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Inflation Soars in March, Nearly Triple the Expected Increase

WASHINGTON -- Inflation at the wholesale level soared in March at nearly triple the rate that had been expected as the costs of energy and food both climbed rapidly.

The Labor Department reported Tuesday that wholesale prices rose by 1.1% last month, the second largest increase in the past 33 years, exceeded only by a 2.6% rise last November. Analysts had been expecting a much more moderate 0.4 % rise in wholesale prices for the month.

Core inflation, which excludes energy and food, was better behaved last month, rising by just 0.2%, down from a worrisome 0.5% rise in February.

For the past 12 months, wholesale prices are up by 6.9% and core inflation is up by 2.7%, the biggest year-over-year increase in nearly two years.

The inflation pressures are occurring at a time when the overall economy is slowing and many analysts believe may have toppled into a recession. That raises concerns that the country could be facing another bout of stagflation, the malady that last occurred in the 1970s when economic growth stagnated but inflation kept rising.

Such a development would put the Federal Reserve in a bind. The central bank has been cutting interest rates in an effort to combat the current slowdown. However, if inflation pressures keep rising, it might be forced to stop cutting interest rates for fear that it would make inflation worse.

For March, energy prices jumped 2.9%, the biggest increase since November. The price of gasoline was up 1.3% while natural gas rose by 4.2%. Home heating oil shot up by 13.1% and diesel fuel, used to power the nation's trucking fleet, increased by 15.3%.

Analysts believe the economy will be hit with more energy pressures in coming months, reflecting the fact that crude oil costs are remaining at record levels above $111 per barrel.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Yup gas is $3.89 a gallon her in northern CA at Chevron, at Shell it is $3.87 at Arco it is $3.74 for regular unleaded premium octane is $4.05 a gal at CHevron and Shell, at ARCO it is $3.97. Should that all the prices also have plus 9/10 added to them. Someone is getting rich and it sure isn't us. The two demo candidates say if they get into office they will investigate big oil companies because of these high prices. GUess what, nothing will come of it, politicans won't do anything they won't want to lose the campaign contributions given to them by big oil companies. The only thing I see that will have an impact on oil prices is if we stop importing oil from OPEC and other nations. We produce enough crude here in the country to provide us with enough gas.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Maybe it is time we stop selling everything coming out of the ground in Alaska and divert it to the continential US of A

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Top 20 Oil Money Senators of 2008 (So Far).

1
Cornyn, John (R-TX)
$349,780

2
Domenici, Pete V (R-NM)
$148,350

3
Inhofe, James M (R-OK)
$143,800

4
McConnell, Mitch (R-KY)
$128,450

5
Landrieu, Mary L (D-LA)
$116,700

6
Roberts, Pat (R-KS)
$103,350

7
Pearce, Steve (R-NM)
$102,900

8
Hutchison, Kay Bailey (R-TX)
$77,400

9
Barrasso, John A (R-WY)
$69,400

10
Dole, Elizabeth (R-NC)
$68,050

11
Pryor, Mark (D-AR)
$67,700

12
Alexander, Lamar (R-TN)
$62,800

13
Baucus, Max (D-MT)
$61,250

14
Sessions, Jeff (R-AL)
$56,350

15
Brownback, Sam (R-KS)
$54,615

16
Cochran, Thad (R-MS)
$50,000

17
Coleman, Norm (R-MN)
$49,750

18
Schaffer, Bob (R-CO)
$49,250

19
Chambliss, Saxby (R-GA)
$47,650

20
Sununu, John E (R-NH)
$46,900

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Jinx the state of colorado had two u s senators wayne allard the senior senator republican and salazar the democrat. Im quite sure that the good people of the state of colorado will be very suprised that you have granted them another named Shaffer but wisely you made him a republican. that will give ths republican party one extra vote in the senate , so you have used your head finally.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Robert you better look at some real figures . the united states hasnt produced enough oil to satisfy its demand since the 1970s. that was the time Jimmy caa tah was going to destroy the domestic industry with excessive taxation, and just about did. Now the u S imports over 505 of theoil it consumes mostly because the dems have made it virtually imposible to develop american recourses. ANWAR where there could be 10s of billions of bbls of oil. Close to an existing pipe line. Of course if you did have that crude oil it doesent do anyone any good without refinerys. There arent enough refinerys in this country because of waco enviromentalist=democrats.
You could have a lake of crude oil and still would not be able to do anything useful with it unless it was refined into gasoline diesel kerosene asphalt etc.
Doubt if any of you people knew that.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

The above post should read the U S produces only 50% of the oil it consumes.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Right you are Duane, My mistake on that.

