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The author has been interested in the historical costs of .22 rimfire cartridges since childhood. Starting in early adolescence, and continuing for many years, the value of things and time was measured in .22 cartridges. It was a simple calculation, an easy comparison. From that era, 1964 to the present, .22 Long Rifle cartridge list prices, converted to constant unskilled labor dollars, have been fairly stable. The unskilled labor number is based on the time it takes for an unskilled laborer to earn the same purchasing power for a particular year. It took about 146 hours (about two weeks, 12...

Democrat Senator Debbie Stabenow (D-MI) said that gas prices “didn’t matter” to her because she drives an electric vehicle while millions of Americans feel the financial burden of record-high gas prices. Stabenow’s remarks came during Tuesday’s Senate Finance Committee hearing about President Joe Biden’s fiscal year 2023 budget.

Treasury Secretary Janet Yellen said American consumers will be at the mercy of oil companies this summer, as crude oil is expected to reach $160 a barrel, according to an analysis released Monday by Goldman Sachs. Speaking to the Senate Finance Committee on Tuesday, Yellen took heat from both Republicans and Democrats for inflation that’s near 40-year highs, with gasoline prices up almost 50 percent over the last year. In May, a gallon of gas cost more than $4.50, according to a national average compiled by the U.S. Energy Information Administration. It’s now at $4.86 a gallon, up 25 cents...

The White House on Monday reminded Americans frustrated with record-high gas prices that the cost of fuel was even higher in foreign countries. White House press secretary Karine Jean-Pierre responded to questions about high gas prices during the daily briefing by noting it was “really important” that people understood that prices were higher across the globe.

The pain at the pump continues for the vast majority of American drivers. According to AAA, the average price of regular unleaded gas surged 59 cents over the last month, and Monday's average of $4.87 per gallon represents the most expensive average rate in United States history. The one-week pricing spikes in Michigan (45 cents per gallon), Indiana (41 cents), and Wisconsin (39 cents) have been staggering. The price hikes in Colorado, Kentucky, Minnesota, Nebraska, Ohio, and Texas have also been steep, with each of the six states incurring a minimum increase of 30 cents per gallon over the last...

U.S. natural gas fundamentals remain bullish as above-normal temperatures drive cooling demand and dwindling supplies that would’ve been used for the next winter season cause market tightness, sending futures for July delivery soaring 9.5% to $9.340/mmbtu as of 1315 ET.Houston-based energy firm Criterion Research sheds more color on the natgas fundamentals driving prices higher. They report a combination of factors, including above-average temperatures in the Lower U.S. 48, natgas demand, slumping natgas production, and below-average national stockpiles, which have driven July contracts above $9. The Lower 48’s weather outlook has come in warmer this morning, with the latest models showing...

Since gasoline prices started surging at the end of last year, the U.S. Administration has been saying that it would consider and potentially use every tool at its disposal to lower prices at the pump. The problem for the Biden Administration—and for U.S. drivers—is that there isn’t a short-term solution to skyrocketing gasoline prices that set new record-highs day after day. Every tool at Biden’s disposal has its own drawbacks and political consequences, and every move the Administration is studying is unlikely to dent gasoline prices too much, analysts and White House insiders say. The only “solution” to record-high gasoline...

Brits are the most miserable in years as the headline inflation rate is at a four-decade high. Turbulent economic times pressure household finances, leading some to drown their miseries at the local pub. But even at the pub, it’s hard to escape today’s disastrous macroeconomic backdrop of soaring inflation and slowing economic growth, with threats of stagflation as the Bank of England hits the brakes on the economy with rate hikes. FT cites new data from food and drinks research company CGA that shows patrons of pubs are being hammered not by the drinks but by soaring costs for the...

California: come for the poo-covered streets, stay for the crippling gas prices. That’s right, while the national average gas price hit $4.76 per gallon this week according to AAA, Californians are now paying a record $6.24 average per gallon after the state saw prices surge past the $6 mark for the first time in history last week. Via the Daily MailAt one station in coastal Mendocino, prices are just pennies away from $10 – the highest ever in history, according to the Daily Mail. Breaking it down by city, San Francisco motorists are paying an average of $6.50, while San...

As restaurants across the country feel the squeeze from rising inflation, a tight labor market, and minimum wage increases on an industry with notoriously thin margins, owners are passing along the pain in the form of various fees tacked onto the tab, according to the Wall Street Journal. Fees for a “noncash adjustment,” “fuel surcharge,” or “kitchen appreciation” have been showing up on more bills lately. Industry analysts say this wave of surcharges is mostly being driven by restaurants trying to cope with the impact of rising inflation and a tight labor market on their bottom lines. In addition, Mastercard...

