$4 Gas Is Here to Stay, Botched Inflation & Florida Education – March 22nd

$4 Gas Is Here to Stay, Botched Inflation & Florida Education – March 22nd, 2022 

1. Get used to $4 gas. Yeah, I don’t like it either. But it’s almost certainly here to stay for at least the next few weeks. While last Wednesday oil prices broke lower reaching March lows at $93 per barrel – they didn’t hold. On the back of continued strong demand despite higher prices and the Russian invasion of Ukraine having no end in sight, the surge in oil prices is back. With prices closing over $111 per barrel yesterday, we’re at the highest prices in two weeks – and the fourth highest closing price this month. That means $4 gas is here to stay for now. In fact, gas prices are in the process of becoming more expensive independent of rising oil prices because of the federal government's mandated summer blend of fuel. While federal law mandates all gas stations sell a more environmentally friendly “summer blend” of fuel by June 1st, refineries begin the conversion process to it in late March. That’s because all refineries must be fully compliant by May 1st. And what does this mean to you? Higher gas prices. The estimated cost increases this year for refining of the summer blend is...15 cents per gallon. So yeah...unfortunately we need to get used to $4 gas. Or $5 if your car calls for premium.  
2. What a difference a year makes. March 23, 2021, when the inflation rate was 1.7% – Quoting Federal Reserve Chairman Jerome Powell: Our best view is that the effect on inflation will be neither particularly large nor persistent. We have been living in a world of strong disinflationary pressures -- around the world really -- for a quarter of a century. We don’t think a one-time surge in spending leading to temporary price increases would disrupt that. Ahh yes, this was right around the time they began to break out the term transitory to describe any increases in inflation. March 21st, 2022, Quoting Federal Reserve Chairman Jerome Powell amid 40-year high inflation at 7.9%...The labor market is very strong, and inflation is much too high. We will take the necessary steps to ensure a return to price stability. The pessimistic view of this is that the Federal Reserve couldn’t have been more wrong than they were a year ago and thus they’re utterly clueless as to what they’re doing. The optimistic view of this would be that they couldn’t have been more wrong a year ago and thus they’re a contrary indicator and inflation has peaked. In any event they’ve broken out the tough talk and have actually started to change policy starting with raising interest rates to combat inflation. Something that should have happened a year ago. What a difference a year makes and lucky us, we’ve been paying for all of their mistakes – literally.  
3. Buckle your seatbelt. No, this isn’t another gas price related story and no I’m not nagging you to do it – though hopefully you are... That’s the advice outgoing Florida Education Commissioner Richard Corcoran has to whomever his successor happens to be. Continuing with the quote when asked about what his advice is for his successor while at a presser with Governor DeSantis in Wellington on Monday: If I thought we were going to be driving at about 45 miles an hour down the highway, we’re driving like 100. The new Commissioner, whoever it may be, you know, buckle your seat belt. He’s got a lot of visions and a lot of things he wants to do. He gives you a lot of rope. He gives you a lot of ability to go out there and work with him and come up with different things. And if he likes them, he’s got your back the entire time. The “him” he’s referring to is Governor DeSantis who he stated was the best person he’s worked with professionally. From replacing the Common CORE curriculum with the BEST standards...to banning the teaching of the tenants of Critical Race Theory while mandating Civics education...and providing for record raises for teachers while ending the FSAs...while navigating the numerous challenges associated with the pandemic expertly- including prioritizing classroom education and school and parental choice... It’s been nothing sort of a remarkably productive three-year run for Commissioner Corcoran. His track record is inarguably the most effective of any Education Commissioner in Florida’s history and who knows – quoting Corcoran... I might pull a Brady, Governor. I might come back. DeSantis’ response... If the price of getting Tom Brady to come back means you’ve got to ride off in the sunset, I’ll take that trade. We’ll take Tom back.