Soaring prices, pinched supplies of gasoline, food require cool-headed fixes

According to a news report from morningjournal.com, “Don’t panic. More specifically, don’t panic buy. Avoid the temptation to hoard. That’s advice that should be heeded here at home as people the world around are feeling caught between the twin pincers of skyrocketing food and gasoline prices.”

“Gasoline already averages $3.51 a gallon across the United States, and is likely to be even higher soon because oil for delivery in May and June was selling just short of a record $120 per barrel. In California, gasoline is averaging $3.86. Talk of $4 gas is returning,” said the story. ”

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Ironically, the rising price of gas is said to be hurting gas station operators who may be forced into bankruptcy as their business dwindles because people are not driving as much with pricey gas, according to Tom Kloza of the Oil Price Information Service. He told The Associated Press, ”There’s a lot of stations across the country that are literally on the brink of bankruptcy.”

“Rising gas and oil costs push up the costs of everything else from fertilizer to production costs and transportation expenses. Weather problems and rising demand from India and China add to the strain on the world’s food supply. The neediest countries now are drowning in a ”silent tsunami” of hunger, according to an official with the World Food Program. Rice has doubled in price in a month. Deadly food riots have broken out in Haiti and Cameroon. Even in the U.S., a Costco store in the San Francisco area is asking customers to not buy more than their normal purchase amounts of the food staple,” according to the article.

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