Listening for God's Footsteps in an Oil Field

                                                           

Otto von Bismark, who was no slouch when it came to building a personal fortune after inheriting a debt-ridden handful of estates from an ineffectual father, once said that it was the job of a statesman "to hear God's footsteps marching through history."   View in browser   July 06, 2021   Today's Top Stories From the Breitbart News Desk Otto von Bismark, who was no slouch when it came to building a personal fortune after inheriting a debt-ridden handful of estates from an ineffectual father, once said that it was the job of a statesman "to hear God's footsteps marching through history." We would not pretend to have any special access to the sound of God's footfall, but we do listen closely to the purchasing managers surveys produced each month by the Institute of Supply Management and IHS Markit, which this week appeared to be tapping out a warning about stagflation in the services sector. Both reports showed that the services sector continued to grow at an impressive pace in June, not surprising as many businesses have just returned to full capacity, and consumers are still flush from the year of lockdowns and stimulus checks. But the growth was less surprising than analysts expected. The general sense they gave is that growth has already peaked, earlier than many expected. The bull case for the economy—that the faster-than-expected growth of the past few months would build momentum and keep growth high through the end of the year—seems much less likely now. It's also clear from the reports that the snarled supply chains, shortages, and difficulty in hiring employees have not quickly cleared. Indeed, as Chris Williamson of IHS Markit said in his commentary Tuesday, the "supply constraints are not only stifling growth but also driving prices sharply higher." Williamson notes that June saw the second steepest ever rise in prices in the 11-year history of the IHS survey. Add to the inflation worries the ever-rising price of oil. Until the last few days, it was widely expected that the Saudi-led OPEC+ group would aid the global recovery by increasing the supply of oil to tamp down on the price as global demand lifts. But the United Arab Emirates object to the lower prices, most likely because the emirates can hear the rest of the world openly conspiring to no longer buy any of the stuff that flows beneath their country. It's hard to blame them for wanting one last hurrah of high oil prices following the pandemic. It might not be God's footsteps they are hearing, but they know that the march of history isn't toward more dependency on Gulf oil. And so oil is likely heading higher through the summer. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Inflation, Labor Shortage and Supply Chain Problems Weighed on Services Sector in June Shortages of supplies and labor slowed growth in the services sector while pushing prices higher in June, a pair of business surveys revealed Tuesday. Growth in the services sector, which accounts for over 75 percent of the U.S. economy, cooled a bit in June, separate surveys by the Institute for Supply Management and IHS Markit indicate. Despite the slowdown, growth still remains at historically high levels corresponding with the reopening of many parts of the economy and the increased willingness of consumers to "return to normal" now that mass vaccination has sent the pandemic on the retreat. The Institute for Supply Management said its business activity index slipped to 60.1 percent from 64 percent in May. That was below the forecast for 63.3 percent. [Click here for more]   IN OTHER STORIES... Nolte: Quentin Tarantino Says Some Movie Theaters Deserve to 'F**king Go' Oscar-winning director Quentin Tarantino says that in post-COVID America, some movie theaters deserve to "fucking go" out of business. The Once Upon a Time in Hollywood director made the comments Monday on a podcast while promoting the novelization of his... [Click here for more]   Gig Economy Woes: Uber and Lyft Are Scrambling to Find Drivers Gig economy giants Uber and Lyft have begun improving the perks that drivers receive amid a shortage of drivers across the United States. One Uber executive made clear the extent of the problems ridesharing companies are having in finding drivers: "This is a moment of deep introspection and reflection for a company like ours to pause and say, 'How do we make the proposition for drivers more attractive longer term? It is absolutely a reckoning." The Wall Street Journal reports that the prices for ride-sharing services like Uber and Lyft have reached record highs and have pushed... [Click here for more]   Ethics Watchdog Calls for Further Investigation into Democrat Tom Malinowski A non-partisan ethics watchdog, the Foundation for Accountability and Civic Trust (FACT), sent another letter to the Office of Congressional Ethics (OCE), laying out more information regarding Democrat Rep. Tom Malinowski's (NJ) alleged violations of federal law after filing their first complaint in March. Kendra Arnold, FACT's executive director, wrote a letter to OCE that "set forth additional evidence for the Office of Congressional Ethics to... [Click here for more]

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