Saturday, June 11, 2022

Who is winning?

"The cost of gas, food and other necessities jumped in May, raising US inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from 12 months earlier, faster than April's year-over-year surge of 8.3 percent, the Department of Labor said on Friday. On a month-to-month basis, prices jumped one percent in the month of May alone, a steep rise from 0.3 percent from March to April." "The price of US gasoline averaged more than $5 a gallon for the first time on Saturday," Reuters. "The national average price for regular unleaded gas rose to $5.004 a gallon on June 11 from a day earlier, AAA data showed." One US gallon is equal to about 3.8 liters, unitconverters. One US dollar buys INR 78.14 this morning, xe.com. That means that petrol is selling at Rs 102.63 per liter, which is higher than the price of petrol in Delhi at Rs 96.72 per liter, ET. This, despite the fact, that the US produced 11.9 million barrels of crude oil per day in April and May, eia.gov, while India imported a record over 4.8 million barrels per day in April, Mint. In the UK, "The average price of petrol is now 1.823 pounds per liter, BBC, which, at Rs 96.24 per British pound, xe com, converts to around Rs 175 per liter. "Chevron CEO Mike Wirth says he does not expect another oil refinery to be built in the US ever again, pointing to decades of federal government policies as the reason why," Fox. "There hasn't been a refinery built in this country since the 1970s," Wirth said. "The Euro-zone inflation accelerated to an all-time high," ET. "The scale ranges from Malta -- where consumer prices advanced 5.6% last month, to Estonia -- where inflation hit 20.1%." "The US economy continued to see healthy job growth in May, indicating the labor market is still strong despite growing fears of a recession amid sky-high inflation and an increasingly aggressive Federal Reserve," Fox. "Employers added 390,000 jobs in May." "Real gross domestic product (GDP) contracted in the first quarter of 2022, faster than previously expected, according to the second estimate from the Bureau of Economic Analysis, (BEA)," Fox. "GDP decreased at an annual rate of 1.5% in the first quarter of this year." "The war in Ukraine is only benefiting a small sliver of Americans in the defense industry while the Biden administration appears to be prolonging the conflict, independent journalist Glenn Greenweld told 'The Ingraham Angle'," Fox. "Obviously, it serves the interest of a tiny sliver of people in Washington, weapons manufacturers, people in the security state who get money and power from these sorts of things." "The US and NATO have led unprecedented sanctions against Russia. But almost no countries in the Global South have signed onto them. Analysts looking at these responses see a reinvigorated non-aligned movement," Vox. In the US, "By the end of 2019 there were 419 mass shootings, by the end of 2020, there had been 611, and by the end of 2021, 693," FE. "Put your sword back in its place," Jesus said to him, "for all those who draw the sword will die by the sword," Bible Hub. That was then. Now, only the innocent. 

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