Ryan Cummings

Ryan Cummings

@weakinstrument.bsky.social

Chief of Staff @SIEPR. Economic Adviser @MITCEEPR. PhD'ing @UW. 2021-2023 WH CEA. I research energy markets during the transition and, as a treat to myself, consumer sentiment. Views my own.

2K followers579 following262 posts

Ryan Cummings reposted

Replying to @jakemgrumbach.bsky.social

There is little meritocracy or competition when it comes to Democratic consultants—they get paid the same regardless of how their candidates perform in the election.

Ryan Cummings reposted

Once mass spam texts were made legal, younger donors vanished, leaving a grassroots fundraising machine that subsists on squeezing vulnerable seniors, some of whom give hundreds of times a day. It’s a horrific model. Consultants get generationally wealthy, and the party hollows out its future.

Jake Grumbach@jakemgrumbach.bsky.social

We found that as of right now 73% of your campaign donation goes back to the consultants and vendors (!!!), four times more than just 20 years ago. Only 13% to ads. Even I was shocked.

Ryan Cummings reposted

Replying to @weakinstrument.bsky.social

Uber subsidized marketplace liquidity to lock in local network density. Frontier labs are funding clusters and training runs that lose pricing power within eighteen months, while API switching costs stay negligible. That capitalizes fast depreciation rather than a defensible moat.

@jaredb-econ.bsky.social and I are looking at the AI labs this week. We show they're losing money in historically large amounts and fast, too; e.g. OpenAI has lost nearly 75% of the amount of money Uber cumulatively lost over 8 years. We also highlight their fragile financing structures, too.

1/2 Me+@jaredb-econ.bsky.social are out w/ a new piece examining how much revenue is needed to justify hyperscaler AI capex. We estimate that incremental AI revenue is currently b/n $86-$188.1B for the hyperscalers, but they need $13.1-$18.7 *trillion* over the next decade for that to pencil out.

Ryan Cummings reposted

here in MA people at a cafe were just griping about their first oil deliveries of the year. prices are 74% more expensive than last year.

Ryan Cummings@weakinstrument.bsky.social

2/n: Banning diesel exports would *temporarily* provide some price relief for most of the country, but not for New England. Because pipelines don't run that far north, PADD 1A has to import large amounts of diesel, which means it's competing with a (structurally short diesel) Europe for barrels

A 90 day diesel export ban would truly be a storied piece of policymaking because it would quite literally be the worst of both worlds; refiners would cut runs, throw excess production into storage (instead of sending to rest of US), *raising* prices domestically AND internationally.

Carl Quintanilla@carlquintanilla.bsky.social

(Politico ) - The Trump administration is preparing a plan to ban exports of diesel for 90 days, despite splits inside the administration and with the oil industry, in a bid to bring down energy prices .. @politico.com #ExportBan ⛽️ www.politico.com/news/2026/09...

The Trump Administration continuing with their "all costs, little to no benefits" philosophy of economic policymaking. They are consistent if nothing else, although you do not, in fact, have to hand it to them.

Ok ran a couple back on the envelope calcs and don't think prices would increase domestically (in the short run), and the market's reaction to the alleged export ban quite a bit of price decreases. international prices would still increase; refining runs may or may not be cut.

1/n: Because of record-breaking diesel prices, the Trump Admin is reportedly considering a diesel export ban. There is one part of the country that this would squeeze tremendously, risking physical shortages that would prevent people from heating their homes in winter: New England (PADD 1A).

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6/end: Banning diesel exports would, in effect, be a small subsidy to farmers and other industrial users of diesel across the country at the expense of New England residents, who would see heating costs skyrocket if not run into acute physical shortages.

1/n: Because of record-breaking diesel prices, the Trump Admin is reportedly considering a diesel export ban. There is one part of the country that this would squeeze tremendously, risking physical shortages that would prevent people from heating their homes in winter: New England (PADD 1A).

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4/n: This matters much more for PADD 1A than anywhere else in the country because in New England, diesel isn't just for industrial uses; *half* of homes in Maine use diesel (No 2. fuel oil) for heating. Over a million people in MA use it for home heating.

