Replies to post #426928 on Tornado Alley (PROG)

[Zorax]

This is called the classic mind control conditioning the oil companies are famous for. Pre install the fear and justification to make obscene profits in broad daylight while crying costs and crisis that don't exist to any appreciable justifiable level while banking record profits. Many different industries do the same thing.

Last month, OPEC+ left its demand forecast unchanged for 2022 and 2023, saying major economies were faring better than expected amid surging inflation. It predicts oil demand to rise by 2.7 million bpd next year, down from this year's forecast of an increase of 3.1 million bpd.

"If OPEC cuts a million barrels a day, I think gas prices would go back up to $6 a gallon," said John Catsimatidis, CEO of United Refining Company, which operates a 70,000-bpd oil refinery in Pennsylvania and sells fuel in the U.S. Northeast.

[sortagreen]

The Dominican Peso and Cota Rican Colon are actually holding up well over the last few months. That's probably owing to the tourist dollar.

At the same time there are huge imbalances elsewhere. You have to acknowledge that the war in Ukraine has a serious effect on grain prices. That area is the source of 30% of

It was a bad year for corn. And for tomatoes. And for many other American crops.

Farmers, agricultural economists and others taking stock of this summer’s growing season say drought conditions and extreme weather have wreaked havoc on many row crops, fruits and vegetables, with the American Farm Bureau Federation suggesting yields could be down by as much as a third compared with last year.

American corn is on track to produce its lowest yield since the drought of 2012, according to analysts at Rabobank, which collects data about commodity markets. This year’s hard red winter wheat crop was the smallest since 1963, the bank’s analysts said. In Texas, cotton farmers have walked away from nearly 70 percent of their crop because the harvest is so paltry, according to the U.S. Department of Agriculture. The California rice harvest is half what it would be in a normal year, an industry group said.
https://www.washingtonpost.com/business/2022/09/05/crops-climate-drought-food/

War in Ukraine hasn't helped at all either.

How is the war in Ukraine affecting global food prices?
Russia’s invasion of Ukraine is raising food prices across the world. Developing and emerging economies are being hit hardest due to their reliance on the region for fuel and grain imports. Price hikes in these countries could spur further political turbulence and even violence.
Ukraine is the world’s largest producer of sunflower oil. Combined with Russia, it is responsible for more than half of global exports of vegetable oils. The region also exports over a third (36%) of the world’s wheat.

The war in Ukraine, as well as sanctions against Russia, have resulted in a massive decline in the supply of major staple foods. This has led to a rise in food prices globally.
https://www.economicsobservatory.com/how-is-the-war-in-ukraine-affecting-global-food-prices