Good morning:.
Markets are on the decline this morning and while a high amount of planned AI spending from one major company (Samsung) is being citied as the catalyst … even with an earnings result that Yahoo Finance characterized as “colossal” … a situation with Iran also appears to be weighing on the minds of investors.
It seems Iran set up “mandated routes” in the Strait of Hormuz and two merchant vessels that, reportedly, strayed from the area were fired upon.
Prices of oil (crude futures) jumped back over the $70/barrel level … which was last visited the end of June … which confirms that the situation in the area is still unresolved. Meanwhile the gasoline story in the U.S. provides a mixed story … for as far as the price vs. yesterday is concerned, AAA reports the national average for regular gas inched downward … but mid-grade, premium and diesel each rose.
There is also a situation that moved from the back burner to the front once again, as the President arrived at a NATO conference and one of the first items he brought up was the importance of the United States taking control over Greenland … and suggested that the U.S. could remove its soldiers from Europe if his demands are not met.
We are sure to hear more about this in the days ahead.
Meanwhile, back at home inflation is still on many minds and costs associated with the Post Office are no exception.
It was just announced that prices for “forever stamps” will move to 82 cents (from 78) … a jump of 5.12%. By the way … I don’t know about you, but I think I use around 2 stamps/month at most as I pay almost all bills online.
And … speaking of costs … I am often asked about the difference between electric and gas-powered vehicles and just came across a comparison on Daily Shot showing gasoline at the end of 2026 ran around $3.36/gallon while electric was at $1.56 (gas equivalent).
Doing back-of-the envelope math, figure 12,000 miles driven at 25 MPG would run around 480 gallons of gas … which would mean an EV user would “benefit” by around $864. And my state just sent in a “bill” for an extra EV charge of $250 … since gas taxes are not collected … lowering the difference even more.
Okay, that wraps it up for today.
I am now getting prepared to start another diet … as I’ve been bad lately … realizing I have no will power …
… but I’m hungry now
… and so, I think I’ll wait until after lunch.
Have a great day,
Joseph G. Witthohn, CFA
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