. That would be another huge blow to Illinois.
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Cincydawg

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Re: In other news ...
« Reply #17336 on: June 15, 2022, 08:24:33 AM »
Moving the HQ usually benefits the upper level managers, not the factory workers.


FearlessF

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Re: In other news ...
« Reply #17337 on: June 15, 2022, 08:25:57 AM »
some GOOD messaging from the Pres...............

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.

“The crunch that families are facing deserves immediate action,” Biden wrote in the draft of a letter to oil refiners obtained by The Associated Press. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis.”

Gas prices nationwide are averaging roughly $5 a gallon, an economic burden for many Americans and a political threat for the president’s fellow Democrats going into the midterm elections. Broader inflation began to rise last year as the U.S. economy recovered from the coronavirus pandemic, but it accelerated in recent months as energy and food prices climbed after Russia invaded Ukraine in February and disrupted global commodity markets.


The government reported on Friday that consumer prices had jumped 8.6% from a year ago, the worst increase in more than 40 years.

The draft letter notes that gas prices were averaging $4.25 a gallon when oil was last near the current price of $120 a barrel in March. That 75-cent difference in average gas prices in a matter of just a few months reflects both a shortage of refinery capacity and profits that “are currently at their highest levels ever recorded,” the letter states.
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Cincydawg

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Re: In other news ...
« Reply #17338 on: June 15, 2022, 08:30:23 AM »
Does he think refineries can just toggle a switch and make more gasoline?  They've been sitting on excess capacity idling?

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

In our June 2022 Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will be relatively high this summer in response to strong wholesale prices for petroleum products, such as diesel and gasoline, which have increased more than the price of the crude oil used to make them.
The price difference between the price of crude oil and the wholesale price of a refined petroleum product reflects the value of refining crude oil. This difference, known as the crack spread, can indicate refining margins and profitability. Crack spreads for both diesel and gasoline increased in the first several months of 2022.
Gasoline and diesel prices and crack spreads are well above historical averages in response to several factors including:
  • Low inventories for both petroleum products in the United States and globally
  • Fuel demand increases to near pre-pandemic levels
  • Relatively low refinery production of both fuels compared with pre-pandemic levels
  • Reduced petroleum product exports from Russia
In response to these high prices, we expect that refinery utilization will reach a monthly average level of 96% twice this summer, near the upper limits of what refiners can consistently maintain. We expect refinery utilization to average 96% in June, 94% in July, and 96% in August.
We estimate U.S. refinery inputs will average 16.7 million b/d during the second and third quarters of 2022. This average is lower than the 2019 refinery inputs average of 17.3 million b/d despite high utilization rates because of reductions in refinery capacity since early 2020. U.S. refinery capacity has fallen by almost 1.0 million b/d since early 2020 because several refineries were closed or converted.



847badgerfan

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Re: In other news ...
« Reply #17339 on: June 15, 2022, 08:30:32 AM »
Moving the HQ usually benefits the upper level managers, not the factory workers.


Hurts the state they are leaving too.
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847badgerfan

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Re: In other news ...
« Reply #17340 on: June 15, 2022, 08:32:38 AM »
some GOOD messaging from the Pres...............


Is he gonna have someone find that magic switch to turn everything on?

(spoiler alert: there isn't one)
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FearlessF

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Re: In other news ...
« Reply #17341 on: June 15, 2022, 08:35:40 AM »
the crack spread, can indicate refining margins and profitability. Crack spreads for both diesel and gasoline increased in the first several months of 2022.
Gasoline and diesel prices and crack spreads are well above historical averages:
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FearlessF

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Re: In other news ...
« Reply #17342 on: June 15, 2022, 08:37:01 AM »
Is he gonna have someone find that magic switch to turn everything on?

(spoiler alert: there isn't one)
nope, but there's been talk about how messaging can be influential 
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847badgerfan

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Re: In other news ...
« Reply #17343 on: June 15, 2022, 08:53:19 AM »
nope, but there's been talk about how messaging can be influential
I'm sure there are a lot of giddy people out there with this release. Nobody here is fooled.

The handlers know it's not possible. Pure politics and optics.
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GopherRock

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Re: In other news ...
« Reply #17344 on: June 15, 2022, 08:56:14 AM »
Moving the HQ only helps the shareholders and the CEO who made the big, bold decision. Employees have to move at their own expense or be fired.

All that growth in the SW is going to come to a screeching halt soon for lack of water. And they're not getting it from the Columbia, Upper Mississippi, or Great Lakes basins.

Cincydawg

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Re: In other news ...
« Reply #17345 on: June 15, 2022, 08:59:50 AM »
Generally a company pays for moving costs for employees.  I've been through this a few times with close relatives, including recently.

An HQ will include the CEO of course, but also a number of VPs and directors, generally speaking.  Ours included marketing folks, legal, sales, HR, etc., down to entry level and admins etc.  They all would move, though that HQ won't be moving, ever, I suspect.

 

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