Chronicles Of Depression 2.0: #036

Gas prices pass $3.40 a gallon, are expected to rise higher

NEW YORK (AP) — Retail gas prices pushed past a record high $3.40 a gallon Thursday, fulfilling expectations that they’ll keep climbing toward $4 as the summer driving season approaches.

Oil prices, meanwhile, fluctuated after setting yet another record high overnight. Analysts said investors were locking in gains from crude’s ongoing rally and trying to determine whether prices have more room to rise.

At the pump, the average national price of a gallon of unleaded gas rose 1.9 cents overnight to $3.418 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Diesel fuel also hit a new record of $4.146 a gallon after jumping 1.7 cents overnight, the survey said.

The soaring cost of both fuels is pressuring consumers, who gas up their cars and buy goods that grow more expensive because of rising transportation costs. And their plight will only worsen; many analysts expect average national gas prices to peak close to $4 a gallon later in the spring. Prices are already that high in some parts of the country, including California.

Emphasis added by me.

I was in the supermarket again this morning. I paid attention again to prices.

One item I saw has undergone a fifty per cent increase in price in less than a year. I’ll do a post about that later.

I wonder how much of that price is due to higher transport costs?

And why isn’t that degree of price increase reflected in government statistics about the inflation rate? (Of course that question is rhetorical. I’ve known since the stagflation 1970s the bastards are outright lying to us!)

I really don’t give a damn if you call me a Communist or a Socialist or a Statist or whatever idiotic label your boneheaded unthinking ideology will have you spit out in kneejerk fashion.

It’s time to impose a windfall profits tax on the oil companies.

If there are headlines later this year of multi-hundred-million dollar bonuses going to oil executives, there should be an insurrection in this country to take it back!

Edit: This post really needs to end with Paddy Chayefsky, dammit:

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Other, Depression 2.0

One Comment on “Chronicles Of Depression 2.0: #036”

  1. ramin Says:

    Passed by a gas station in San Francisco a few days ago where premium was $4.30 and Diesel even higher.

    Ever since gas passed $3, I’ve been wondering why the price of retail goods hasn’t gone up at a faster rate. Either there was a lot of pricing slack built into the system or someone in the middle of the chain was getting squeezed to help the others maintain their margins (I’m guessing a little of both). Now it looks like all the slack’s been squeezed out and everyone’s going to just pass increases along to the consumer.

    Wars, Katrina, torture, deficits, and a failing economy. GW’s legacy is pretty much sealed. If we were a Parliamentary democracy, the no-confidence vote would have come a long time ago.


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