Skip to comments.U.S. import prices [unexpectedly] fall on oil, industrial supplies
Posted on 08/10/2012 2:26:02 PM PDT by Lorianne
S. import prices unexpectedly fell in July for the fourth straight month as costs declined for imported oil, industrial supplies and even many consumer goods, further icing inflation pressures.
Overall import prices dropped 0.6 percent last month, the Labor Department said on Friday.
Import prices have only risen once in the last eight months.
Analysts had expected import prices would rise 0.1 percent in July, and the decline could give the U.S. Federal Reserve more scope to ease monetary policy if policymakers think the economy needs it.
Still, an increase in the pace of hiring in July has led some economists to think the Fed might not be ready for a new round of bond purchases, a monetary easing strategy known as quantitative easing.
(Excerpt) Read more at chicagotribune.com ...
Surprise, Surprise, Surprise!
Osama Obama wants desperately to get reelected and the gas prices start going down.
Ain’t that amazing!
Betcha if he were to get reelected - the price of oil would shoot to even higher levels than last years price of $4 +.
Most likely in a range of $5 to even $8.
Only thing is, the prices aren’t going down now. They are shooting up, and fast. A couple of weeks ago I paid $3.55 for diesel. Today it was 3.89. Gas has gone up almost as much. As much as it will hurt, I say let it go over $4.00 a gallon, because that will doom Obama’s chances. Gas lines would help.
Gas prices certainly aren’t going down around here (Indiana).
Surged from high 2s to close to 4 for regular.
Mid & premium are > 4.
Going down? Here in Northeastern California gas went from 3.87 to 4.15 in a matter of two days. Where the he** is it going down?
Aint that amazing!
You're giving credit to Obama? Fine. Explain to me how he did it.
I think their numbers are out of date. Prices had been going down around here, but have started edging back up in the last couple weeks.
In CA, that refinery fire is going to cause noticeable upward hikes. You guys are your own market, largely decoupled from the rest of the country by geography and special formulation requirements.
Did you happen to notice that only a month or less after Osama Obama met with the Saudi King, that the price unexpectedly started dropping?
Guess you were not paying attention to the figure behind the screen!
Here in Arizona the price when up 7 cents then back down 7 cents then up 2 cents. In the past few months the total decrease has been a total of more than 75 cents.
California is California.
What is - is. What will be is undetermined. Only politics makes the difference.
Gas prices are relative to when you make your comparisons. I compare the price at the first of the year and not the past week.
I guess I am more sensitive to long term change and not short term.
When Reagan walked into the Oval Office after his inauguration, it's said that he looked around and asked where the levers that controlled oil prices were. Guess you think Obama's found them.
I don't. The markets set the price. Just as they are now when oil is rising again.
From an earlier posting you stated - “I don’t (agree). The markets set the price. Just as they are now when oil is rising again.”
Guess you never heard of OPEC. They control prices world wide and the only pressure they ever feel is when governments (Like ours) go to them and conjole(Spelling?), threaten, entreat or attempt to reason”?” with them to lower the prices.
THEY set prices ABSOLUTELY and ONLY when we promise them certain goodies will they lower the price - or - if other nations band against them - or - if it is in THEIR best interest (read - they need more money) will they release oil from their membership at lower prices.
Saudi Arabia and all other Arab nations control the majority of the votes and they spend like drunken sailors on their projects. They spend the money they earn from oil exclusively on their internal security and dole to their citizens.
If you ever lived in an Arabian country (I have for 4 plus years) you will notice almost immediately that none of the Arab elite actually “WORK”. They hire people from poorer countries to do the actual work while they take the credit.
The actual “working stiffs” barely make that much money but it is better than what they can get from their home country. The “Arabs” on the other hand make many (Many) times that amount. If they show up for work it is only to supervise and nothing else. They do not get their hands dirty for they are all “princes of the realm”. They have 2 or more LARGE houses, fancy cars (Plural) and they are all 1 - 2 years old at most.
YES. They control oil prices.
It is only our oil that is sold on market prices as well as other countries that do not belong to OPEC.
Can you name the countries that do not belong to OPEC?
non-OPEC producers have older, less productive wells, rising costs for new projects, and in some cases rising demand at home that may cut into exports.
Since OPEC sets international prices, those that do sell on the open market (non OPEC) tend to price their oil close to the OPEC price.
Fair enough [though I actually have heard of it.] My focus in that post was on the belief that Obama could control oil prices. OPEC is certainly a disruptor of markets and I hope we can negate their effect on us through increased production here.