Update on Oil: Nov 3, 2017

Last month, the Bureau of Labor Statistics flat out falsified the price of gas used in calculating CPI [see: Oct 3 Update on Oil.]

This month, the deception was a little more blatant.  The price of gasoline registered by the EIA was as follows:

Note that it starts out high, then decreases each subsequent week until the end of the month, where there’s a tiny increase.

For comparison, here’s what the spot price of gasoline actually did during the month of October.  It starts out by dipping a little, then rips higher through the end of the month — completely out of sync with the price data incorporated by the EIA.Just for grins, here’s a price chart from GasBuddy.com – arguably an observer without an agenda.  The price starts out around 2.50, like the EIA data.  But, it never dips below 2.44, let alone approaches EIA’s 2.406.

Conclusions?  Like last month, the EIA reported prices lower than actually experienced in the real world.  In addition, prices in the real world completely ignored the sharp increase in spot prices seen in the commodities markets.

What gives?

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