patrick.net

House-poor Hipsters in SF Bay Area will need to use HELOC for this.

Not me , but many yes. Gas just shot through to $5.40 here. We have a huge refinery in Whiting, IN (50-60 miles away) and tons of pipelines and train cars that funnel in oil to Chicagoland/Indiana. There's no excuse for it to be honest.

Employers liked covid and the supply chain issues. Could cut wages or stall raises as an excuse because of oil.

We'll legit make $100k more this year just based on oil prices, so I'm not complaining from a business perspective. Mostly work from home or the company writes it off. I feel for the average person/family pulling in less than $80k. It's getting rough for them, but they likely didn't have savings anyway. People are going to stop spending. The inflation is going to hit a huge wall. Although this cycle is not normal with 2+ years of the Covid bull shit.

I wonder how many are relying on their home equity to keep all their spinning plates in the air.

I think we have seen one of the first casualties in Tri Valley hood. Asian couple one court over bought close to peak. You could tell they were stretched and were working long hours, always looked frazzled. House had rudimentary furniture when they left the window so you could see, and they didn't really groom the place. Most Asian couples, if they have the dinero, will fix the place up nicely. Maybe one of the couple lost a job or something, they put in some cosmetic gardening and the for sale sign went up today.

Their next door neighbor is an inheritor, and corner across the street from them is inheritor. Two houses behind us are inheritors.

Crash is imminent.

WineHorror1 says

I wonder how many are relying on their home equity to keep all their spinning plates in the air.

Quite a few.

Boo hoo the savings was from free Wuhan money.
The 3.1 thousand billion dollars recently given to people is finally being spent.

Still running $3K+ surplus on gasoline budget.

clambo says

Boo hoo the savings was from free Wuhan money.
The 3.1 thousand billion dollars recently given to people is finally being spent.

I didn't get any coof money but gasoline savings from not having a commute for 2+ years are very real.

It’s unusual that I didn’t see much traffic this morning. Is that Covid or gas price hike.

Blue says

I didn’t see much traffic this morning

Where is this?

Ceffer says

You could tell they were stretched and were working long hours, always looked frazzled.

Have you noticed Latchkey Children over there?

I've noticed a gradual decline in our account balances. From food to gas to going out to eat everything is substantially more expensive. It used to be what came in and what went our in any given month was more or less even, now our "cushion" is slowly being drawn down. If this keeps up we may need to tighten the belt.

Not to mention the retirement accounts have gotten crushed. All in six months. A $10,000 gift (student loan forgiveness) will help for a bit, but a dark winter is ahead for many.

B.A.C.A.H. says

Blue says

I didn’t see much traffic this morning

Where is this?

South Bay both on I-85, 237.

Generally higher fuel prices always leads to recession. Most likely oil companies are manipulating the prices.