Recorded on April 22, 2022
Inflation on the brain? Thinking about the US economy? Housing? Employment? Episode 46 of the PetroNerds podcast is the long-promised episode on everything from inflation, recession, to housing, and the US economy. This is part 2 of a two part series where Gabby Richmond of the Denver Petroleum Club performs another PetroNerds fliparoo and interviews Trisha Curtis on the state of the US economy, inflation, and the Federal Reserve.
Trisha and Gabby discuss the Strategic Petroleum Reserve release and the impact on oil prices, high oil prices and high everything prices, inflation, oil demand, and the health of the US consumer. They get into inflation expectations, wage price spirals, and factors that drive oil demand. Trisha is more concerned with natural gas prices and electricity price increases and inflation than $100 oil. “We are going to have a recession. It is going to happen.”
Trisha is asked about the Federal Reserve’s response or lack of response to inflation and 50 basis point rate hikes. Trisha and Gabby get into unemployment and the labor force and higher wages and prices getting passed along to the consumer. And the podcast closes on US oil production and activity and the recent earnings calls of Halliburton and Liberty Oilfield Services. Despite inflation and supply chain concerns, Trisha says “don’t bet against the industry.”