alt Hacker NewsDiesel prices in U.S. top $6 a gallon for first time
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If oil starts ruining the financial picture on top of just the...global welfare of every living human picture, then maybe, just maybe people will actually give up their addiction.
$6 a gallon is about €1.36 a litre - thats cheap compared to a European average of €2 per litre.
Still that makes very clear why Venezuela had to happen before Iran.
Lately I've been making a conscious effort to flip my coordinate system around on inflation.
Instead of tracking cost increases of fuel, I try to conceptualize prices for all things in equivalent fuel or metered energy.
The fed can overlook energy and food in their "preferred metric of inflation", but that's 90% of what I care about as an individual. Very interesting to track your purchasing power in MWh
Remember, the grandiose leader said the Iran special military operation will be over after the midterm elections. Unfortunately he meant the 2034 midterms.
In the late 90's/ early 2000 Diesel was about the same cost as regular gas and then at some point its about the same cost as premium gas.
Is there any reason why Diesel costs more? I was always under the impression that it was a less-refined fuel therefore cheaper.
A possibly useful list for comparison:
Cheap!! USD6/gallon is about GBP1.17/litre, but actual price in UK is GBP1.97/litre
Its weird that american people never protest anything in big masses, or at least its very rare and almost never happens for core livelihood issues (wars, cost of living, corrupt politics...). It's so different compared to Europe, and I was always wondering why. Is it better propaganda machine or?
Is this a new high water mark for inflation adjusted prices?
I am not interested in nominal new highs.
The gas stations around me in NY had been hanging onto $5.99 9/10 for dear life.
Americans get what they voted for. This is what the republican party stands for: throwing the common man under the bus to protect the Epstein class.
Remember when the common knowledge was that war was good for the economy?
Israel has caused more damage the the US and entire world than any other country. They blackmailed our politicians into this war and we continue to suffer for their bloodlust.
[delayed]
and remember $6 is average, diesel is $10 in some places
even if you do not drive, it affects every delivery
imagine this pattern through 2029
800 more days, even just a penny increase per day
we're out of $4 Million dollar tomahawks and the iranians have endless supply of $50K drones
strategic oil reserve is about to experience permanent catastrophic damage from being drained too low
What is it "inflation adjusted" or is that cyclical because inflation itself measures/is a measure of the cost of diesel (which bleeds into the cost of goods and services)?
The Ukraine angle is another cheap shot by CBS (state sponsored news). Prices are rising because of Trumps adventurism in the the ME and now that the Houthies will likely control the Bab el-Mandeb Strait, world markets are reacting.
There is nothing stopping US refineries from producing more diesel, you can use both sweet and sour, this is speculators squeezing the markets.
What a great time it should be to electrify heavy transportation. If they can do it in mining and construction, why can't transportation...
My question isn't whether those who voted for Trump 2024 are going to come to their senses for midterms and sour on this incompetent, destructive, and corrupt con man. My question is how long their reality check is going to last before they start leaning right back into their revanchist destructionist feel-good narratives. This senseless destruction could have all been prevented if they had listened to their fellow citizens rather than writing us off as some caricatures of woke boosters as their media propagandists led them to. Was Trump 2024 a true enough attempt at what they've been demanding that they can finally put this "lost cause" bullshit to bed? Or are its glaring results only going to remain obvious long enough for another temporary reprieve?
Wouldn't it be lovely if either party actually cared about inflation?
24 years ago, I recall diesel being $1.25/gallon, and hamburger meat at a little local grocer for $1/pound any time they had a sale.
Now, even going to Costco, their ground chuck is $6/pound.
It seems one way Iran fights the US asymmetrically is by harming the Federal financial picture with endlessly higher rates + borrowing costs. If this keeps happening month-after-month, year-after-year, we're really going to feel the squeeze.
Treasury has already tried to reassure markets and failed
Add to this other trade war nonsense...