Gas prices soared as Russia’s invasion of Ukraine raises questions about energy supplies and a rapidly recovering economy boosts demand for fuel.
” digs into trends that may indicate economic and/or housing market troubles ahead.Southern California gasoline prices broke the $5 barrier in March’s first week, smashing a record high that had stood for nearly a decade. But what do today’s pump prices mean in the long run for the economy?My trusty spreadsheet looked at the economic impact of pump prices using benchmarks that stretch back 40 years to the last great inflationary era of the 1980s.
Don’t forget, though, that higher fuel costs hit consumers not only when filling up. Pricey oil increases the costs to produce and deliver numerous goods, both as raw material to transportation expenses. So try to temper your anger while watching the price go up at gas stations. Ignore much of the political spin that serves as energy policy analysis these days. And pray for Ukrainian peace — and the possible gas-price relief that may follow.
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