The global economy is facing a severe energy crunch heading into winter. The price of crude oil isp ushing $100/barrel due to the continued conflict between Russia and Ukraine, Saudi-led OPEC production cuts of two million barrels/day and domestic oil production remaining one million barrels/day below what it was prior to the pandemic. The 15-million-barrel release from the Strategic Petroleum Reserve (SPR) recently announced by the Biden Administration thus offsets less than a week’s worth of these cuts. More concerning is that nearly half of the SPR’s inventory has been drained since the Russia-Ukraine conflict began and at approximately 400 million barrels, the SPR’s inventory is at its lowest level since the mid-1980s. This puts the U.S. in a vulnerable position if the world’s supply of oil gets further disrupted, since there is limited inventory in the SPR to meet any further disruption. At a minimum, oil prices would further spike.
Each Thanksgiving holiday since (well, we’ll get to that), the President of the United States has officially pardoned one lucky turkey, allowing the bird to live out its remaining life on a turkey farm. It should come as no surprise that this wasn’t always the case.
November has never been my favorite month. The trees have lost the fiery colors of October, we wake to frost-covered ground, frozen fog and a bleak November wind. The days grow shorter and shorter … The promise of snow is in the air.
As I type this, my husband and I are making big plans for the week ahead. Our dog, Bear, is turning 14. That’s 98 in human years.
As of writing this column, the 30-year fixed home mortgage interest rate is about 7.5%. If the Federal Reserve increases interest rates at its next meeting, this rate will likely go higher. Already nearly three times higher than what it was in early 2021, it is higher than at any time since the late 1990s.
Some old friends who relocated from Michigan to Florida a few years ago recently posted on Facebook that they know when fall has arrived in the Sunshine State – not because the leaves change colors, but because the license plates do. I have only been to Florida once and even though it is beautiful, I would never want to live there. Can you say hurricane? Yes, we have an occasional tornado, but it is not the same.
It’s that time of year again … twinkling lights, holiday music, a feeling of goodwill in the air. There’s so much excitement that comes along with the holiday season – and maybe that includes the arrival of holiday party invitations. While you’re out shopping for others, save some time to pick up something great to wear to that party! SHIFT in Downtown Flint has all your holiday fashion needs covered.
Given our current economy, most news that involves the Fed has been negative, which raises the question: who’s side is the Fed on? We are currently in an economic condition that we haven’t experienced in quite a long time, so it is natural to question some things that we always assumed as true. High inflation, low GDP and low unemployment all lead us down a very complex and unknown path that most of us haven’t seen in our adult lifetimes, so it is completely normal to feel uncomfortable.
Electric vehicles (EVs) are touted as a remedy to high gasoline prices – unfortunately, the math doesn’t support this. An EV costs, on average, $10,000 or more than a gasoline powered car. A 2022 Hyundai Ironiq 5 electric SUV costs approximately $15,000 more than 2022 Hyundai Tucson, a similar-sized vehicle. An at-home charger adds another $700.
For the past few decades, few things have been as dependable as the annual increase in tuition fees for post-secondary education; but for the first time in a very long period, the growth rate for tuition has decreased. According to College Board, we are seeing a drop-off in average tuition for the first time in 30 years.
Before you answer the title question with a pithy, “I am not a candy,” read on.