However Schaffer does rate honorable Mention. He supported the energy bill with Dick Cheney that gave Major Oil 33 Billion Dollars in Tax Breaks.

I rather think that that the People of Colorado are glad to get rid of this sort of scum that was in Major Oils Pockets. Too bad Old "Dead Eye, De-ferr-ment Dick" couldn't join him.

Thanks for the correction of my post. I have relatives in Colorado and wouldn't want to insult them by giving them another Senator, and a Dirtbag Republican one at that.

Refinery Capacity Data by individual refinery as of January 1, 2007

Rank Company Name State Site Barrels per Calendar Day

1 Exxonmobil Refining & Supply Co Texas Baytown 562,500

2 Exxonmobil Refining & Supply Co Louisana Baton Rouge 503,000

3 Citgo Petroleum Corp Louisana Lake Charles 429,500

4 Bp Products North America Inc Texas Texas City 417,000

5 Bp Products North America Inc Indiana Whiting 410,000

6 Exxonmobil Refining & Supply Co Texas Beaumont 348,500

7 Sunoco Inc (R&M) Pennsylvania Philadelphia 335,000

8 Deer Park Refining Ltd Partnership Texas Deer Park 333,700

9 Chevron Usa Inc Mississippi Pascagoula 330,000

10 Wrb Refining Llc Illinois Wood River 306,000

11 Flint Hills Resources Lp Texas Corpus Christi 288,126

12 Motiva Enterprises Llc Texas Port Arthur 285,000

13 Flint Hills Resources Lp Minnesota Saint Paul 279,300

14 Houston Refining Lp Texas Houston 270,200

15 Bp West Coast Products Llc California Los Angeles 265,000

16 Chevron Usa Inc California El Segundo 260,000

17 Premcor Refining Group Inc Texas Port Arthur 260,000

18 Conocophillips Company Louisana Belle Chasse 247,000

19 Conocophillips Company Texas Sweeny 247,000

20 Marathon Petroleum Co Llc Louisana Garyville 245,000

21 Chevron Usa Inc California Richmond 242,901

22 Motiva Enterprises Llc Louisana Norco 242,200

23 Conocophillips Company Louisana Westlake 239,400

24 Exxonmobil Refining & Supply Co Illinois Joliet 238,600

25 Conocophillips Company New Jersey Linden 238,000

26 Motiva Enterprises Llc Louisana Convent 235,000

27 Total Petrochemicals Inc Texas Port Arthur 232,000

28 Bp West Coast Products Llc Washington Ferndale (Cherry Poi 225,000

29 Marathon Petroleum Co Llc Kentucky Catlettsburg 222,000

30 Valero Refining Co Texas Texas Texas City 218,500

31 Flint Hills Resources Alaska Llc Alaska North Pole 210,000

32 Conocophillips Company Oklahoma Ponca City 194,000

33 Chalmette Refining Llc Louisana Chalmette 192,760

34 Marathon Petroleum Co Llc Illinois Robinson 192,000

35 Valero Refining New Orleans Llc Louisana Norco 185,003

36 Conocophillips Company Pennsylvania Trainer 185,000

37 Premcor Refining Group Inc Delaware Delaware City 182,200

38 Premcor Refining Group Inc Tennessee Memphis 180,000

39 Sunoco Inc Pennsylvania Marcus Hook 178,000

40 Valero Energy Corporation Texas Sunray 171,000

41 Pdv Midwest Refining Llc Illinois Lemont (Chicago) 167,000

42 Tesoro Refining & Marketing Co California Martinez 166,000

43 Sunoco Inc Ohio Toledo 160,000

44 Valero Refining Co New Jersey New Jersey Paulsboro 160,000

45 Citgo Refining & Chemical Inc Texas Corpus Christi 156,000

46 Shell Oil Products Us California Martinez 155,600

47 Exxonmobil Refining & Supply Co California Torrance 149,500

48 Premcor Refining Group Inc Ohio Lima 146,120

49 Wrb Refining Llc Texas Borger 146,000

