How much are Lions paying/gallon for gasoline now?
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$4.75 in Naples, also my electric bill went up by 1/3 over the prior month.
Only OKC is a little cheaper. Some $3.99 & one was $.3.89/gallon between Edmond & Norman on I-35 in Oklahoma.
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Hard to believe the national average was $2.10 about a year and half ago. I remember filling up under $2 a gallon at that time. Crazy how much things have changed. The grocery bill, new and used cars, it's just a different country we're living in right now.
I am wondering how the inflation rate published by the govt is under 10%. By my budget, I am thinking we have been looking at something north of 20% or more. My grocery bill has close to doubled. Gas is 250% higher. The downstream effect of fuel is yet to be seen but rising.
$4.19 per gallon for regular is cheapest in our small town just west of Charlotte, NC.
Food costs have skyrocketed and some items have had crazy increases. Eggs, milk, and some snack items have had exorbitant increases.
Food costs have skyrocketed and some items have had crazy increases. Eggs, milk, and some snack items have had exorbitant increases.
inflation that they report most times EXCLUDES energy and food. So purely a govt. made up number that is manipulated. I have seen numbers that estimate when you include energy and food that inflation is more in the 20% range.
Gasoline now $4.75 / gallon in Pittsburgh area (up 6 cents since Sunday). Electric rate per kwh just increased by 45%. That inflation rate provided by government isn’t even close to the the increase in the cost of living.
The reason you exclude energy is because it is so volatile and is an input to everything else.
But in the case we are in right now, with rapidly rising energy costs, it makes inflation a lagging indicator.
Like others say, 10% is the lowest I view inflation to be. 20% is more accurate.
LdN
I work in Transportation/Logistics. There is an old saying in the industry, "if you've got it, a truck brought it". The cost of trucking everything has been increasing over the last 18+ months, but it has skyrocketed due to fuel since the war. I am actually surprised that prices have not risen more. I would expect consumer prices to continue to rise.
It's interesting because trucking productivity numbers are beginning to slump, indicating economic slowdown, but trucking rates are rising due to fuel cost.
It's interesting because trucking productivity numbers are beginning to slump, indicating economic slowdown, but trucking rates are rising due to fuel cost.
Downtown LA gas station charges more than $8 a gallon as prices continue to surge nationwide
A gas station in downtown Los Angeles was charging more than $8 a gallon as price surges continued across the U.S.
right now gas continues to increase. tadd to that the supply chain is not getting better. it is holding it's own in certain sectors but other sectors are losing ground. the massive shutdowns in china due to the stupid zero covid policy combine whith the huge export decrease from Ukraine and Russia are all going to put huge pressure on the supply chain in Q3/Q4 this year. There is a reason that all of a sudden you are starting to see some prominent financial CEO's and other high level real economic guys (not the political hacks on TV) starting to sound the alarm bell the last couple of weeks that something ig and very bad is coming.
everybody is seeing the baby formula shortage. now take that across the board in a whole lot of different consumer goods, not just one. That is the type of stuff that has the potential to happen.
And again, the government is playing word games saying things like inflation is coming down. to most people, that quick statement is making people think that PRICES are coming down which is NOT the case. they are just saying instead of the prices of things being 9% more than 12 months ago they are only 8.5% more than 12 months ago. So the cost increases are still gigantic in comparison to historical norms.
what is scary to me is that inflation was tackled in the past with a combination of a downturn in the economy (less demand) combine with an increase in the supply of good which then made supply outweigh demand and prices of goods and services come down due to competition forces. But this recession is going to be different as the prices will continue to rise due to high gas pricing (that won't change) and th years. So I would not be surprised that we hit negative GDP growth in Q3 (might even hit in here in Q2) and stay in bad shape all of 2023 and into 2024 when by then the supply chain can catch up and an election year will spurn some movement. But I expect a good 18-24 months of rough times ahead.
everybody is seeing the baby formula shortage. now take that across the board in a whole lot of different consumer goods, not just one. That is the type of stuff that has the potential to happen.
And again, the government is playing word games saying things like inflation is coming down. to most people, that quick statement is making people think that PRICES are coming down which is NOT the case. they are just saying instead of the prices of things being 9% more than 12 months ago they are only 8.5% more than 12 months ago. So the cost increases are still gigantic in comparison to historical norms.
what is scary to me is that inflation was tackled in the past with a combination of a downturn in the economy (less demand) combine with an increase in the supply of good which then made supply outweigh demand and prices of goods and services come down due to competition forces. But this recession is going to be different as the prices will continue to rise due to high gas pricing (that won't change) and th years. So I would not be surprised that we hit negative GDP growth in Q3 (might even hit in here in Q2) and stay in bad shape all of 2023 and into 2024 when by then the supply chain can catch up and an election year will spurn some movement. But I expect a good 18-24 months of rough times ahead.
As an interloper: post Happy Hour here on the SoCal coast:
$ 6.39/gal on a drive by.
Edit: read where downtown L A $8/gal
,,,non-cheers
Most of the increase in gas prices occurred well before Russia invaded Ukraine unless by war you had meant our government's war on fossil fuels. Even the increase that has persisted after Ukraine is only partially due to the invasion of Ukraine.
Sheetz in State Coll is $4.79. Sam's is $4.64. Didn't notice diesel price but it was $6.39 in Clarks Ferry the other day. Could easily be $7 or $8 today. If only we all wear a mask this will all go away.
It's horseshit too that they're saying inflation is 7 points or some nonsense. It's 50% easily. Couple chicken breasts at the store....$14. What is this bullshit
If you chart it (I track diesel cost in detail for work) you see a gradual steady increase beginning in early 2021, then a sharp jump late winter of this year when Russia began threatening Ukraine. I think the Russia impact and US policy play off each other. Our policy makes a bad situation worse. The shame of it is, the true cost of the oil and the cost to refine it has risen, but not to the tune of 100% in 2 years like the gas prices. It's probably in line with the inflation you see. Speculation is what is passed on to the gas/oil consumer. Oil companies are making huge profits off speculation.
I don't track diesel but my statement about regular gas is with respect to total increase in price. Went from $2.10 to $3.50 average before Russia invaded. Not sure what we are up to since but don’t think we've hit $4.90 yet. That's the price point where more price gain would come after the invasion. Heck, we may get there by next week the way things are going.
But I get your point, there was a steady rate of increase due to our government's war on fossil fuels and then an inflection point where the increase became the same steady rate of increase due to our government's war on fossil fuels plus the Russian war.
Up to $4.95 this morning. I really don’t see where this will stop. OPEC is swimming in money and is not going to pump more. USA is the only country that can bring oil price down and this admin won’t allow it. I would not be surprised if gas by this fall is in the $5.25 per gallon national average range.
It will be $5.25 by the Fourth. Experts are predicting $6 by Labor Day. China is starting to loosen its Wuhan shutdown which will increase demand. And who knows what Putin will do as Ukraine slips away and death draws closer. Could be $7 by then.
If Biden keeps listening to the whackjob progressives - God only knows what will happen.
$4.79 for lowtest yesterday at a no brand station on Rt 41 near Prices Corner, Wilmington, DE.
$5.05 about 3 miles up the road in Hockessin, DE for same
$5.05 about 3 miles up the road in Hockessin, DE for same
