According to him, the shutdown of the network, which transports gasoline and other fuel through 10 states between Texas and New York, has inevitably affected supply.
“There are inflationary pressures rising across the US due to money printing and increased consumer spending,” said Tucker.
“A fuel shortage is a nightmare for anyone who remembers the 1970s. Life is about to get very scary in the US – a direct consequence of a series of terrible policy decisions dating from 2018 to the present,” the analyst told RT, adding that the nation seems to be returning to those days.
However, according to the president of Lipow Oil Associates, Andy Lipow, the effect of the outage is regional. He pointed out that the Colonial Pipeline primarily serves the Mid-Atlantic and Southeastern regions of the United States.
The outage caused rising fuel prices with the national average climbing to more than $3 a gallon for the first time in six years.
However, the current crisis shouldn’t be attributed to the pipeline shutdown alone, according to Jeffrey A. Tucker of the American Institute for Economic Research.
“It’s in those regions that we are now beginning to see gasoline shortages at the pump that are becoming more widespread… In the rest of the country, fuel supplies are unaffected,” said Lipow.
“We’ve already seen in the Mid-Atlantic and Southeastern states the retail price of gasoline has risen eight cents a gallon and it could go even higher if gasoline supplies are trucked in from longer distances from terminals outside of the region,” he added.
We are now living through the initial stages of hyperinflation and the collapse of the debt-based dollar, as prices on nearly everything continue to skyrocket by the day. The massive printing of trillions of dollars by the Federal Reserve — and catapulting of that money into the economy via “stimulus” handouts — is overheating demand for commodities like wood, copper, aluminum and iron. At the same time, the national economic infrastructure that delivers goods is crumbling, due to the free covid stimulus money reward workers for staying home and avoiding productive jobs.
So we now have a government that’s destroying the money supply and destroying the productive economy with endless money printing. The end result is not in doubt: Runaway hyperinflation, scarcity of food, fuel and other goods, and the accelerating collapse of the small businesses that power this nation.
Ultimately, this also means the collapse of major U.S. cities into chaos and lawlessness as the last remaining vestiges of civilized society melt into nothing.