Impact of the Russian invasion of Ukraine on world economy and markets
Oil soaring to over $125 and will go much higher—impact on US and world economy
Other commodity processes like wheat and corn and aluminum and platinum also soaring which will cause much higher inflation in the US
Federal Reserve reacts to all of this by raising interest rates starting at their March 16 meeting perhaps by a half-point
Biden still not making moves to bring back US energy production out of concern for climate change
As the pandemic winds down, new reasons for people to work from home because of rising gas prices
What people can do to lower their expenses on discretionary items while the cost of essentials soars

Russia and Ukraine  account for one-third of the world’s wheat & barley production: Article

The embargo on Russian exports and the anticipated disruption to agricultural production in Ukraine has resulted in the price of wheat almost tripling from $462 per Bushel in March of 2020 to $1,254 per bushel today. Article

Hour 2 Show Notes

Russia and Ukraine and the price of oil

David Holt (President) – Consumer Energy Alliance: Russia and Ukraine and the price of oil

Interview

After days of dramatically rising gas prices in wake of Russia’s invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking a 14-year record.

As of today, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60.

The previous national average high was $4.11, set on July 17, 2008, according to AAA.

The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020.

One of the main components of the rising costs is the ongoing invasion of Ukraine by Russian armed forces.

President Biden could change course and send powerful investment signal from The White House that would spur American energy production. He can hold an expedited Gulf of Mexico offshore lease sale, expedite permitting for onshore and offshore energy, get the stalled five-year plan for the Gulf moving fast, offer assistance to encourage smaller companies to ramp up, and fast-track infrastructure.

We are more than a million and a half barrels per day under our peak production in 2019, when oil averaged $57. With 70 percent of Americans favoring increased U.S. oil and gas production, this is a ‘Make It in America’ goal we should quickly and easily embrace.

Show Notes provided by guest