The season is winding down, but three of the four unofficial members of the morning surf club took to the waves Sunday morning. I took Katie and Emily along. Dave, the patriarch of this surfing group, is the one who is perfecting the paddle-in. Brian, the jet-setting executive, needs to pick his spots to practice, but is perfecting the Stand-Up Board. Finally, I make an appearance on the smaller board. Johnny, our regular fourth, was doing what he does best - partying up at a Wedding in San Diego :)
This video says "A Moore Production" at the end, and it truly was. Katie did all the videography, and I edited it together.
Tuesday, September 27, 2011
Monday, September 26, 2011
Wednesday, September 21, 2011
Gas and Oil
I had a discussion with someone about this a few weeks ago. They were arguing that "big oil" was skimming off the consumer because when oil rose, the price of gas rose, but when oil fell, the price of gas wasn't.
Here's the problem, and thus the falacy. The U.S. news media (financial media as well as main stream) quote the price of oil based on West Texas Intermediate Crude (WTI). However, less than 20% of U.S. refiners and distributors have product based off WTI. Rather, most of the world, and much of the U.S. receive product based off Brent Crude. There has been a large divergence of Brent and WTI over the last two years (+/-) that is related specifically to an oversupply of product in a place called Cushing, OK. Financial contracts on WTI oil are settled in oil located at these storage facilities. Becuase there has been too much supply at these local storage facilities in Oklahoma, "the price of oil" has declined. However, Brent hasn't seen the same decline. New world demand for oil has outpaced supply, and thus Brent prices are not down nearly as much.
If you look at the following graph, note how NY gas prices have moved lock step with Brent Crude prices over the past year, whereas WTI has declined significantly.
Here's the problem, and thus the falacy. The U.S. news media (financial media as well as main stream) quote the price of oil based on West Texas Intermediate Crude (WTI). However, less than 20% of U.S. refiners and distributors have product based off WTI. Rather, most of the world, and much of the U.S. receive product based off Brent Crude. There has been a large divergence of Brent and WTI over the last two years (+/-) that is related specifically to an oversupply of product in a place called Cushing, OK. Financial contracts on WTI oil are settled in oil located at these storage facilities. Becuase there has been too much supply at these local storage facilities in Oklahoma, "the price of oil" has declined. However, Brent hasn't seen the same decline. New world demand for oil has outpaced supply, and thus Brent prices are not down nearly as much.
If you look at the following graph, note how NY gas prices have moved lock step with Brent Crude prices over the past year, whereas WTI has declined significantly.
Tuesday, September 20, 2011
Sunset on the Lake
As the summer comes to a close, it is appropriate that I post some recent photos of Lake Minnetonka sunsets. [sigh]
Katie's Birthday
It was busy days surrounding Katie's birthday, so we spread it around. Rather than a party, she had five friends over for swimming, tubing, and a camp out in the backyard. We had her birthday dinner on the Sunday before her birthday at the Cheesecake Factory (her choice), but saved the cheesecake birthday cake for the day of - 30th Anniversary Cake, for anyone who cares - it was delicious.
Monday, September 12, 2011
Irony, n.
Irony, n. - A combination of circumstances or a result that is the opposite of what is or might be expected or considered appropriate.
The following is a list of tax breaks that will be ended or limited to pay for the jobs bill, according to the White House:
- Limit on itemized deductions ($200,000 individuals, $250,000 families)
- Carried interest would be treated as "ordinary income" rather than at capital-gains rate
- Oil- and gas-company tax breaks
- Corporate-jet depreciation would change
Mr. Obama's plan will end about $467 billion of tax breaks over 10 years, said White House Office of Management and Budget Director Jack Lew. The president has previously proposed ending the tax breaks, but has faced stiff resistance from Republicans. … The White House disputed the notion that raising taxes on the wealthy would hurt growth. The measures to pay for spending "are spread out so that there aren't negative impacts," said White House press secretary Jay Carney. … Mr. Lew said he thinks most Americans would easily end tax breaks for oil and gas companies and hedge-fund managers to spur growth. … "That is not a hard choice for most Americans, if the choice is creating, you know, economic growth and jobs, or tolerating the results of many years of inequities in the tax code," Mr. Lew said.
I think we ought to end tax breaks on White House Budget Directors. I think most Americans would support that. I also think most Americans would support tax increases that don’t raise their own taxes.
"This is the bill that Congress needs to pass—no games, no politics, no delays,"
President Obama said without hinting at the slightest bit of irony:
The White House is also taking a gamble that Republicans are willing to budge on taxes after getting bruised, politically, over a tough budget fight in the summer. … By choosing to end the tax breaks, the White House is likely setting itself up for a fight with Republicans. Over the summer, Republicans said they wouldn't end tax breaks amid concerns doing so as the U.S. is coming out of a recession would hamper the recovery.
The following is a list of tax breaks that will be ended or limited to pay for the jobs bill, according to the White House:
- Limit on itemized deductions ($200,000 individuals, $250,000 families)
- Carried interest would be treated as "ordinary income" rather than at capital-gains rate
- Oil- and gas-company tax breaks
- Corporate-jet depreciation would change
Mr. Obama's plan will end about $467 billion of tax breaks over 10 years, said White House Office of Management and Budget Director Jack Lew. The president has previously proposed ending the tax breaks, but has faced stiff resistance from Republicans. … The White House disputed the notion that raising taxes on the wealthy would hurt growth. The measures to pay for spending "are spread out so that there aren't negative impacts," said White House press secretary Jay Carney. … Mr. Lew said he thinks most Americans would easily end tax breaks for oil and gas companies and hedge-fund managers to spur growth. … "That is not a hard choice for most Americans, if the choice is creating, you know, economic growth and jobs, or tolerating the results of many years of inequities in the tax code," Mr. Lew said.
I think we ought to end tax breaks on White House Budget Directors. I think most Americans would support that. I also think most Americans would support tax increases that don’t raise their own taxes.
"This is the bill that Congress needs to pass—no games, no politics, no delays,"
President Obama said without hinting at the slightest bit of irony:
The White House is also taking a gamble that Republicans are willing to budge on taxes after getting bruised, politically, over a tough budget fight in the summer. … By choosing to end the tax breaks, the White House is likely setting itself up for a fight with Republicans. Over the summer, Republicans said they wouldn't end tax breaks amid concerns doing so as the U.S. is coming out of a recession would hamper the recovery.
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