Tuesday, June 1, 2021

Inflation Nation: Gas Prices for Memorial Day


As the Coronavirus lockdowns fade away and sanity returns to the world,  the impact of the lockdowns is still being felt, and of course, denied by the Biden Administration.  The Huffington Post reports

The White House on Friday tried to assuage Americans’ concerns about rising gas prices ahead of Memorial Day weekend, saying gas prices have “stabilized” and are “well in line with what they’ve been in recent decades.”

The average cost nationally for a gallon of unleaded gas is now $3.04, according to the American Automobile Association ― the highest it’s been in seven years.

The article describes several factors leading to the rise in prices: The trucker shortage (due to high unemployment payments), increasing demand (demand returning to pre-pandemic normal levels), and notably leaves out the increase in money supply the Federal Reserve has injected into the system the past year.

Crude Oil was up 3.5% this morning. 

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