Ukraine war pushes average gas prices to $4.17

Investment Analysis Clubs Macro Economic Trends and Risks
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Ukraine war pushes average gas prices to $4.17 - the highest in US history - with one gas station in California charging $7.59 a gallon and warnings prices will stay above $4 until NOVEMBER

The national average price of gasoline jumped to $4.17 on Tuesday, shattering the prior record set in 2008

Experts at GasBuddy project that prices will remain above $4 at least until November

Crude oil prices are soaring over supply disruptions after the Russian invasion of Ukraine

Biden is set to announce a ban on Russian oil, which accounts for 7% of US foreign oil imports

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https://www.dailymail.co.uk/news/article-10590025/Ukraine-wa…

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… and warnings prices will stay above $4 until NOVEMBER

That’s somewhat good news, not necessarily a warning. Maybe a change in USA leadership about that time is what this nation needs.

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Maybe a change in USA leadership about that time is what this nation needs.

There needs to be a fierce commentary on this, pro and con. Right, Wendy?

Pete

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When adjusted for inflation, gas prices are still lower than they were in 2008.

Additionally, wages have grown faster than gas prices since 2008.

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When adjusted for inflation, gas prices are still lower than they were in 2008.

Additionally, wages have grown faster than gas prices since 2008.

Sure. But you need to be able to do a little arithmetic to understand that.

Gas prices will still be a big campaign issue for the “great unwashed” – just like vaccines and masks.

intercst

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When adjusted for inflation, gas prices are still lower than they were in 2008.

Look again. It’s now higher.

PSU

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Look again. It’s now higher.

PSU

In 2008 adjusted for inflation the price was $5.28.

Real prices means adjusted for inflation as opposed to the nominal price.

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In 2008 adjusted for inflation the price was $5.28.

Real prices means adjusted for inflation as opposed to the nominal price.

Actually, you’re right. When I was on one page with adjusted inflation prices and wanted more current info, I ended up on EIA and didn’t notice it went back to nominal price.

PSU

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Gas prices will still be a big campaign issue for the “great unwashed”…

That and food prices. With the cost of fertilizer way up, food prices (with a lag) are sure to follow.

As a former POTUS once observed, “Have you seen the price of arugula lately?”

DB2

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Gas prices will still be a big campaign issue for the “great unwashed”…

They were higher in 2008 and O did two terms.

They were almost as high in 2018 and T did one term.

The great unwashed only punishes some people.

I belong to the party of the great unwashed. We know what we are doing.

The last 40 years into 2020 was an abysmal rate of GDP growth with the supply side ideology. The great unwashed all vote against such things primarily. The washed also find it worth voting against.

The truly unwashed who have turned green find B unpopular, but will vote with B or to the left when possible.

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As a former POTUS once observed, “Have you seen the price of arugula lately?”

DB2

Ye, Gods! A fellow traveler.

I didn’t think anyone else retained that jewel in permanent memory, as I have.

IIRC, comment was uttered during a campaign stop in Iowa, ~~~2008.

99.9% of the IA audience said “WHAT DID HE JUST SAY?”.

Diligent and circumspect lame stream media let the buffoon’s gaffe lie in the weeds.

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In 2008 adjusted for inflation the price was $5.28.

Real prices means adjusted for inflation as opposed to the nominal price.

Yup. I pulled up the BLS inflation calculator and did that exercise myself a couple days ago.

Of course, the mob will not understand that.

My VW only logs about 32mpg in the summer, vs the 40 I got with the Civic I had in 2008, but it isn’t the end of the world, regardless of all the people on the “news” whining for the camera.

We old phartz remember the attempts at rationing in 73-74: odd/even refuling, stations limiting purchases to a few gallons, or a few dollar’s worth at a time, refusing to fill up a car if the tank was still half full. Now, the only rule in Shinyland is rationing by ability to pay, and I expect TPTB to leverage the gas price hysteria the media is stoking to push the limits of “ability to pay”.

Steve