Posted on 03/08/2022 3:39:24 AM PST by Libloather
American consumers are already struggling with the highest inflation in four decades - a phenomenon that is eating into buying power and eroding wages. But more economic pain may be in store, with one analyst estimating that the recent surge in gas prices following Russia's invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget.
The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. Many consumers have seen prices at the gas pump rise swiftly, with the price of regular gas jumping 41 cents during the first full week of Russia's war in Ukraine, according to AAA.
That will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research in a Monday research note. That comes on top of about $1,000 in extra costs at the grocery store due to inflation, which means the typical household will have $3,000 less this year to spend on other items, Yardeni said.
Consumers are fretting about the impact on their budgets - with some already planning to cut back on driving, and watching their spending. That could pose a threat to the pandemic's economic rebound, given that personal consumption contributes about 70% of gross domestic product, according to the Federal Bank of St. Louis.
When local gas prices recently jumped to about $4.25 per gallon, writer Andrew Liptak of Barre, Vermont, said he emailed his boss to ask if he could work from home because his roughly 34-mile round trip to the office - which covers hilly terrain and thus consumes more gas - suddenly become a lot pricier.
(Excerpt) Read more at cbsnews.com ...
No, you are the child. Children just whine and whine and whine.
It’ll be higher. With the impending fertilizer shortage and price surge there, if crop yields are down as a result, regulations which mandate oxygenated fuel will force that component costlier. Utilization between corn for food and for fuel will pressure those prices higher.
The Reagan 49 state legacy on conservatism is what exactly?
My original post was talking about 2024, yet you mumble about living in the past. Go read the post again.
Wow. Was in lumber yard last week, 2x4 is $7. CRAZY!
People are either spending savings or borrowing on speculation repayment will be in funny money, inflated dollars.
About 2024. They stole 2020, so what has the Republican party done to secure 2024?
2x4s have been $7-$8 dollars for about a year or more.
What she failed to say, is with the pipelines closed, you'd have to drink the oil at the well head, because you can't move it to where it is to be refined.
The XL pipeline can move almost 900,000 barrels a day, and it can be in operation this this year, but no-go-slow-joe, shut it down with his first official act back in 2021.
Closing all the public lands to new drilling is costing the USA, over a million barrels a day {minimum} and we are now trying to buy oil from communist dictators and iranian mullahs.
Good grief.
SCOTUS just pissed down our leg again by accepting the demonRAT redistricting plan in several key states including PA.
I've been a poll watcher for over 20 years, and all I got to do was watch the demonRAT steal the election, legally complain and testify, and watch the courts give us the finger.
We've tried to pass new laws, only to watch them get booted.
I have no clue.
Oh man, that meme is so spot on!
When they steal our franchise, and then codify the theft, unrealistic optimism is better left to lunatics.
I bought 20 or so to build a Christmas float. I think about $4 each then. But could have been just an opportune week to buy, too.
No so long ago they’d go on sale for 88 cents. Those days are gone. Even the crap $1 loaf of bread at WalMart just went up to $1.10
Last March/April when lumber was hitting all time highs (about where lumber is now), Home Depot and Lowes had $7.98 as the price for basic pine 8’ 2x4s.
Not necessarily. The Squad will propose a free gas card for hard-hit favored client groups.
LOL!
I’m surprised lumber delivery trucks don’t have a guy riding shotgun.
3k a yr? That is cheap compared to the estimated $1,000 a month more on the grocery bills.
No new taxes? The guberment will be fast to complain there are less gallons being sold so they need to increase the gas tax per gallon to keep the coffers filled so they can drain it for other pet projects.
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