As of Friday morning, Orange County. motorists were paying an average price of about $4.24 for a gallon of regular unleaded, according to AAA's Daily Fuel Gauge Report. This is six cents higher than yesterday's price.
It's now just a few cents away from the 2011 record of $4.265, which was set on May 6, AAA said. The all-time O.C. record of $4.598 was in June 2008.
Motorists are now paying an average of 25.4 cents more than last week and 50.4 cents more than a month ago.
The price inflation is developing. It will eventuality impact all prices.
There are opposing views, however. Paul Krugman thinks that deflation is the real threat because P&G is giving out diaper coupons and Gene Callahan thinks I am cherry picking the numbers.
Hey Bob, But I thought that Gene Callahan was an Austrian Economist?? At least I read a great introductory book written by him called Economics for Real people, If so, how can he deny that there's price inflation coming along.... Did he change he school of thought and is no longer an Austrian??
ReplyDeleteand Pelosi says it's speculators!
ReplyDeleteHe's also picking on your grammar, so please be careful:
ReplyDeleteThe price inflation is developing. It will eventually impact all prices.
At $4.24 a gallon the US is still below Europe, Australia and Britain on a parity basis.
ReplyDeleteSo print more then, because we'll still be below Zimbabwe.
Delete@Anon... Yes, Gene changed school of thoughts. He hasn't written a new book about his new ideas. But, it's mostly Austrian with a Statist bent which only he is smart enough to understand. However, since he such a smart guy he urges you to reconsider your Austrian extremism because after all, the State invented the Internet.
ReplyDeleteIf you could call it "a school of thoughts."
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