Welcome to a new era… or should we say mistake?
Here is today’s price schedule for a gallon of regular and premium gasoline.
Yeah. A gallon of premium gasoline just broke the $5.00 barrier for the first time in history in the southernmost region of New Jersey.
There have been $5.00 plus gas prices in North Jersey.
This is Upper Township, Cape May County, New Jersey, at the intersection of Route 9 and Route 50.
You have to watch it twice. It just doesn’t look or feel right.
It is important to note that this is not only because of the war between Russia and Ukraine.
This is not a political or editorial comment. It’s a fact. This is a direct by-product of the current US energy policy of relying on foreign energy sources and not focusing on domestic production.
Less than 14 months ago, the United States of America was energy independent and a net oil exporter.
Currently, America buys between 500,000 and 675,000 barrels of oil per day from Russia.
President Joe Biden will announce today that America may refrain from buying Russian oil, natural gas and coal in the wake of Russia’s full-scale invasion of Ukraine.
Until now, America has helped fund Russia’s illegal and unprovoked war against Ukraine, a sovereign nation. It was an untenable situation.
In an interview with financial advisor Chuck Malamut, we discussed the impact of foreign energy dependence on self-reliance. The latter is much more desirable.
The current runaway inflation is creating significant problems for many Americans, who are experiencing a crisis in their wages and are unable to keep up with the rising prices of all goods and services.
The massive increase in gasoline prices is particularly insidious and painful, especially for the lowest earners.
For every penny increase for a gallon of gasoline that goes up, it directly takes $1.5 billion out of the US economy… which would go to discretionary spending.
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