Gasoline prices are coming home to roost

The really scary thing about the current price of fuel is that we will pay even more dearly when those high costs are fully charged back to the marketplace, to retailers and grocers for instance.

As has happened in every other case of runaway energy prices within my memory, this is sure to inspire a new level of inflation. There are signs that it's happening. Wholesale prices increased by 1 percent in March and by .7 percent in April - which included wholesale food costs that jumped .4 percent

The former Fed Chairman, Alan Greenspan, has warned us twice about a possible recession. There are already signs of this, too. Sales of autos, hardware, specialty clothing, and department stores are off.
Read a news report on how gas prices are draining consumer dollars.

Meanwhile, we citizens - because of a lazy, do-less media - are still ignorant about the causes of high fuel prices, about who pulls the strings to this non-competitive market force.

I wrote about the way big media reports on energy prices last 9/25/06 and everything I said then (except references to current prices) is still true and still point to mainstream media at its laziest. Read it here.