US consumer prices spiked in October at the fastest pace in 31 years; raising new questions over the country’s shaky recovery following the COVID pandemic.
“The consumer price index climbed 6.2% year over year in October, the Labor Department said. The increase marked the largest annual gain since November 1990. Prices rose 0.9% month over month,” reports Fox News.
“Core prices, which exclude food and energy, increased 0.6% month over month and 4.6% over the past 12 months. Economists were expecting respective increases of 0.4% and 4.3%,” adds Fox.
Energy Secretary Jennifer Granholm deflected growing criticism of the Biden administration’s disastrous war on fossil fuels over the weekend; saying she “hopes” gas prices don’t rise to $4 per gallon.
“According to AAA, the national average of gas prices is now $3.42 a gallon. Bank of America is predicting crude oil prices could soar another 50 percent by next June. Could the average gas price in America be $4 a gallon in the United States soon?” “State of the Union” co-anchor Dana Bash asked Granholm on CNN.
“Well, we certainly hope not,” the Energy secretary fired-back.
Energy secretary says she hopes gas prices won't reach $4 https://t.co/sb3lhZuP9m pic.twitter.com/P2VHtRNKFX
— The Hill (@thehill) November 8, 2021
“Of course, every president is frustrated because they can’t control the price of gasoline because it’s a global market. You can call upon increased supply, which he has done and OPEC is unfortunately controlling the agenda with respect to oil prices. OPEC is a cartel, and it controls over 50 percent of the supply of gasoline,” she added.
“We have the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires,” explained the Secretary.
Read the full report at Fox News.
CARTER 2.0: Southeast Gas Stations Ration Fuel, Cars Line-Up, Drivers Wait for Hours
Americans in the southeastern section of the country had flashbacks of the 1979 Oil Crisis this week when gas stations began rationing fuel in the aftermath of a major cyberattack against a pivotal pipeline.
“The closure of the 5,500-mile Colonial Pipeline, which carries more than 100 million gallons of fuel from Texas to New Jersey each day, has stretched into its fifth day,” reports the New York Post.
“It sparked wild scenes of panic buying across Georgia, Florida, Virginia and South Carolina — with North Carolina Gov. Roy Cooper and Georgia Gov. Brian Kemp even declaring states of emergency in their areas. Kemp also issued an executive order suspending Georgia’s gas tax through Saturday to help offset the costs of higher fuel prices,” adds the newspaper.
“I DON’T HAVE ANY GAS AND THE STATE OF NORTH CAROLINA DOESN’T HAVE GAS!! WHAT IN THE 2021 IS GOING ON !!” one panicked driver tweeted.
“I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said another.
Read the full report at the New York Post.
CARTER 2.0? Gas Runs Dry After Pipeline Cyberattack, Long Lines in NC, SC, FL, VA
A cyberattack against a major energy pipeline along the East Coast caused fuel shortages in states like Florida, Virginia, and South Carolina Tuesday as security experts scrambled to get the key piece of infrastructure back online.
“Drivers along parts of the East Coast are feeling the immediate effects of the shutdown of the Colonial Pipeline following a ransomware attack, reports CBS News’ Laura Podesta. Some waited an hour or more on lines at gas stations before filling up or learning the pumps had run dry,” reports CBS News.
https://twitter.com/toddstarnes/status/1391931129440112640
Gas ⛽️ lines this morning at Costco in West Ashley. #chsnews pic.twitter.com/9jInHXdd3T
— Chaunte' McLean (@ChaunteTurner) May 11, 2021
“It was unbelievable. When I was driving today, I thought it was a catastrophe coming! I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said one local in South Carolina.
Gas prices jumped six cents within 24 hours, raising the national average to nearly $3 per gallon.
“If this outrage goes past the end of the week … prices could spike pretty dramatically,” said Kevin Book of Clearview Energy Partners.
Read the full report here.
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