COLONIAL PIPELINE IS FLOWING AGAIN: The Colonial Pipeline got up and running yesterday at about 5 p.m. although the company says it will take several days for the supply chain to get back to normal. The 5,500-mile pipeline supplies about half of the gasoline, diesel fuel, heating oil and jet fuel used by most of the Southern states and the East Coast. A Russian ransomware attack forced it offline last Friday.
CONSUMER PRICES RISE 4.2%: Consumer prices rose 4.2 percent in April over the year before. That was even worse than expected. The increase in the Consumer Price Index is the biggest in 12 years. Government economists insist that the price increases will settle down later this year. They say the main cause is the reopening of the economy.
Here’s what we’re paying more for:
- The average gasoline price rose 49.6 percent.
- Fuel prices are up 37.3 percent.
- Used car and truck prices are up 10 percent.
- Food prices were up 0.4 percent.
- Prices for housing, lodgings, airline tickets, car insurance and furniture all rose.
STOCKS REEL AT INFLATION REPORT: Wall Street really did not appreciate that report of a 4.2 percent increase in the Consumer Price Index. The Dow Jones Industrial Average sank 681 points to close at 33,588. The Standard & Poor’s Index dropped 89 points to 4,063. It was the worst day for the stock market since January.
ISRAELI-PALESTINIAN VIOLENCE ESCALATES: The cross-border fighting between Israeli forces and Hamas militants is worsening. Israeli forces bombarded Gaza with dozens of airstrikes overnight. Palestinian forces responded with waves of rockets aimed at Tel Aviv and other targets in Israel. Street violence between Jewish and Arab mobs have been reported in several towns and cities, according to The New York Times.
LIZ CHENEY PURGED FROM GOP LEADERSHIP: Wyoming Representative Liz Cheney was removed from her Republican Party leadership role in the House of Representatives yesterday, as expected. The voice vote came the day after a speech by Cheney in which she refused to repudiate her vote to impeach former President Donald Trump or tone down her criticism of his continued insistence that he really won the election.
- In his new blog, the former president dismissed Representative Cheney as “a bitter, horrible human being” who has “no personality” and is a warmonger.
(Headline News, FYI and Sports stories were compiled in part from reports by the Associated Press and Reuters.)