5/n: What's so worrying is that in the Biden Admin, when Russia invaded Ukraine in 2022 and the global diesel market tightened, we were concerned that PADD 1A might actually run out of physical diesel and have to engage in rationing. By all accounts, the situation is even worse now.

1/n: Because of record-breaking diesel prices, the Trump Admin is reportedly considering a diesel export ban. There is one part of the country that this would squeeze tremendously, risking physical shortages that would prevent people from heating their homes in winter: New England (PADD 1A).

2/n: Banning diesel exports would *temporarily* provide some price relief for most of the country, but not for New England. Because pipelines don't run that far north, PADD 1A has to import large amounts of diesel, which means it's competing with a (structurally short diesel) Europe for barrels

3/n: Because the U.S. exports so much diesel, banning those exports would shrink global supply, raising global prices and therefore the imported price that PADD 1A pays. This also couldn't be happening at a worse time; diesel inventories in PADD 1A are lower than anypoint in the past 10 years.

Ryan Cummings reposted

A longtime career goal to be on Marketplace, and I had to decline the first time I was asked because I was working at the White House. 🥁 So without further ado, I weigh in with thoughts on the gender pay gap and in particular, impact on child care workers and implications for the broader workforce.

Marketplace@marketplace.org

The gender pay gap has been widening since 2023, and it’s keeping some women out of the workforce entirely.

Great new paper showing that the effect of the U.S.-Israel bombing of Iran was to essentially change protests from being against the hardline Iranian government to being for it. Hard to imagine losing this war--among every dimension--even worse than the U.S. and Israel already has.

Ryan Cummings reposted

45K+ bodies a year. In my city we have 3x as many fatalities from reckless driving than homicides. 1. There exists dumb traffic cameras which just take a picture of the plate & the offense and are not networked to other system. 2. Most PDs aren't even using flock cameras for traffic violations.

Don Zeko@donzeko.bsky.social

There's a pro-traffic camera contingent on here that thinks the public safety benefit of a panopticon on the roads is easily worthwhile. I'm not even sure they're wrong, but the downsides are quite real and concrete.

Ryan Cummings reposted

Lorenzo Salgado lived here longer than I’ve been alive, married to his wife of 30 years. Worked a blue collar job building houses to put his three kids through college. A real American and the kind of man they tell you you’re supposed to be. Fascism is so perverse.

Raider@iwillnotbesilenced.bsky.social

"Ronaldo Salgado, the eldest son of Lorenzo Salgado Araujo, said he recognized his dad's voice as he bled out after being shot by an immigration officer in Houston."

It’s not a great sign that 1/3rd of the Supreme Court read what is arguably the most unambiguous part of the constitution and thought “no, actually the President can invalidate this 😜😜.”

GS estimating that consensus estimates for hyperscaler AI capex next year of $920 billion are ***too conservative*** and instead the right number is between $1-1.4 *trillion.* We're either at the bottom of a mountain or at the top of a cliff!! Exhilarating!!!! Terrifying!!!!

Ryan Cummings reposted

If you don't plan to celebrate America's 250th birthday by visiting ornamental fountains in D.C. or watching UFC fighters spar outside the White House, here are some picks for the best parks and public lands from my colleagues at the @uclalawemmett.bsky.social. legal-planet.org/2026/05/28/n...

legal-planet.orgAmerica the Beautiful — Not Beautification Projects - Legal PlanetOh, what a time to be an American! The Drain is a weekly roundup of environmental and climate news from Legal Planet.

~90% of the Somalis in MN are American citizens; this is the President directly calling 100,000 of our fellow countrymen and women crooks, 10 days after he announced his intention to steal $1.8 billion from taxpayers to pay him and his friends. If you're not going crazy, you've never been sane.

Aaron Rupar@atrupar.com

Trump: "They're all crooks. The Somalians. What they've done to Minnesota. The Somalians. They're crooked as hell. They're all crooks."

