Are lower gasoline prices in the offing?

US crude inventories are now 399.4 million barrels. This is the highest inventory level since records began in 1982.  Refinery utilization is also high at 92.9%.

It appears the European automobile depression is over.

Car sales in Britain are expected to rise 10% in 2014, continuing the strong trend of recent years, according to a Renault executive.  Sales in Europe have turned positive and are up in March for the 7^th consecutive month, due to increased demand in Germany, Italy, and Spain.

I am PIIGS! Hear me oink!

Italy’s borrowing costs have suddenly dropped to the lowest level since the inception of the euro in 1999.  Its 10-year is 3.22% and its 5-year is 1.84%.

It looks like someone threw a switch on the PIIGS.

Bad US Q1 GDP does not look like a blip

GDP rose 0.11% in the first quarter, whilst the consensus was 1.2%. Only consumer spending was up, and that was due to heating bills and Obamacare, not voluntary consumption.  Residential construction, business investment, inventories, net exports, and government spending were all negative.

This does not appear to be a weather-related blip, because weather effects were offset by heating and healthcare.  The other categories would still have been down.  It’s even worse when one looks at inflation.  The BEA used a 1.3% annual rate in Q1.  If they used the BLS’s 1.8%, GDP would have been minus 0.39%, or if the BPP’s 3.91%, it would have been minus 3.8%.

Elder abuse in the USA: Well-educated seniors are being exploited

65% of men with professional degrees age 62-74 are working while only 32% of high school graduates in that age range are. 

Well-educated senior men are being abused by the system, and the less-educated are not pulling their own weight. 

Is the USA the new China?

Boeing expects to deliver 725 passenger jets in 2014, more than the 648 last year and the highest level ever.

It’s all about Asia.  Is the US the new China?

The end times and the rise of the locavores

In Vermont, 55% of public schools have vegetable gardens.  Vermont ranks #1 among locavores, followed by Maine, New Hampshire, Oregon, and Hawaii.

Is Vermont the next Cornwall?  "The center cannot hold."