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The oil industry fears Trump’s regulatory rollback could backfire.

ExxonMobil’s Pegasus Pipeline poured more than 200,000 gallons of heavy crude into a neighborhood in Mayflower, Arkansas, in 2013. Twenty-two homes had to be evacuated, and in the aftermath, hundreds of residents complained of nausea, nosebleeds, and respiratory problems.

In 2015, the EPA fined Exxon more than $4 million in penalties over the spill. Separately, a federal pipeline regulator accused the company of violating safety standards and imposed an additional $2 million in fines.

Exxon disputed those punitive damages, arguing that it met legal obligations. On Monday, an appeals court overturned a majority of the violations and fines. According to its decision: “The unfortunate fact of the matter is that, despite adherence to safety guidelines and regulations, oil spills still do occur.”

Exxon, however, was aware of issues with this particular pipeline prior to the Mayflower incident, and an argument can be made that it should have done a better job of planning for an accident. The pipeline was 70 years old at the time of the spill, and Exxon knew it was prone to cracking along its seams. (Pegasus had split open or leaked nearly a dozen times before.)

But you know what they say, “Pipelines will be pipelines.”

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The oil industry fears Trump’s regulatory rollback could backfire.

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Inflationary Pressure Is Yet Again Right Around the Corner

Mother Jones

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Inflation! It’s always sneaking up on us:

U.S. consumer-price gains accelerated in October for the third-straight month largely due to rising energy costs, the latest sign inflation pressures in the economy are firming….The “report provided further confirmation of strong energy base effects boosting headline CPI,” said Barclays economist Blerina Uruçi. “Although core inflation rose less than expected, we still believe that domestic price pressures remain strong.

Hold on to your britches. Here’s what the various measures of inflation look like through October:

Yes, you read that chart right. Headline CPI (the blue line) soared all the way to…1.6 percent. But of course, the Fed supposedly doesn’t care about that anyway. They care about core inflation (the red line). Core CPI is slightly above 2 percent, but has been flat all year. No acceleration there. But wait. The Fed doesn’t care about core CPI either. They rely on the PCE inflation index, which is…hovering around 1 percent (the green line). Data for October isn’t even available yet. And data for core PCE isn’t available either.

But what about future inflation? Well, the 10-year breakeven skyrocketed from 1.51 percent in September to 1.67 percent in October. In other words, expected inflation bumped upward slightly, but is still well below 2 percent and has been trending downward for the past two years:

And yet, inflation is always right around the corner. Here’s the very last paragraph of the Journal article:

Separately Thursday, data showed workers’ earnings were flat in October from September, when adjusting for inflation. Stronger inflation offset the increase hourly wages, and the average workweek was unchanged.

Yeah, inflationary pressure is really a big threat. The labor market is so tight that wages were completely flat. Sigh.

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Inflationary Pressure Is Yet Again Right Around the Corner

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