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Here we go again!

We had some great relief at the pump when crude was down in the $70′s, but now that it is above $100 a barrel again, we could start to see $5.00/gallon gas once more.

Front month crude closed at $113.08 according to the quote from INO.com.  But you knew that already…

How does this translate to prices at the pump?  Here is a picture that I took today at a gas station in Honolulu:

Do you notice anything else?  Charging a higher price for a gallon of diesel…crazy.

But this isn’t inflation

I was watching CNBC last week where one of the Fed Presidents was talking about the economy.  “Money Honey” Bartiromo was asking him his opinions about where the economy is heading and more specifically about inflation.

He said that gas prices are rising rapidly and that he is paying more for a box of cereal than before.  But he doesn’t consider that inflation.

Huh?

And then I remembered why I stopped watching the news.  Clap off!

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