Here are average retail gasoline prices over the past year:
In most of the country, the average price of a gallon of regular is $3.32. Here in the People's Republic of California it's $4.81. In both cases, if you adjust for inflation we're now below the prices of a year ago.
...but the Fed said it will slow rate hikes....so prices go up if it looks like recession avoided?
My cousin could truly receive money in their spare time on their laptop. their best friend had been doing this 4 only about 12 months and by now cleared the debt. in their mini mansion and bought a great Car.
That is what we do.. https://earningblue.blogspot.com/
In my area these prices lessened at it about the same time rate as even they increased - roughly two weeks. I don't think they've hit bottom yet, but it started slow then tumbled, in my area.
Here's why that's bad news for Biden......
Nobody is going to adjust for inflation. They simply want gas prices to always be the same as whatever they were when they bought their first car, which for the Olds suggests the ideal gas price is somewhere under a buck a gallon. Anything more than that will always be an outrage. Addicts aren’t reasonable, and most Americans are addicted to cheap gas.
So what Kevin is saying is that the price of gasoline has actually gone up over the past year, but not as much as other things. Heckuva job, Joe.
When inflation adjusting the price of gasoline, which measure of inflation does/should one use? The one which includes energy or the one which does not?
So you like centrally planned economies?
Damnit wrong comment!
No worries.
You know what wasn't adjusted for inflation? My paycheck, and I bet a lot of other people's paychecks. Of course adjusting for inflation is how time-series analysis should be done, but over a short 12-month period, with very high food and energy price inflation, when we know wage growth hasn't kept up, is not a good political message.
Possibly, although wages have gone up for lots of people too - otherwise we wouldn't have had numerous stories of small business owners saying they can't afford to find decent workers anymore to work for the wages they're willing to offer - those stories heavily imply that wages have gone up across a lot of sectors.
But more importantly, what exactly do you propose the government do about "you know what wasn't adjusted for inflation? My paycheck..." Dictate that prices can never rise again or can never rise faster than wages? Dictate that wages must increase for everyone? Nationalize the companies that have prices rising faster than wages? Hand out more subsidies for products that have prices rising faster than wages? Usually any of those actions are vehemently opposed by conservatives and moderates... and even lots of Democrats.
$3.09 a gallon here in MKE. Bouncing around a lot over the past two or three weeks. High priced groceries have increased my fuel points a lot, so I paid just $2.29 a gallon for a fill-up yesterday. That price was hit first time 17 years ago in 2005.
Along my normal route in Albuquerque, prices have dropped to $.2.77.9. Funny, isn't it? falling gasoline prices aren't "news", only increases. Also, inflation seems to be no longer a thing. What's the lesson here? No good news whenever a Democrat is in the White House??
Bingo. If Trump had been reelected, the worldwide inflation of gas and food prices still would've happened anyway this year - after all, Conservatives have been running the UK for a good decade and the UK has inflation higher than ours - and the Republican response would have been "why do you hate America?" and "look over there: [trans, gay, black, Latino, or some other Other group to demonize] are taking all your money!" And our media would've run whatever press releases the GOP put out to explain why food/gas prices were no problem and/or why Real Americans should shut up about them.
A more meaningful normalization of gasoline price for most people would be to divide by median or percentile disposable incomes. This would not make too much difference currently.
It looks like that surge in gas prices could not have been timed worse in regard to the Democrat party and the midterm election. Of course, the Dems did better than expected. But I imagine the surging cost of things like gas must have contributed to their loss of the House majority.
So, in a way, it seems that Putin continues his assault on our country. I don't think he had any idea that his war in Ukraine would drag on, so he likely did not plan on contributing to a year long spike in gas and energy prices just before Biden had to face his first midterm. Nevertheless, intentional or not, Putin's actions in Ukraine do seem to have helped Republicans gain the House majority, however slim. And we can look forward to (at least) two years of Hunter-Biden-laptop stories as a result ...