Diplomacy is dead in Ukraine. We all knew this was coming. Apparently, the Biden crew did not. This will certainly exacerbate the ongoing inflation and gas price crisis that’s engulfed the country. We’re talking $5/gallon gas. Inflation has hit levels not seen since the 1980s. It’s obvious this isn’t transitory. And who’s to blame? Is it Joe Biden? Yes. But of course, CBS News decided to blame…the current Ukraine crisis (via CBS News):
Gasoline prices, which have hit eight-year highs, could surge even further if the hostilities escalate or if U.S. lawmakers pass another round of sanctions.
The economic impact could also move beyond the gas pump, Wall Street analysts warn. Sanctions or export controls against Russia could make current semiconductor shortages even worse, while restrictions on wheat or metals could drive the fiercest bout of inflation in decades to climb even higher.
"If Russia makes a run on Ukraine, we could see [oil prices] over $100 a barrel next week," said Patrick DeHaan, head of petroleum analysis at GasBuddy, adding that average gas prices across the U.S. are likely to hit $4 a gallon in the weeks or months to come.
"That $4 is something we haven't seen in so long — it would cause shock waves across America," he said.
A key factor in how hard the conflict hits the economy will be how Russia responds to the U.S. sanctions that President Biden outlined Tuesday afternoon. Mr. Biden moved to cut off two Russian banks, and the state's sovereign debt, from western financing, while individuals will also be targeted.
Rising prices for commodities would leave U.S. consumers paying more for fuel and other necessities, leaving less money for discretionary spending.
The U.S. economy has been hit with increased gas prices, inflation, and supply-chain issues due to the Ukraine crisis. https://t.co/d9dwXWpcvf— CBS News (@CBSNews) February 23, 2022
This might be one of the most brutal ratios I’ve ever seen pic.twitter.com/fnJNxh3b1y— Jack Posobiec ???? (@JackPosobiec) February 23, 2022
All the subtlety of a sledgehammer https://t.co/64AE0Tvgw2— Oilfield Rando (@Oilfield_Rando) February 23, 2022
Actually, gas prices have been climbing for months way, way before Russian troops moved into eastern Ukraine. Inflation has been an issue for the same length of time. These are old issues, guys. And this is why no one trusts the media. This is probably the most pathetic attempt at gaslighting we’ve seen in a long time. The Ukraine crisis is to blame for all of Biden’s economic ills—seriously guys? Did CBS News take a hit of Biden’s crack pipe before writing this because no one believes it? You can’t pivot this monumental failure that is Biden’s foreign policy.
That time I forgot to do my homework in 8th grade was also due to the current situation in Ukraine https://t.co/uNa9LLHyf4— Lauren Chen (@TheLaurenChen) February 23, 2022
Do you feel any shame?— Carol Roth (@caroljsroth) February 23, 2022