Gas prices are way up.
If you can even find gas around here, you are in good shape. My wife had to drive around to several gas stations last night and even then it ended up costing way more than usual.
This has been going on for several months too before Russian hackers supposedly attacked and crippled this pipeline. PMC TV had been warning about gas shortages and $4 gas this summer since at least March and peddling various rationales for this like a shortage of qualified truck drivers. Also, consumer prices are trending up due to inflation, which we definitely noticed while on the road last month.
“The latest gauge on inflation released Wednesday morning showed that prices rose 4.2% over last year, based on the Consumer Price Index (CPI).
Why it matters: The gains were highest since September 2008, stoking new fears of inflation. Prices jumped significantly compared to the start of the pandemic last year, when lockdowns drove down demand.
Energy prices rose the most by 25%, followed by used cars and trucks at 21%. …”
“The Consumer Price Index (CPI), which tracks the cost of a variety of consumer goods as well as housing and energy prices, has risen 4.2 percent from a year ago, notably higher than the estimated 3.6 percent. It is the largest yearly increase since September 2008.
Even controlling for food and energy prices, the CPI was up three percent, higher than the estimated 2.3 percent. The 0.9 percent CPI increase from March, again controlling for food and energy prices, is the highest since April 1982. …”
The official story is that there is no gas shortage and this pipeline problem is only temporary although before they were warning about impending gas shortages this summer. Similarly, the official story from Joe Biden’s Treasury Secretary Janet Yellen is that inflation is also only temporary.
Well, I guess we will see. In the meantime, we know for certain that gas prices are up and consumer prices are up too. Blame it on whatever you want but that fact is our current reality.
Note: The bad news is now rolling in on several fronts … illegal immigration, violent crime, inflation, gas prices and jobs. What will be the next shoe to drop?