National Gas Price image courtesy of AAA

According to the AAA, the record average gas price for regular unleaded gas was $4.114 on 7/17/2008. Diesel hit a record on the same date at $4.845.  

Price History

Price per gallon data from AAA, chart by Mish, price rounded to two decimals

LA Gas Price

$7 a gallon! "Gas spikes to nearly $7 a gallon in LA County" https://t.co/wEbd2uoxIO

— Tony Sagami (@Tony_Sagami) March 7, 2022

Wheat Hits New Record High

Wheat futures courtesy of Barchart.Com annotations by Mish

Wheat futures were halted limit up at the open today and closed at a new record high.

Nearly all commodities are spiking higher.

Canadian Crude

With the U.S. pondering a ban on Russian oil, the price of Canada’s benchmark heavy crude climbs above $100 a barrel for the first time since 2008 https://t.co/xhUqhkbEOo

— Bloomberg (@business) March 7, 2022

Nickel Spikes 82 Percent

"Bloomberg data shows 70% of the global supply of nickel is used to produce stainless steel. About 7% of the metal's supply is used in batteries for electric vehicles."https://t.co/CPdHlw2Fda pic.twitter.com/WicAEOCJOu

— The Passenger (@gordonschuecker) March 7, 2022

Fertilizer 

Sanctions on Russia threaten to restrict shipments of fertiliser to Brazil, an agricultural powerhouse. This will help send food prices up, up, & away. One more unintended cost of sanctions. It’s always wise to tally benefits & costs before taking action.https://t.co/nDaXBPScfp

— Steve Hanke (@steve_hanke) March 7, 2022 

Allow me to add some color to your thread 🧵 https://t.co/XOtRT8kerf

— Resource 🇺🇦 Conversations (@YETICapital99) March 7, 2022

Stock Earnings

Thanks, Julian! As Druck has pointed out, the combination of rising interest rates, oil prices and DXY is a very bearish brew for earnings. pic.twitter.com/XFiCfCZJDG

— Jesse Felder (@jessefelder) March 7, 2022

Alleged "Benefits of Running the Economy Hot"

Charles Evans, president and chief executive officer of the Chicago Fed wants to run the economy hot.

For discussion, please see Chicago Fed President Praises the "Benefits of Running the Economy Hot"

Hello Charles Evans, Care to Reconsider?

Real Personal Income Declines for the 8th Time in 9 Months

Real incomes are sinking but spending isn't. .... Yet

For discussion, please see Real Personal Income Declines for the 8th Time in 9 Months

R E C E S S I O N

@KeithMcCullough and @Hedgeye called it... pic.twitter.com/ot2ShBc55m

— 🍊 - Señor Doble Queso - 🍔🍟🥤 (@2Dbl_Cheese) March 6, 2022

Pain Levels

(Click on image to enlarge)

S&P 500 courtesy of StockCharts.Com, annotations by Mish

The stock market is not close to factoring in these global disruptions

A recession is baked in the cake. The stock market declines even if there miraculously is no recession.

S&P 500 - What is the Pain Threshold for the Fed and Traders?

How low will the bear market go?