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    Oil prices spike after Israel strikes Iran



    Oil prices spike after Israel strikes Iran

    Oil prices are rising as news emerges of Israel’s strikes against Iran. This comes as more details emerge about Tehran’s nuclear efforts. CBS MoneyWatch correspondent Kelly O’Grady reports.

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    18 Comments

    13. @jryecart8017 on

      Inflation

      Prior to enactment of the ARP in early 2021, consumer price inflation was just 2.6 percent. By year end, in December 2021, year-over-year inflation had spiked to 7.2 percent. Peak inflation reached a historic, 40-year high of 9.0 percent. In total, under the Biden administration prices increased by 20.9 percent.

      During this period [01/2021-12/2024]:

      The cost for the average family of four to purchase the same goods and services they enjoyed prior to the enactment of ARP increased by $18,496 per year or $1,541 per month

      Food prices increased by 22.6 percent

      Gas prices increased by 32.3 percent

      Rent increased by 24.1 percent

      Inflation erodes purchasing power over time and Americans have felt the pain of higher prices at the grocery store or at the pump in the last four years. In fact, combined with slow wage growth, record inflation has cost Americans $8,000 in cumulative real income under President Biden.

    14. @jryecart8017 on

      October 18, 2024

      CBO Confirms: Biden-Harris Thrifty Food Plan Defied Congressional Intent and Reduced Labor Force Participation

      WASHINGTON, D.C. – Yesterday, the nonpartisan Congressional Budget Office (CBO) released its analysis of the impact the Biden-Harris Administration’s unilateral expansion of the Supplemental Nutrition Assistance Program (SNAP) has had on labor force participation. Based on CBO’s estimates, the TFP increase ($300 billion over the next decade) likely lowered the work effort of those receiving benefits. Studies show lower labor force participation results in lower economic growth and delivering federal revenue.

    15. @Wvdoctorz68965 on

      There is a recurring historical pattern where major wars, conflicts, or geopolitical turmoil follow sharp drops in oil prices, and then oil prices rebound as a result of that instability. While not every case fits perfectly, many key global events strongly support this trend:

    18. @Alfred.E.Neuman.1975 on

      Good time to own an EV (but not Tesler) and have solar panels to create free electricity to charge the car's battery.

      Here's the most insidious part though. People who drive gas engine cars pay gas tax.

      The bigger the vehicle, the more gas used and more gas tax paid.

      Gas tax is used for road upkeep. People who drive EVs don't pay that road upkeep tax and still get the benefit of the good roads.

      "I don't pay taxes because I'm smart."

      -A very famous man in history.

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