Average national gasoline price in the U.S surges to $3.83 a gallon, the highest since 2012, Gas prices in Metro Vancouver Canada are now over $2 a litre – March 5, 2022,
a Progressive President and a Progressive Prime Minister as expected created economic disasters on both sides of the border, even though both countries have the ability to be energy independent. As of today’s date, gas prices have hit record levels, and worse than the record-high energy prices are the LACK of jobs being created.
Average national gasoline price surges to $3.83 a gallon, the highest since 2012 | cnbc.com
A lot of what’s happening in the Canadian and U.S economies looks a lot like a potential recession, these record-high gas prices have the ability to cost working-class people more money while at the same time killing highly paid jobs via the economic sanctions on domestic oil and gas production. The Bank of Canada’s response to consumer price inflation was to raise interest rates by %0.25 basis points?
Wages went up, but are wages rising as gas prices rise? It certainly doesn’t look like it, why should wages rise while gas prices rise? Because as I’ve stated in other posts oil is the lifeblood of the economy, so if the oil price is rising, a lot of what consumers consume may also experience price inflation.
You can ignore what higher-priced oil will do to the economy if you want, but don’t be surprised if an unexpected recession occurs, by unexpected recession, what I’m referring to is the reality that debt purchasing a lot less than it used to. I think people tend to forget that a lot of the money circulating in the economy is DEBT!
All people and legal entities in debt, have to service that debt, and servicing debt, while the cost of living continually goes up, makes for challenging times and from my point of view sounds like a looming recession.
Gas prices in Metro Vancouver now over $2 a litre | globalnews.ca
Interesting times ahead