US Voters say their financial situation is worse off

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:

  • Majority of U.S. Voters Say Their Financial Situation is Worsening
  • The majority of registered U.S. voters say their financial situation is worsening, according to a recent Harvard CAPS/Harris poll. 56% of respondents told the pollster that things are “getting worse” from a financial standpoint. Just 20% said their financial situation was improving.
  • This is a devastating finding that has been climbing month after month — no matter how they are actually doing, a solid majority believes now they are becoming worse off economically and that is America’s most critical read on the mood of the voters,” said Mark Penn, the co-director of the Harvard CAPS/Harris Poll.
  • Gas and food prices have also surged to near historic highs. As of Tuesday, the national average price for a gallon of gas has hit $4.598, according to AAA

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Department of Interior cans oil and gas production in Alaska and Gulf of Mexico

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:

  • Biden administration cancels Alaska oil and gas lease sale
  • The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.
  • The department also halted two leases under consideration for the Gulf of Mexico region because of “conflicting court rulings that impacted work on these proposed lease sales.”

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Short supply of Diesel on the heels of summer

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:

  • Diesel fuel is in short supply as prices surge — Here’s what that means for inflation
  • Diesel fuel is in short supply as demand rebounds following the pandemic, while supply remains tight.
  • Prices have surged to record levels, adding to inflationary concerns across the economy.
  • The problem is especially acute on the East Coast, where prices have become “unhinged,” according to one analyst.
  • “Diesel is the fuel that powers the economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy
  • Higher prices are “certainly going to translate into more expensive goods,” said De Haan.

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A Nation of Inflation soars to crisis levels

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:

  • Inflation Nation: Gas Hits New Record High as Cost of Living Soars to Crisis Levels
  • According to AAA, the national average for a gallon of regular gasoline is hitting a new record high at $4.37, up 23 cents from last month. Some analysts predict an average price as high as $4.50 by summer.
  • And it’s not just fuel.
  • According to the latest Consumer Price Index report, food-at-home prices have risen 10 percent in the last 12 months, marking the largest 12 month increase since 1981. Prices for meat and eggs increased more than 13 percent over the last year, while beef rose 16 percent. What’s more, the USDA predicts grocery store prices will jump another five to six percent this year.
  • On Wall Street, stocks deepened their losses Monday, sending the S&P 500 to its lowest close in more than a year.

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David Rubenstein says: “Could take a couple of years” to bring inflation under control

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:

  • Inflation Nation: Experts warn rising prices are here to stay
  • President Biden, press secretary Jen Psaki, and U.S. Treasury Secretary Janet Yellen all suggested last year that inflation would be temporary.
  • Biden was spotted laughing Saturday at the White House Correspondents Dinner when comic Trevor Noah joked that he didn’t get why the president got so much criticism, since under him everything is “up.”
  • “You know, I think ever since you’ve come into office, things are really looking up. Gas is up. Rent is up. Food is up. Everything,” Noah said.
  • Billionaire investor David Rubenstein; however, said that Americans should be worried about inflation. Inflation, as we all know, when it gets in the system, it’s very hard to get it out. It takes a long time to get it out, can take a couple of years,”
  • The Milken Institute chief economist Bill Lee predicted inflation would be “well over 3.5%” for the next five years, after which he said it would begin to wane.

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Fuel and food prices, poor weather, upended agriculture, a combination asking for political upheaval

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:

  • From Pakistan to Peru, soaring food and fuel prices are tipping countries over the edge
  • Now, more than a decade after the Arab Spring, global food prices are soaring again. They had already reached their highest level on record earlier this year as the pandemic, poor weather and the climate crisis upended agriculture and threatened food security for millions of people. Then came Russia’s war in Ukraine, making the situation much worse — while also triggering a spike in the cost of the other daily essential, fuel.
  • The combination could generate a wave of political instability, as people who were already frustrated with government leaders are pushed over the edge by rising costs.
  • In Sri Lanka, protests have erupted over shortages of gas and other basic goods. Double-digit inflation in Pakistan has eroded support for Prime Minister Imran Khan, forcing him from office. At least six people have died in recent anti-government protests in Peru sparked by rising fuel prices. But political conflict isn’t expected to be limited to these countries.

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Global supply chain crisis has European nations rationing gas, flour, and sunflower oil

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 in Germany, flour in Greece, sunflower oil in Spain: European countries take steps towards rationing as the war in Ukraine adds to the global supply crunch
  • Russia’s invasion of Ukraine has threatened the supply of critical commodities in Europe and thrown global supply chains, which were already struggling amid COVID-19, into complete chaos.
  • Germany pulled the first lever on its three stage emergency plan to conserve its natural gas supply on Wednesday, fearing a potential showdown with Russia over gas flows.
  • The move came after Russian President Vladimir Putin demanded natural gas payments in Russian rubles last week, twisting the West’s sanctions against itself.
  • Four Greek supermarket chains—AB, Sklavenitis, Kritikos and My Market—have also started rationing critical food products including flour and sunflower oil after the war in Ukraine caused a supply crunch in the nation
  • Sporadic shortages of products like eggs, milk, and other dairy products also hit Spain since the war in Ukraine began. And major supermarkets including Mercadona and Makro began rationing sunflower oil earlier this month.

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Inflation Highest in Four Decades. Surge in Oil, Gas Will Push Inflation Even Higher

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:

  • Inflation Reaches New High as Consumer Prices Jump 7.9%, Highest in Four Decades
  • The Department of Labor said that the consumer price index rose 7.9 percent compared with a year ago. Prices were up 0.8 compared with the prior month.
  • This is the ninth straight month of inflation above 5 percent. Prices rose at an annual rate of 7.5 percent in January, jumping 0.6 percent from December.
  • Compared with a year ago, core prices were up 6.4 percent, the fastest pace for this measure since August 1982.
  • Surge in oil and gasoline prices. Those are likely to push inflation even higher in March.

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Tesla CEO: “Sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports”

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:

  • Elon Musk calls for increase in US oil, gas production to combat Russia despite negative effect on Tesla
  • Musk’s tweet calling for more fossil fuel production was retweeted roughly 20,000 times in 30 minutes
  • “Hate to say it, but we need to increase oil & gas output immediately,” Musk tweeted Friday. “Extraordinary times demand extraordinary measures.”
  • Musk added, “Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.”
  • Additionally, reports have shown that the U.S. is buying 650,000 barrels a day from Russia, which some have argued is essentially financing Russian President Vladimir Putin’s war machine.

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1200 Contracts Already Out for $200 Per Barrel in Crude Futures

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:

  • Traders Are Now Betting On $200 Oil By The End Of The Month
  • The main U.S. price last week topped $110 a barrel for the first time in more than a decade and in off-hours trading late Sunday, they burst above $130 following fresh attacks, mounting civilian casualties and a push by U.S. lawmakers to ban Russian oil imports.[WSJ Reported]
  • Now that prices hit $130 early on Monday, $200 oil by the end of March is not so unthinkable, as even major investment banks predict that a Russian oil ban would easily send prices to $150 and possibly to $200.
  • Data compiled by Bloomberg, more than 1,200 contracts were traded on Monday for the option to buy Brent Crude future for May at $200 per barrel.
  • Bank of America says that if most of Russia’s oil exports were stopped, the market would find itself in at least a 5-million-bpd deficit, which could trigger an oil price move to $200 per barrel.

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