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:
- Record gas prices are pushing up everyday costs, dampening economic recovery
- Americans are facing sticker shock at gas stations across the country, but surging global energy costs are rippling through the economy in other ways, too:
- Airlines are scaling back on flights. Truckers are adding fuel surcharges. And lawn care companies and mobile dog groomers are upping their service fees.
- The average price for a gallon of gas jumped 13% this week, according to AAA. Overall gasoline prices are up 38% from a year ago, according to the Labor Department’s latest inflation figures.
- Goldman Sachs this week lowered its forecast for annual U.S. economic growth, citing “higher oil prices,” and said there is a risk the United States will enter a recession in the next year.
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(Reuters) – Texas lawmakers on Monday were preparing legislation to cut about $5.1 billion in disputed electricity and services fees levied on power marketers during a winter freeze that sent the state’s power market into financial crisis.
The cold snap last month spurred a power crisis that pushed the state’s weekly electricity costs by nearly 10 times the usual to about $47 billion. Those costs led at least two bankruptcies and a sparked a battle between lawmakers and the state’s power regulator over the handling of the crisis and resulting prices.
Governor Greg Abbott on Monday submitted an emergency proposal authorizing legislators to address billing errors and service fees that led to a heated battle between lawmakers and the state’s power regulator over who can rescind the charges.
Lawmakers were moving to consider as early as Monday a bill cutting about $3.2 billion in power charges and services fees that state’s market adviser last week testified were improperly levied and should be corrected.
Arthur D’Andrea, the head of the state’s Public Utility Commission (PUC), rejected any change and advised lawmakers they could do it at the risk of a legal backlash. His refusal during a hearing last week to rescind prices sparked a heated comments between senators and the PUC chief.
One state senator, Charles Schwertner, ended his remarks by telling D’Andrea, who was appointed to the commission by Abbott: “My faith in you as chairman is severely, severely lacking.”
(Reporting by Gary McWilliams; Editing by Nick Zieminski and Marguerita Choy)