50 Shell Oil Products Us Washington Anacortes 145,000

51 Sunoco Inc New Jersey Westville 145,000

52 Valero Refining Co California California Benicia 144,000

53 Valero Refining Co Texas Texas Corpus Christi 142,000

54 Conocophillips Company California Wilmington 139,000

55 Bp Products North America Inc Ohio Toledo 131,000

56 Western Refining Company Lp Texas El Paso 122,000

57 Murphy Oil Usa Inc Louisana Meraux 120,000

58 Tesoro West Coast Washington Anacortes 120,000

59 Coffeyville Resources Llc Kansas Coffeyville 112,000

60 Frontier El Dorado Refining Co Kansas El Dorado 107,500

61 Marathon Petroleum Co Llc Michigan Detroit 100,000

62 Pasadena Refining Systems Inc Texas Pasadena 100,000

63 Shell Oil Products Us California Wilmington 97,000

64 Conocophillips Company Washington Ferndale 96,000

65 Tesoro Hawaii Corp Hawaii Kapolei 93,500

66 Valero Energy Corporation Texas Three Rivers 93,000

67 Valero Refining Co Oklahoma Oklahoma Ardmore 87,400

68 Sunoco Inc Oklahoma Tulsa 85,000

69 Navajo Refining Co New Mexico Artesia 84,000

70 Valero Refining Co Texas Texas Houston 83,000

71 Ncra Kansas Mcpherson 81,200

72 Ultramar Inc California Wilmington 80,887

73 Chevron Usa Inc New Jersey Perth Amboy 80,000

74 Shell Chem Lp Alabama Saraland 80,000

75 Valero Refining Co Louisiana Louisana Krotz Springs 80,000

76 Calcasieu Refining Co Louisana Lake Charles 78,000

77 Conocophillips Company California Rodeo 76,000

78 Marathon Petroleum Co Llc Ohio Canton 73,000

79 Marathon Petroleum Co Llc Texas Texas City 72,000

80 Tesoro Alaska Petroleum Co Alaska Kenai 72,000

81 Sinclair Oil Corp Oklahoma Tulsa 70,300

82 Lion Oil Co Arkansas El Dorado 70,000

83 Marathon Petroleum Co Llc Minnesota Saint Paul Park 70,000

84 Alon Usa Energy Inc Texas Big Spring 67,000

85 Big West Of California California Bakersfield 66,000

86 Sinclair Oil Corp Wyoming Sinclair 66,000

87 United Refining Co Pennsylvania Warren 65,000

88 Suncor Energy (Usa) Inc Colorado Commerce City 62,000

89 Exxonmobil Refining & Supply Co Montana Billings 60,000

90 Giant Yorktown Refining Virginia Yorktown 59,375

91 Conocophillips Company Montana Billings 58,000

92 Delek Refining Ltd Texas Tyler 58,000

93 Tesoro West Coast North Dakota Mandan 58,000

94 Tesoro West Coast Utah Salt Lake City 58,000

95 Placid Refining Co Louisana Port Allen 56,000

96 Cenex Harvest States Coop Montana Laurel 55,000

97 Shell Chem Lp Louisana Saint Rose 55,000

98 Chevron Usa Inc Hawaii Honolulu 54,000

99 Wynnewood Refining Co Oklahoma Wynnewood 54,000

100 Paramount Petroleum Corporation California Paramount 50,000

101 Petro Star Inc Alaska Valdez 48,000

102 Frontier Refining Inc Wyoming Cheyenne 47,000

103 Chevron Usa Inc Utah Salt Lake City 45,000

104 Conocophillips Company California Arroyo Grande 44,200

105 Calumet Shreveport Llc Louisana Shreveport 42,000

106 Us Oil & Refining Co Washington Tacoma 37,850

107 Hunt Refining Co Alabama Tuscaloosa 34,500

108 Murphy Oil Usa Inc Wisconsin Superior 34,300

109 Edgington Oil Co Inc California Long Beach 33,000

110 Citgo Asphalt Refining Co New Jersey Paulsboro 32,000

111 Suncor Energy (Usa) Inc Colorado Denver 32,000

112 Big West Oil Co Utah North Salt Lake 29,400

113 Citgo Asphalt Refining Co Georgia Savannah 28,000

