The Schork Group principal Stephen Schork warned that gas prices will continue to soar amid “very ugly” inflation and that a recession is “unavoidable at this point.”
Former Chairman of the Council of Economic Advisers Kevin Hassett weighs in on the Labor Department's inflation report for February, noting that 'wages aren't keeping up with prices,' which means 'real incomes are going down.'
The February data does not include the Russia, Ukraine conflict which have pushed prices at the pump to $4.32Schork warned that the average price for gas "is going to remain high" and noted that "as [an] offshoot, food prices have to remain high.""People don’t realize, natural gas is the biggest component in ammonium nitrate, that’s fertilizer, that increases crop yields," Schork explained.
"The crop yields are already down and lower come next fall, come this planting season, so we are going to be looking at not only shortages in fuel, but shortages to create food and shortages to transport that fuel." on Thursday morning after a sharp drop the day before. The market is examining whether major producers will raise supply in an attempt to help plug the output lost from Russia due to
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