Posted on 03/08/2022 2:13:12 PM PST by blam
Prices at the pump have now soared to $4.173 per gallon for regular gasoline, according to Price Information Service (OPIS). This firm collects and calculates US pump prices for American Automobile Association (AAA). On Monday evening, prices surpassed the previous record high set in 2008 and continue marching higher Tuesday.
As gasoline prices increase and inflation reaches the highest levels in four decades, times are becoming much harder for the average consumer, experiencing a persistent rise in the prices of many goods and services. Steeper gas and food prices have forced millions of people to rejigger household budgets.
The latest research note from Yardeni Research estimates the average household will spend an additional $2,000 per year in gasoline on top of an extra $1,000 in food expenses. Adding this all up, the typical household will spend $3,000 less this year on other things.
Consumer sentiment remains at an eleven-year low as inflation soars. People living paycheck to paycheck are getting hit the worst. Some are choosing between feeding their family or filling up their tank.
“Today, I’m not filling up all the way because I have other expenses,” Bebi Amzad, who commutes to Newark from Linden, N.J., told NYTimes. “Everybody is hurting.”
The latest jump in gas prices is 55 cents a gallon in just the last week and 63 cents since Feb. 24, when Russia invaded Ukraine.
On social media, consumers were furious with the Biden administration about the meteoric rise in gas prices.
My youngest already takes the bus to work. Yesterday I looked up route for hubby. He’s not going to like it! #gasprices
— SheSpeaksHerMind (@SheSpeaksHerMi4) March 8, 2022
Makes no sense. Gas prices have risen steadily since this Administration began. Has nothing to do with Russia. Just use our own oil. We have plenty. 🙄
— ernest t bass (@ernestt77827750) March 8, 2022
This is Biden’s war to drive gas prices higher & increase EV sales. Ukraine is never going to join NATO. A comedian is playing the role of President of Ukraine, and you’re falling for it! LOL
— Lucy Liu (@rxpert10) March 8, 2022
Americans at all income levels are being impacted by inflation, which has weighed on President Biden’s polling number ahead of midterms.
Tom Kloza, the global head of energy analysis for the OPIS, warned on Monday, “we’ll hit $4.50 a gallon before it turns around … the risk is how bad this gets, how long this goes on. Even $5 a gallon nationwide is possible. I wouldn’t have predicted that before the fighting started.”
Meanwhile, Biden blamed Russian President Vladimir Putin for ‘hurting Americans at gasoline pumps.’ A deflection Biden badly needs ahead of midterms.
So what’s the breaking point for consumers as gas and groceries become more expensive by the week?
"Armstrong says inflation is here to stay, and it’s going to be huge in some areas. Armstrong sees gasoline rising to $8 to $10 per gallon sometime in 2023. Armstrong says buy everything you think you will need because it will never be cheaper, and it may not even be there in the future at any price. Food is high on Armstrong’s list, and he says have good old fashion cash on hand because of cyber-attacks and power outages that he sees coming in some areas. Armstrong also sees an average of 25% inflation by 2024. "
I filled up at lunch today, regular gasoline was $4.09 a gallon up by I-10 at Raceway. Which is the cheapest place around.
Those alleged 81 million BidenIdiot voters owe me some serious money.........
Is that I-10 in FL, AL, MS, LA, or TX?
$4.10 for regular, $% for diesel.
Just paid off my mortgage via bank check today (self back pat). Time to go in the cocoon.
$4.10 for regular, $5 for diesel.
Yeah, but its TOTALLY worth it, to make sure Ukraine keeps funding Hunter Biden’s cocaine habit.
regrettably the $3000 figure is low-balled
$4.79 for premium in my neck of the woods.
They’ll never let Brandon’s approval numbers follow the rise in gas/oil prices. There is an absolute bottom they won’t drop below.
I just paid $4.83 for regular and had to drive around to find that! Grant’s pass, Oregon
4.19 around here. Fortunately, I only drive 5 or so miles a day.
Paid ours off last year.
Property taxes are going to explode.
You didn’t really think they were going to let you get away, did you?
- Roll Tide -
Congratulations and good for you.
You can have $150 fill ups or mean tweets, every liberal I know thinks it is worth it
Those annual numbers are way low despite the fact people will massively “cut back.”
Congratulations. That's a wonderful feeling.
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