Here It Is Cape May New Jersey: Welcome to $5.00 Per-Gallon Gas

Welcome to a new era or, should we say error?

This is today’s price schedule for a gallon of regular and premium gasoline.

Yep. A gallon of premium gasoline just broke the $ 5.00 barrier for the first time in history in the Southernmost region of New Jersey.

There have been $5.00-plus gasoline prices in North Jersey.

This is Upper Township, Cape May County, New Jersey at the intersection of Route 9 and Route 50.

You have to look at it twice. It just doesn’t look or feel right.

It’s important to note, it’s not just because of the war between Russia and Ukraine.

This is not a political or editorial comment. It is a fact. This is a direct byproduct of the current American energy policy to rely on foreign energy sources and not focusing on domestic production.

Less than 14 months ago, The United States of America was energy independent and a net oil exporter.

As of this moment, America is buying anywhere between 500,000 to 675,000 barrels of oil daily from Russia.

President Joe Biden will be announcing today could that America may refrain from purchasing Russian oil, natural gas, and coal as a result of Russia’s full-scale invasion of Ukraine.

Until now, America was helping to fund Russia’s illegal, unprovoked war against Ukraine, a sovereign nation. It was an untenable situation.

In an interview with financial advisor Chuck Malamut, we discussed the impact of relying on foreign energy versus being self-reliant. The latter is much more desirable.

The current runaway inflation is creating significant problems for many Americans, experiencing the crunch of their wages not being able to keep up with the increased prices for all goods and services.

The massive increase in gasoline prices is particularly insidious and painful, particularly for the lowest wage earners.

For every penny increase for a gallon of gasoline increases, it directly takes $1.5 billion out of the American economy that would go for discretionary spending.