Important Takeaways:
- How could Iran’s attack on Israel affect gas prices? What you should know
- Iran, one of the world’s largest producers of crude oil, has long been engaged in a shadow war with Israel, but there have been concerns the Israel-Hamas war could become a broader regional conflict.
- Any ripple effects on gas prices depend on the countries’ next moves and whether they seek further retaliation against the backdrop of an already raging war, said Michael Walden, Reynolds Distinguished Professor Emeritus at North Carolina State University.
- “We’re uncertain about what’s going to happen,” he said. “And so the impacts are going to be very dependent upon what does evolve.”
- The average price for a gallon of regular gas in the U.S. was $3.63 as of Monday, according to AAA, up almost 4 cents from a week earlier and 22 cents from a month ago. The price was down 3 cents from a year ago, however.
- Oil benchmarks had risen on Friday in anticipation of Iran’s retaliatory assault, with prices soaring to their highest since October.
- If you are planning a last-minute road trip, though, it may be worth going somewhere closer or putting off travel until a later date. Drivers who can take other modes of transportation, such as walking or biking, could consider that as well.
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Important Takeaways:
- US gas prices soar to their highest seasonal level in a decade even as the summer driving season comes to a close
- US gas prices just hit their highest summertime levels in over a decade even as the driving season comes to a halt.
- The national average for a gallon of gas rose to $3.80, notching the second-highest level ever, per AAA.
- Rising crude-oil prices driven by production cuts are largely to blame for the surge in costs at the pump.
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Important Takeaways:
- California gas prices soar to the highest point of the year
- Gasoline prices in California have surged to the highest point of the year and are approaching prices seen last summer, according to the American Automobile Association.
- According to AAA, the average price of a gallon of regular unleaded in California was $5.26 on Tuesday, up 10 cents over the past week and 37 cents over the past month. A year ago, drivers were paying $5.34 per gallon.
- In Los Angeles County alone, the average price for regular unleaded was $5.36/gallon on Tuesday.
- The national average was $3.85/gallon.
- California, once again, has the highest gasoline prices in the nation. Washington State ($5.05/gallon) has the second-highest.
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Important Takeaways:
- Bidenomics 101: Gas Prices Soar Again to New High for 2023 Adding to Inflationary Pressures
- The national average gallon of gas traded at $3.89 last week, its highest level since October 2022, according to the latest figures supplied by the AAA.
- The pump price shows a variation across the country with some of the steepest jumps in Midwestern states, while in Washington state and California, prices have reached an average of $5 and $5.07 a gallon, the Detroit Free Press reports.
- Michigan’s average gasoline price set a new high for 2023 on Monday, hitting $3.76 a gallon for regular unleaded, an increase of nine cents from last week, the AAA figures show.
- The surge in gas costs to a nine-month high follows a 20 percent jump in global crude prices this summer, after Saudi Arabia and Russia slashed supply, the Financial Times reports.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Public perception of the economy is the lowest since 2008: More Americans say they trust the GOP to handle issues that hit their pocket, new poll shows
- A new poll shows nearly 7 in 10 Americans feel the economy is ‘getting worse’
- Only 12% saying it is ‘getting better’ under Joe Biden’s leadership
- In 2008, the same polling found 83% thought the economy was getting worse
- Biden has a 37% overall approval on his handling of the economy – the lowest point in the polling since he took office last year
- The only issues where Biden’s approval rating has changed is on gas prices, rising to 34 percent from 27 percent in June. Prices per gallon have dropped by a dollar on average from where they were earlier this summer when the poll was taken.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Long lines are back at US food banks as inflation hits high
- With gas prices soaring along with grocery costs, many people are seeking charitable food for the first time, and more are arriving on foot.
- “It does not look like it’s going to get better overnight,” said Katie Fitzgerald, president and chief operating officer for the national food bank network Feeding America. “Demand is really making the supply challenges complex.”
- The Phoenix food bank’s main distribution center doled out food packages to 4,271 families during the third week in June, a 78% increase over the 2,396 families served during the same week last year, said St. Mary’s spokesman Jerry Brown.
- More than 900 families line up at the distribution center every weekday for an emergency government food box stuffed with goods such as canned beans, peanut butter and rice
- The Los Angeles bank gave away about 30 million pounds of food during the first three months of this year
- For now, there’s enough food, but there might not be in the future, said Michael G. Manning, president and CEO at Greater Baton Rouge Food Bank in Louisiana. He said high fuel costs also make it far more expensive to collect and distribute food.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- World Economic Forum: Gas Prices Must Go Even Higher — to Save Democracy
- Russia’s invasion of Ukraine has brought renewed focus on this economic weakness, the WEF says.
- What is the answer for the U.S. and Europe? Pricing the alternatives to green energy out of the market. It says:
- First, leading democracies should agree to end the underpricing of fossil fuels, which is the principal factor preventing a clean energy transition. The underpricing associated with producing and burning coal, oil and gas amounted to $5.9 trillion in economic costs in 2020. Nearly a quarter of these losses – $1.45 trillion – occurred in 48 major and smaller democracies.
- The leading democracies of the G20 should collectively commit to phasing out cost and tax breaks for the production and consumption of fossil fuels. They should also phase in more efficient pricing of fossil fuels through taxes or tradable permits to cover the costs of local air pollution, global warming, and other economic damages.
- The paper goes on to argue that compliance can and must be enforced.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- US families should suffer high gas prices to protect ‘the liberal world order,’ Biden’s economic advisor Brian Deese says when asked what he would say to Americans who can’t afford to pay $4.85 a gallon
- The American people understood. The American people rose to the moment. The American people did what they always have done: defend freedom around the world. They chose to stand with the people of Ukraine,’ Biden said during a speech calling for a three-month gas tax holiday. ‘So for all those Republicans in Congress criticizing me today for high gas prices in America, are you now saying we were wrong to support Ukraine? Are you saying we were wrong to stand up to Putin? Are you saying that we would rather have lower gas prices in America and Putin’s iron fist in Europe? I don’t believe that.’
- After breaching $5 a gallon for the first time ever, gas prices have fallen back to an average of $4.84 as of Friday
- Biden economic advisor Brian Deese said that Americans should ‘stand firm’ on paying record-high gas prices because the ‘future of the liberal world order’ is more important.
- ‘What you heard from the president today was a clear articulation of the stakes. This is about the future of the Liberal World Order and we have to stand firm,’ he replied
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Trucking industry faces driver shortage fueled by high gas prices
- As gas prices continue to rise around the country, some truck drivers are putting it in park.
- Transportation consultant Mickey Blashfield said there is a nationwide shortage of about 100,000 truck drivers.
- When you factor in fewer drivers available to deliver the fuel, then the problem becomes even worse.
- Trucker David Rofa said “I have friends, their trucks are sitting in the yard. They can’t go out because the prices are too high, and the loads are still paying the same”
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Gas prices surge 25 cents in a week, hitting new record
- There are now 10 states where the average price of gasoline is $5 a gallon or higher, with the latest being Michigan and Indiana. Washington, DC, is also above $5, according to CNN.
- Georgia is the only state with an average below $4.30 a gallon.
- Veteran oil analyst Andy Lipow told CNN he expects the national average to hit $5.05 a gallon in the next ten days.
- US crude jumped to a fresh three-month high of $120.99 a barrel
- Mark Zandi, chief economist at Moody’s Analytics “If oil prices go to $150, we are going into recession. There is no way out”
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