One Reason Why Russia-Ukraine Matters to Southern New Jersey
More than a week ago, we reported about why Ukraine matters and the anticipated impact of the Russian invasion.
In the past two days, the cost of a gallon of gasoline in Southern New Jersey has increased by 32 cents. Can you ever remember that happening?
Two days ago here were the prices:
- Regular = $3.64
- Plus = $4.20
- Premium = $4.39
The prices today:
- Regular = $3.95
- Plus = $4.41
- Premium = $4.60
The sharp price increase of the past two days follows previous increases totaling more than 20 cents per gallon over the past few weeks.
Our official financial adviser Chuck Malamut from Morgan Stanley has long maintained that for each penny that the cost of a gallon of gasoline increases … it directly results in a loss of $1.5 billion in discretionary spending dollars from the American economy.
It takes on the form of a significant tax increase for the American people, whereby it disproportionately affects lower and middle-wage earners the most.
I took the above photo this morning at 3:15 a.m. in Egg Harbor Township, New Jersey.
I actually did a “double-take” when I saw the posted price signage. It represented such a dramatic increase. It just didn’t look right at first glance.
Oil prices soared yesterday to more than $ 113 per barrel and natural gas has hit a record peak.
Americans nationwide are experiencing some of the highest gasoline prices in history.
Coupled with the current runaway inflation, this is causing significant pain for many millions of Americans.
Yesterday’s $ 113.94 per barrel is the highest level for the European benchmark Brent North Sea oil since 2014.
It’s unrelated to this topic, however, in another sign of how the Russia vs. Ukraine conflict is immediately (negatively) impacting America, wheat has hit a 14-year high … up 25% just this week.
Russia and Ukraine account for about 30% of global wheat exports, 19% of corn exports, and 80% of exports of sunflower oil.
Corn has risen by 2.2% and Soybeans are up 1.5% per bushel.
Russia’s invasion of Ukraine is projected to hurt supplies well into next year.
The Cheapest Gas Prices At The Jersey Shore as of Now