Poll: Fuel vs. Food: Where Is The Tipping Point?

[VanceInWA]

Simple question/poll: At what price point will the cost of fuel start taking food off your family's table?

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[Alexx1401]

For me its a never BUT, I wonder how high it will have to go to cause voters to wake the hell up. Since the cost of fuel for many will not be felt as strictly the cost at the pump. Many will just not drive. This is kind of like the people who rent who all all in on property tax increases. Many of them really think it has no effect on them. Until their rent goes up
Fuel will be the same for many who live with head in clouds. This cost will get passed down to everything thing else and then they will scream. When do those screams turn into votes against those who did this too them? Now THAT is what will be interesting to watch.

 

[arakboss]

If gas hits $10 a gallon, I am going have to cut back my Wagyu Steak and Blue Lobster dinners to 6 nights a week. If it goes higher than $10, my driver's wages are getting cut.

 

[partsed]

Raise the price of paint and reduce the size of cans that the paint comes in….
Works for ice cream, mayonnaise and other items…

 

[Andy54Hawken]

The cost of needed items is the cost that one needs to pay.
I need gas to get to work...I need to work in order to pay for food.
So I really don't have a 'tipping point."

Cutting back on the amount of unnecessary travel and limiting "luxury" / treat type food items has been done in the past by me...
And will done again in the future.

That said...
Do I like high prices...price increases or price increase with less in the container...Nope.
Do I think that individuals , companies and political types take advantage of us "regular folks". with these price hikes and scarcity of items...Yes indeed.
Andy

 

[VanceInWA]

The cost of needed items is the cost that one needs to pay.
I need gas to get to work...I need to work in order to pay for food.
So I really don't have a 'tipping point."

Exactly. That is what economists call the "inelasticity" of gasoline. Normally products are "elastic" meaning when prices rise demand will fall. Not so much with gasoline. Studies consistently show that gasoline consumption is highly resistant to price hikes. Even where alternative strategies like carpooling, biking instead of driving, taking transit, and similar behavioral changes are available, drivers tend to still commute alone despite rising costs. One study I read (some years ago) found that the average Italian actually reduced the amount of food they purchased in order to continue paying for their driving lifestyle, and thinking about that inelasticity is what prompted me to do this poll. Similarly, a more recent study in behalf of the "Green New Deal" found that widespread consumer demand for electric vehicles would only happen after gasoline reached $13 per gallon, an indicator of just how high the gasoline tipping point is.

 

[The Heretic]

 

[partsed]

So true, but don't forget Dutch Bros.

 

[Longwalkhome]

Every time fuel goes up the price of food goes up. Not only will you pay more for gas but everything gas brings you in the market.

I only go grocery shopping once a month as it's just me and the dog. We won't go hungry for a long time.

 

[arakboss]

Here we go again, just in time for vacation season. We could staycation and save some dough.

Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut

Oil prices soared as much as 8% on the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.

www.cnbc.com

 

[Alexx1401]

Here we go again, just in time for vacation season. We could staycation and save some dough.

Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut

Oil prices soared as much as 8% on the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.

www.cnbc.com

People voted for more pain, so they can get to see how much pain they want.

 

[arakboss]

People voted for more pain, so they can get to see how much pain they want.

And it looks like refilling the SPR is going to get more expensive or have to be put on hold for a while.

It Will Take Years To Replenish Strategic Petroleum Reserve: Granholm | OilPrice.com

Oil prices may be trading in a sweet spot for buyers, but it will take years to replenish the nation’s Strategic Petroleum Reserves, U.S. Energy Secretary Jennifer Granholm said

www.google.com

 

[Jay Walk]

View attachment 1157846

While making car payments.

 

[Jay Walk]

What's with the poll?
I thought gun owners didn't vote.

I really don't have to drive much, at ten bucks a gallon the wife would burn around $300 per month (half a car payment).
Food would be over two grand at that price though.
FJB.

 

[made in china]

While making car payments.

$1,000/month now.

 

[made in china]

Remember this? Remember what preceded this meeting? Look at the facial expression of the Saudi Crown Prince.... He's looking at a brain dead American career politician and has absolutely no respect for him.
The Saudis will soon drop the dollar.

 

[The Heretic]

While making car payments.

Three automobiles. Zero car payments. The only debt I have is my mortgage.

I spend more on car insurance than I do on gas (daily driver is insured with liability only, other two have a token non-driving fee in case they go up in flames in my driveway).

 

[Jay Walk]

Remember this? Remember what preceded this meeting? Look at the facial expression of the Saudi Crown Prince.... He's looking at a brain dead American career politician and has absolutely no respect for him.
The Saudis will soon drop the dollar.
View attachment 1396615

Strategic Petroleum Reserve

2019 - 649 million barrels
Today - 371 million barrels

Has not been this low since 1982

 

[made in china]

Strategic Petroleum Reserve

2019 - 649 million barrels
Today - 371 million barrels

Has not been this low since 1982

Who needs oil when you can just bottle up unicorn farts?

 

[made in china]

Many of us already understand that food prices are intertwined with fuel costs.

Remember that when even something as "simple" as additional fuel taxes are levied. Those end up in our food also.

Any fuel price increases, if sustained, can affect people on assistance, which eventually comes out of our pockets again.

Our government is inept.