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Price of Gas Nears Record High, Food Pain and Stock Market Too

Gas prices are set to hit record highs within days. Wheat hit a new high today. Huge food and stock market pain coming.
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National Gas Price image courtesy of AAA

National Gas Price image courtesy of AAA

According to the AAA, the record average gas price for regular unleaded gas was $4.114 on 7/17/2008. Diesel hit a record on the same date at $4.845.  

Price History

Price per gallon data from AAA, chart by Mish, price rounded to two decimals

Price per gallon data from AAA, chart by Mish, price rounded to two decimals

LA Gas Price

Wheat Hits New Record High

Wheat futures courtesy of Barchart.Com annotations by Mish

Wheat futures courtesy of Barchart.Com annotations by Mish

Wheat futures were halted limit up at the open today and closed at a new record high.

Nearly all commodities are spiking higher.

Canadian Crude

Nickel Spikes 82 Percent

Fertilizer

Stock Earnings

Alleged "Benefits of Running the Economy Hot"

Charles Evans, president and chief executive officer of the Chicago Fed wants to run the economy hot.

For discussion, please see Chicago Fed President Praises the "Benefits of Running the Economy Hot"

Hello Charles Evans, Care to Reconsider?

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R E C E S S I O N

Pain Levels

S&P 500 courtesy of StockCharts.Com, annotations by Mish

S&P 500 courtesy of StockCharts.Com, annotations by Mish

The stock market is not close to factoring in these global disruptions

A recession is baked in the cake. Stock market declines even if there miraculously is no recession.

S&P 500 - What is the Pain Threshold for the Fed and Traders?

How low will the bear market to go?

This post originated on MishTalk.Com.

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