Policies do matter, and consequences are inevitable. Case in point:
Consumer prices last month posted their sharpest increase in 15 months as inflation continued a recent acceleration from unusually low levels. …
The rise in prices was broad-based, with food, energy, housing, apparel and other costs among those increasing. Food costs jumped 0.5%, the largest increase since August 2011, as meat, poultry fish and eggs rose 1.4% and fruits and vegetables rose 1.1%. Those categories have been rising for months, in part because of a drought in California, historically thin cattle herds and a virus in the pork population.
Energy costs also surged, with gasoline prices rising 0.7% and electricity costs increasing 2.3%.
But prices for goods other than food and energy also were up. Airline fares jumped 5.8%, the largest increase in 15 years. Apparel prices and housing costs both rose 0.3%. And an index of medical care costs increased 0.3% as prescription drug prices surged 0.7%.
Gasoline in the U.S. climbed this week, boosted by a surge in oil, and is expected to reach the highest level for this time of year since 2008.
The pump price averaged $3.686 a gallon yesterday, up 1.2 cents from a week earlier, data posted on the Energy Information Administration’s website late yesterday show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the month ended yesterday.
The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts including one from the EIA.
“If things deteriorate even more, the spike could be even bigger than that,” Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. “If it weren’t for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It’s really disappointing.”
Yes, yes, Iraq and the Middle East, yadda yadda yadda. But don’t forget the Obama administration’s wide open war on America’s fossil fuel industries, which includes both oil and gasoline. The EPA has been overreaching based on Obama’s executive orders for some time now, and Obama himself has promised to destroy the coal industry in this nation and thus deliberately cause energy prices to skyrocket.
I guess this is one promise he actually intends to keep. Lucky for us.
There’s my two cents.