Ryan Cummings reposted

there has been talk about waiving the 18.4c/gal (gasoline) federal tax on gasoline and 24.3c/gal on diesel- these taxes also have not increased since 1993. If the fed tax on gasoline is waived, it would cost the government $2.1 billion in lost revenue per month.

Of course, these burdens aren't shared equally. We find that middle-class and low income households will bear the brunt of the costs, with the lowest 20% of HHs losing >5% of their post-tax income.

Ryan Cummings reposted

Affordability is too often justification for lowering our ambitions to transition from fossil fuels to clean energy. Panel 2 of our recent symposium covers the complexity of the issue. Plus: a high-speed lecture on CA oil prices from @weakinstrument.bsky.social www.youtube.com/watch?v=oJzV...

youtube.com"Can Abundance be Sustainable" Panel 2: Affordability and the Transition Away from Fossil FuelsYouTube video by UCLA Emmett Institute

This isn't even remotely close to true. ~0 of those barrels were incremental, and all the sanctions waivers did was effectively allow the Iranians to sell oil to other countries at a prices *higher* than they were selling them to the Chinese, who were buying 98% of it at a discount.

Ryan Cummings reposted

Repeat after Ryan: "More drilling in California would not insulate the state from price spikes, because the price of oil is determined on the global market." Louder in the back, now!

Ryan Cummings@weakinstrument.bsky.social

Me and @nealemahoney.bsky.social are in the LAT today arguing that CA oil industry is trying to use the current crisis to jam through its deregulatory wishlist. Instead of caving, the state should use this moment to be a leader in the "mid-transition." www.latimes.com/opinion/stor...

Me and @nealemahoney.bsky.social are in the LAT today arguing that CA oil industry is trying to use the current crisis to jam through its deregulatory wishlist. Instead of caving, the state should use this moment to be a leader in the "mid-transition." www.latimes.com/opinion/stor...

latimes.comContributor: Oil industry's wish list is not the way to help CaliforniansThe state should expand import infrastructure to protect against the refinery outages that disrupt our fuel supply.

Great example of this is monetary policy. Nearly 2/3rds of CEOs in a survey wouldn't even venture a guess as to what the Fed's inflation target was (something that directly impacts their business, btw!) and of those who guessed, only 20% could correctly identify it. www.nber.org/papers/w28836

Since a certain phone company CEO is getting attention for some big predictions today, just a reminder that outside of the very specific verticals where their companies operate, there is no reason to believe a given executive is any better at predictive or descriptive analysis than a random person.

Ian Weissman, DO@drianweissman.bsky.social

Pancreatic cancer mRNA vaccine shows lasting results in an early trial. Scientists caution that more research is needed, but nearly all of the patients who responded to the personalized vaccine are still alive six years later. www.nbcnews.com/health/cance...

Ryan Cummings reposted

Behind the acid blood and jump scares of the Alien franchise is an even more insidious horror: a single employer with unchecked power. How Weyland-Yutani helps explain monopsony — and the rise of inequality on Earth. n.pr/4dGFaCl

n.prThe labor economics of 'Alien' — and its lessons for inequality on EarthBehind the acid blood and jump scares of the Alien franchise is an even more insidious horror: a single employer with unchecked power. How Weyland-Yutani helps explain monopsony — and the rise of inequality on Earth.

However much you think we should be funding cancer research, I can guarantee you it's not enough. The economic benefit of getting rid of it would be $197 ***TRILLION*** over 35 years. We should easily be 100Xing federal funding of this research, and instead we're cutting it.

Ryan Cummings reposted

every time i write about wage theft i do a double take because it's so crazy corporations steal more than $50 bn from workers' paychecks each year, illegally paying workers less than they earned for their labor that significantly exceeds the combined losses from larceny, burglary, & vehicle theft

“We’re going to cut your healthcare to pay for more wars“ is certainly a message one can choose to run on, I suppose.

Bloomberg News@bloomberg.com

Trump is preparing to release a 2027 budget plan that will frame his party’s midterms message around a massive defense buildup, partially paid for by cuts to domestic agencies and health-care entitlements