You Know, You Can Totally Save Gas Money By Just Not Driving Or Something

See, the Biden economy is so great that you just have to change your behavior

Three steps you can take to fight soaring gas prices: Morning Brief

Of all the financial foibles to come to the fore this year — stock market meltdown, higher mortgage rates and recession fears — none has hit the average American more forcefully than rising gasoline prices.

The price of a gallon of gas hit $5.00 for the first time ever this week, up more than 60% year to date.

Anyhow, the smart idea would be for the feds to greenlight fastrack construction of refineries, along with getting so many closed refineries up and running. Signal to the market that drilling is totally allowed. Which should have been done last year

One problem, three solutions

So what’s an American to do?

Well, the first suggestion is to drive less. Yup, I mean it.

We’re a bit entitled in the U.S., aren’t we? Our gas prices are low relative to many countries. In Hong Kong, gas costs $11 a gallon, in Norway more than $10 per gallon, and the rest of Europe pays $7-$8.

Number two, buy an EV. The math here changes when the price of gas goes from $2 to $5.

First off, there aren’t many available. If you can even get on a list, you’ll wait for months and months and months. Second, you’ll pay a heck of a lot more for an EV vs the car you have now. Also, insurance is 10% to 25% higher.

Point three, buy Exxon stock.

And by that I really mean various energy investments, including other oil stocks or ETFs. (Hint: Biden’s letter went to Exxon, Chevron (CVX), BP (BP), Shell (SHEL), Marathon (MRO), Valero (VLO) and Phillips (PSX).)

Even including this week’s 14% slide, shares of Exxon are up 40% this year; the S&P 500, in contrast, is down over 20%.

Of course it’ll take time to see that return. And it doesn’t help that

Deutsche Bank now expects ‘an earlier and somewhat more severe recession’

The first economist on Wall Street to predict a U.S. recession in 2023 is moving up his timeline for an economic contraction.

“More than two months ago we forecasted that the U.S. economy would tip into a recession by end-2023,” Deutsche Bank Chief U.S. economist Matt Luzzetti wrote in a note to clients on Friday. “Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing. In response to these developments, we now expect an earlier and somewhat more severe recession.”

No worries, Joe will be at the beach

Inflation: Grocery prices are ‘hitting everyone hard,’ and shoppers aren’t happy

The rising costs of food has forced Rick Romero to change his shopping habits.

“Between the cost of food, the cost of fuel — it’s hitting everyone hard, and we’re not getting any compensation at work to try to balance it out,” the L.A. resident told Yahoo Finance. “I buy the same items pretty much every week and it’s gone up, $70 bucks or so a week now.”

His experience is being shared by shoppers across the country who are facing sticker shock on almost all types of groceries. According to the Labor Department’s U.S. Consumer Price Index report, the index for eggs increased 10.3 percent in April alone.

“We have to rebalance [our] budget,” Romero added. “We have to constantly redo a budget every time. It’s not like before where you set a budget and you’re good. You have to rework it now.”

Remember when the media said this was a blip? Transitory? When they blew off the concerns of citizens last year in an attempt to protect Biden? Do they think Americans give a flying shit about January 6th?

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