Stuff like Eggs hits far broader than just eggs too.
Turns out a fuckload of things use eggs.
Though in that case it was an industry issue/act of God more than, say, inflation.
Vegans win.
We should be so lucky. More like 300% for me, and 100% for most people in the UK
If @Wallapuctus would reduce egg consumption, demand would crater and prices normalize.
Also not sure where they found that 11% electricity figure.
More like 29% in December 2021 and 38% in June 2022, for people in areas of PA.
Data is supposed to be from this Bureau of Labor Statistics report:
Electricity here is still 28 cents per kWH. We just switched suppliers in Plymouth to get it back to 10 cents, but I still sell my excess solar to Eversource for 28 cents. Until gas hits 4.75 a gallon, I make more money selling my sun power to the grid than charging my car with it.
I’ll be curious to see if there’s a noticeable correlation between rising gas prices and hybrid/EV sales in the US over time.
Because with crude oil down in the past few weeks and gas prices spiking up again, I’m reading that this may be due to consumer gasoline corporations keeping prices elevated to recover profits lost at other stages of the pandemic or from crude-oil spikes previously.
Which seems like it could backfire spectacularly in the long run if continued $5 and $6 gas/gallon pushes more people into electric or hybrid vehicles.
People do seem to be buying EVs as fast as they can make them these days, based on how many models have waiting lists.
It just seems like perhaps Detroit circa 1975 sure could teach some lessons about consumer behavior in reaction to extremely high spikes in fuel prices to folks like Exxon, BP, etc.
Buying a hybrid is no easy task in recent history. It’s on the Covid supply bonfire next to dishwasher, fence supplies, and a PS5. Unless you are willing to throw lots of money at the equation, the time variable seems infinite.
Having done absolutely no research on the topic as to what they may actually be doing, you’d think they’d already be on top of the charging station game. It doesn’t take much foresight to see that gas engine production will be largely diminished (if not completely phased out) in the not too distant future so they should be actively supplementing their current gas station infrastructure with charging capabilities.
These are the same companies that are drilling the fuck out of everything they can sink a pipe into with no regard for how long the supply of oil will last. They are taking as much money as they can get now, knowing that at some point their product will cease to exist.
It’s not like BP is investing in solar cell tech, or building wind farms, or even becoming the world’s #1 doomsday bunker producer.
I thought BP was though?
Not out of kindness, but to get ahead and in the £££ with new tech?
At some point, a company should just distribute its capital to shareholders as dividends rather than sinking that capital into areas outside their core profitable businesses. I’m not sure if BP has any particular insight into those areas you list, beyond what the general market already has. It’s also possible that they plan on just pivoting more to other petroleum products (google says gasoline is currently roughly 40% of petroleum end products). Charging stations might be an interest move, but I think a lot/most of gas stations are independently owned and I wouldn’t be surprised if the projections for electric charging require a lot less stations than gas, with home charging being the main source of car electricity.
They are, but don’t let that get in the way of a good narrative. See the headline:
BP has spent about $3.2bn on clean energy since 2016, and $84bn on oil and gas exploration and development over the same period, according to equity analysts at Bernstein. But in a little over two years the company’s renewable energy development pipeline has grown from 6GW in 2019 to 24.5GW thanks in large part to an aggressive entrance into the offshore wind industry.
Aren’t we going to need oil until we can kick our plastic habit?
Absolutely. But if consumer markets for gasoline in the US start to decline due to hybrids/EV, I would suspect that it will probably leave a mark. Maybe not, but it seems like risky financial long term strategy to push the consumer auto buying market in that direction for some short term gain.
That’s probably more of a question of how compensation is tied to short vs long term gains for the c-suite folk at the company in question. Sometimes the incentives are indeed perverse (and not the good perverse!)
Good point. Easy to imagine the guys on the boards of Big Oil thinking “That sounds like a problem that will show up in 4 years, and I plan to be spending time at my vacation home in St. Kitts by then and can’t be bothered.”
I already bought Putin’s seized super yacht, smell you guys later. More global warming = more water = more freedom for me!
