It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In other words, each $1 increase in the cost of crude will pass through to your personal checkbook as about $7.32 a month in higher bills if you drive 1,000 miles per month. However, parking the car won't matter because even saving the $160 in fuel costs (basis $4 gas and 25 MPG) you'll still get whacked with a $30.66 increase as energy prices impact food, power, gas bills, and what have you...
...you estimate that each $1 move in crude will cost you personally $5 to $10 a month (depending on individual variables) on your middle income family budget...
Inflation fears intensify as consumer prices rise at second-fastest pace in a generation
WASHINGTON (AP) -- Prices for a quart of milk, a plane ticket and a host of other products rose in June at nearly the fastest pace in a generation -- yet another economic shock wave that alarmed analysts and took a bite out of the buying power of Americans.
Consumer prices rose 1.1 percent in June from the month before, far faster than the expected rate of 0.7 percent and almost double the reading from May, the Labor Department said Wednesday.
The only time in the past quarter-century that monthly inflation has been that high was in September 2005, when prices jumped 1.3 percent, mostly because Hurricane Katrina shut down oil refineries and energy prices spiked.
Consumer prices are up 5 percent over the last 12 months, the fastest one-year change since 1991. As prices rose last month, take-home pay took a hit. Adjusting for inflation, weekly wages fell 0.9 percent in June, the third straight monthly decline and the biggest drop in almost four years.