During portions of an interview with ABC News released on Friday, Energy Secretary Jennifer Granholm argued that the release of oil from the Strategic Petroleum Reserve is “doing its job.” Because the point of the release “is to stabilize the global market” for oil and warned that gas prices will increase over the summer and gas prices will be “rough” “from now through the end of the year, really.” Granholm stated, “The point of this — it’s doing its job. Because it is to stabilize the global market. I mean, we happen to have the largest tool of any country...

Lumber prices have been halved since the Federal Reserve embarked on its most aggressive interest rate tightening campaign in decades as the pandemic boom in housing slows. Lumber contracts trading on the CME crashed to $653 per thousand board feet, down 51% from a high in late February of $1,336. The decline in wood prices occurred about two weeks before the Fed began hiking interest rates in mid-March. The Fed is expected to continue raising rates this summer. Interest rate probabilities show the Fed could hike by 50bps at three of the next FOMC meetings to suppress consumption and get...

Demand for American Gold Eagles exploded in May according to the latest data from the US Mint. The mint sold 147,000 ounces of American Gold Eagles in varying denominations totaling 200,500 coins. That was a 67% increase from March. So far this year, the US Mint has sold 661,500 ounces of American Eagles. For the year, bullion demand in the form of Gold Eagles is up a staggering 617%. When you factor out COVID-19-related sales disruptions, bullion sales are up 400% over the 5-year average between 2015 and 2019. A market strategist told Kitco News that the surge in demand...

President Joe Biden’s Energy Secretary Jennifer Granholm told reporters on Thursday that drivers will have to pay at least four dollars a gallon for the foreseeable future. “The price of gas is likely to remain above $4 per gallon,” she said, based on data from the Department of Energy. Granholm has said in the past that high gas prices will encourage people to buy more expensive, fuel-efficient vehicles.

If you listen to economists and those watching the wave of inflation that is sweeping over us you will hear many of these people predicting it will soon abate. A huge part of their argument being the best cure for high prices is high prices. This is because high prices bring about demand destruction. Taking this to the next level some are looking towards an economic slowdown, a recession, or worse. Still, with so much money stashed away and so few real tangible assets there is no guarantee inflation will slow or that we will see deflation. For years, central...

In its effort to contain inflation, the Federal Reserve has launched what many expect to be an ongoing series of interest rate increases, which are already taking a toll on stock and housing markets, with job losses likely to follow. As weary as Americans have become from paying record high gas and grocery prices, however, another round of price hikes is making its way through the food supply chain and is expected to reach consumers this fall. “People don’t realize what’s fixing to hit them,” said Texas farmer Lynn “Bugsy” Allen. “They think it’s tough right now, you give it...

We are apparently back in the spend-your-way-to-prosperity mode. Last week Wall Street greeted the “strong” April PCE number with a spree of dip-buying, but you have to wonder just how long households can keep reaching into their cookie jars in order to spend what they are not earning. According to the Commerce Department, the abysmal 4.4% personal savings rate posted for April was the lowest level since August 2008, and we know what happened next! Its also damn obvious from the chart that the triple whammy of the Covid-Lockdowns, the stimmy bacchanalia and red hot acceleration of global inflation and...

Treasury Secretary Janet Yellen on Wednesday addressed the record-high oil prices. CNBC “Squawk Box” co-host Becky Quick asked Yellen if there was any consideration to reverse the decision to cancel the Keystone XL pipeline to ease the cost at the pump for Americans. President Joe Biden signed an executive order on his first day in office to put an end to the construction of the pipeline.

Gas prices on Memorial Day soared to a record high of $4.619 per gallon, up nine cents over the weekend, according to AAA. Last year, gas prices were averaging around $3 per gallon, and in May of 2020, gas prices were around $1.77 cents.

Soaring commodity prices have been financially devastating for households, devoting larger and larger shares of disposable income to pay for energy. For instance, at nine California filling stations, the price of regular gas is higher than the federal minimum wage. Patrick De Haan of GasBuddy said several gas stations in Los Angeles and San Francisco metro areas had recorded pump prices over the federal minimum wage ($7.25). One station in Los Angeles is now $7.83. Ed Yardeni of Yardeni Research told CBS News that record-high fuel costs are denting workers’ paychecks. He estimated that the typical US household would spend...