Free Republic

◾U.S. gasoline and diesel prices are at record highs and show no sign of falling or of denting demand. ◾Refining capacity has shrunk dramatically since 2020 due to the covid pandemic, driving fears of a supply crisis. ◾It is looking increasingly likely that the only cure for these high prices would be a recession, a cure that could be as bad as the disease. U.S. gasoline and diesel prices are soaring to record highs nearly every day these days, as crude oil prices hold above $110 a barrel, the Russian invasion of Ukraine upends global crude and refined product trade...

The spring construction season is about to begin as homeowners face some of the highest lumber prices ever for this time of year. March lumber futures in Chicago closed at $1,270 per 1,000 board ft. in Chicago on Friday, up more than 36% since the beginning of the month due to tighter Canadian supplies ahead of the spring building season. Bloomberg reports the increase in lumber prices comes as Canfor Corporation, the world’s third-largest integrated forest products company based in Vancouver, British Columbia, announced a supply cut of 150 million board feet of production due to mountain pine beetle infestation...