114 Kern Oil & Refining Co California Bakersfield 26,000

115 Holly Corp Refining & Marketing Utah Woods Cross 24,700

116 Little America Refining Co Wyoming Evansville (Casper) 24,500

117 Countrymark Cooperative Inc Indiana Mount Vernon 23,000

118 Ergon Refining Inc Mississippi Vicksburg 23,000

119 Giant Refining Co New Mexico Gallup 20,800

120 Ergon West Virginia Inc West Virginia Newell (Congo) 20,000

121 Petro Star Inc Alaska North Pole 17,500

122 Giant Industries Inc New Mexico Bloomfield 16,800

123 Gulf Atlantic Operations Llc Alabama Mobile 16,700

124 Conocophillips Alaska Inc Alaska Kuparuk 15,000

125 San Joaquin Refining Co Inc California Bakersfield 15,000

126 Wyoming Refining Co Wyoming Newcastle 14,000

127 Calumet Lubricants Co Lp Louisana Cotton Valley 13,020

128 Age Refining Inc Texas San Antonio 13,000

129 Bp Exploration Alaska Inc Alaska Prudhoe Bay 12,500

130 Hunt Southland Refining Co Mississippi Sandersville 11,000

131 Silver Eagle Refining Utah Woods Cross 10,250

132 American Refining Group Inc Pennsylvania Bradford 10,000

133 Greka Energy California Santa Maria 9,500

134 Montana Refining Co Montana Great Falls 9,500

135 Lunday Thagard Co California South Gate 8,500

136 Calumet Lubricants Co Lp Louisana Princeton 8,300

137 Cross Oil Refining & Marketing Inc Arkansas Smackover 7,200

138 Valero Refining Co California California Wilmington 6,300

139 Somerset Refinery Inc Kentucky Somerset 5,500

140 Goodway Refining Llc Alabama Atmore 4,100

141 Silver Eagle Refining Wyoming Evanston 3,000

142 Tenby Inc California Oxnard 2,800

143 Foreland Refining Corp Nevada Eagle Springs 2,000

U.S. Total 17,443,492

Source: Refinery Capacity Data by individual refinery as of January 1, 2007

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Myth:

Oil refineries are not being built in the U.S. because environmental regulations, particularly the Clean Air Act, are so bureaucratic and burdensome that refiners cannot get permits.

Fact:

Environmental regulations are not preventing new refineries from being built in the U.S. From 1975 to 2000, the U.S. Environmental Protection Agency (EPA) received only one permit request for a new refinery. And in March, EPA approved Arizona Clean Fuels’ application for an air permit for a proposed refinery in Arizona. In addition, oil companies are regularly applying for – and receiving – permits to modify and expand their existing refineries.

Re: Inflation Soars in March, Nearly Triple the Expected Increase

Anyone want to take a shot at just why more refineries haven't been built????

Looks to me like if we had enough refineries to refine ALL the oil Duanes talking about, there just might on occasion be a "SURPLUS". Or the dreaded "S" word to Big Oil.

That would mean they would have to drop their prices per Gallon and not be able to charge their high prices and in the end make those very large profits they post every year. Not to mention Buy a Republican Congressman or Senator to do their crying for them about just how bad Big Oil has it.

Big Oil cares about Two Things only, MONEY and POWER!

Trying to lay blame on the Environmentalists or the Democrats is just a Republican Smokescreen!

BTW-
My Two prior posts came from Both the Department of Energy and the Environmental Protection Agency. Both ran by the Current Administration.