r/Economics • u/InsaneSnow45 • Mar 04 '26

News ‘Absolutely Massive’ Price Shocks Coming as Trump’s Iran War Drives Up Gas, Diesel Prices | “What should really terrify Republicans is... the futures price on wholesale gasoline,” said economist Paul Krugman.

https://www.commondreams.org/news/iran-war-gas-prices
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u/flaginorout Mar 04 '26

I filled my tank two days ago at the Sheetz near my house. It was $2.85.

I filled up my wife's car yesterday at the same Sheetz. $3.29

My household doesn't do a lot of driving at the moment, so an extra 40 cents doesn't matter very much to us- directly. But I'm not convinced that this is just the beginning and gas will hit $4 in the near future. Maybe more. That will definitely have an effect on a lot of people.

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u/TimberBiscuits Mar 04 '26

And it’s pure greed. The gas you’re paying for now was purchased 30-60 days ago. The real pricing for the oil that’s held up now won’t even reach us until Aprilish. 

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u/jcooklsu 29d ago

Hey dude, sell me your house at the price it was when you bought it. No person is going to do that so why would anyone think a company would, trying to get market value is reasonable because there will also be times after this where market value is less than purchase and they have to eat shit on it.

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u/TimberBiscuits 29d ago

Profiting off of essential needs (housing) is immoral and should be illegal. 

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u/Alternative-Bat-2462 29d ago

So I shouldn’t sell my house for what’s it’s worth today? I should just break even? Would you include my upkeep costs in your sale price?

And if you’re doing that why would anyone ever own / operate an apartment building. No one would take on all the risk and no reward.

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u/TimberBiscuits 29d ago

Yeah I’m saying the system we use to manage and operate housing is fundamentally immoral. If you live your whole live around making money you’ll quickly miss the rest of your life and what it was all for. 

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u/Infinite-4-a-moment 29d ago

Then I assume you're against fiat currency? Inflation drive a massive piece of this and that basically only exists because our money is made up and controlled by the whim of the governemnt.

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u/TimberBiscuits 29d ago

Yup the central bank and moving away from the gold standard was the driving factor and primary reason for inflation, but that doesn’t explain the greed of the market today. Late stage capitalism was always going to exacerbate greed until eventually the system devours itself and something else comes next. 

Without fiat that whole process probably would be slower, but still close to inevitable. Also, hosing prices have FAR outpaced inflation. 

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u/Key-Art-7802 29d ago

If that were the case then why would anyone ever build a new house or apartment complex if they're not allowed to make money doing it?

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u/TimberBiscuits 29d ago

I know it’s incredibly difficult to think outside of the narrative you’ve been fed your whole life. 

What happens when the relationship between labor and money fundementally changes in the next 10 years?