Monday, May 30, 2022

Memorial Day, Monday -- May 30, 2022

Updates

2:15 p.m. CT: oil surges:

  • Brent: up 1.88%; up $2.24; trading at $121.70.
  • WTI: up 1.82%; up $2.10; trading at $117.20.
  • headlines:
    • Biden to speak with Jay Powell tomorrow, Tuesday, May 31, 2022
    • Saudi likely to raise OSP for crude oil headed to Asia
    • US gasoline prices surge to new record high on Memorial Day
  • commentary:
    • everyone knows inflation will be around through 2023, keeping oil prices high (or higher)
    • everyone knows that the Biden administration has no options left to bring down prices
    • it's not crude oil production, so banning oil exports won't help
    • putting an "emergency" cap on gasoline at the pump is a "bridge too far" 
    • in the past, high gasoline prices were transitory, Americans knew that, and accepted it; now, high gasoline prices are here to stay -- they are not going to be happy come November, 2022

10:51 a.m. CT: oil is creeping up:

  • Brent: $120.90
  • WTI: $116.30

Original Post

China re-opening. Stories everywhere.

Oil:

  • Brent: $120.20
  • WTI: $115.90
    • despite stronger dollar

Keystoning America not mentioned once in this very long social media thread.

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The Book Page

From The Bohemians:

  • laissez les bon temps rouler, p. 242
  • Russian Pale of Settlement, p. 277
  • the Portuguese lurcher,

Book ordered from Amazon today:

  • The Dead Sea Scrolls, Edmund Wilson, c. 1955. Released January 1, 1955. 

Will arrive first week in June; shipped from third party seller, not Amazon.

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