The bad, the ugly, and the sound of the pump

Once upon a time not very long ago, I paid $25 to fill up my four-cylinder Ford.  Just a few days ago, I paid $40.  Please don’t tell me that inflation is under control, because the gas pump did not get that memo.

Over at the Wall Street Journal, the story is not going to make your day. 

U.S. consumers in recent weeks have seen gasoline prices tick up to reach their highest levels so far this year. The increase is leaving many with an unwelcome sense of déjà vu, recalling last summer’s record gasoline prices.

Prices have retreated slightly in recent days but remain elevated. A gallon of regular gasoline averaged about $3.82 nationally on Sunday, about 60 cents higher than at the beginning of the year, according to OPIS, an energy-data and analytics provider. Diesel prices are down about 31 cents compared with early January but have gained more than 40 cents from a month ago. 

The ascent of oil prices could complicate the Federal Reserve’s effort to lower inflation to 2%, economists say.

Complicate the Fed’s efforts?  I think so.

Inflation at the pump is killing small businesses, as the article points out.  My exhibit A on that point is the landscaping crew that comes around every other week.  I can see them at the gas station filling up their various tanks and mowers early Saturday morning.  Last week, I asked the owner of the business for a quick assessment of the inflation situation.  He said something in Spanish that translates to “it stinks,” although he used an X-rated word not suitable for the ladies who may read this.

The problem with inflation is that you can’t explain it with numbers.  This is because inflation is food, gasoline, electricity, and going out to dinner.  Inflation hits us in the pocketbook and is as scary these days as a Randy Johnson inside pitch coming down at 100 miles per hour.

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Image: Daniel Christensen.