BS Summary: This video contains 25 faulty reasoning types, including Availability Heuristic, Slippery Slope, and Appeal to Authority, with Pessimism Bias as the most egregious example at 34.4% saturation with 174 hits. Analysis detected 1,193 faulty-reasoning hits from 506 analyzed words, generating a BS Score of 96.2% and a BS Rank of 98% (601 of 21,887 videos). This video is worse (more manipulative) than 97.30% of the video peer group.
The latest inflation numbers are out and they show prices jumped last month as a result of the war with Iran.
Overall, consumer prices were up 3.3% compared to last year.
Energy prices, which include the cost of gas, were up 10.9% while there is a 2-week ceasefire in place uncertainty still looms over the future of the Strait of Hormuz, that major passageway for the global oil supply.
If there's not a deal to reopen the Strait long-term, it could push energy costs even higher.
CBS News senior business and tech correspondent Jo Ling Kent joins us now.
How do these higher energy costs impact other sectors of the economy?
We do expect to see gas prices drive other prices up eventually if the Strait of Hormuz does remain closed.
You can see these high gas prices here in California among the highest in the nation, but right now when we look at that inflation report, we do see that when you strip out that volatile those volatile food and energy costs, inflation core inflation actually came in just slightly less than expected.
But that headline number, the highest in 2 years, really reflects what you and I and so many other people are already seeing at gas stations nationwide.
Gas prices were the driver for inflation.
This was the first look that we got at gas at inflation overall since this war started, Lindsay.
I could not see those prices until I had to like squint at a closer camera.
$6.49 for the cheapest tier of gas?
Oh my gosh, sticker shock.
So when will we start to know if these higher prices are temporary or here to stay?
Yeah, that is always the big question is how will it impact your budget?
And I just want to tell you that a gallon of regular with a credit or debit card is $6.59 a gallon here at this station and frankly around this area of Los Angeles, that's not such a bad deal.
So when you look ahead as to what will happen with gas prices, experts tell us that even when the Strait of Hormuz, if it is reopened entirely, it will take time for prices to normalize and adjust if they do at all.
In fact, the US Energy Information Agency says even when the Strait is entirely reopened, gas prices are likely to stay elevated for a while longer.
So as people plan their summer travel, we can expect to see not just the impact on say baggage fees, which have already come to pass for several airlines, but we can actually start to see people may adjust their travel plans for this high summer travel season.
But here in California, of course, we see elevated gas prices, but across the country that AAA average remains very high, up significantly over the past 5 weeks, Lindsay.
Jo, you're a mom of three.
You're spending $6.50 a gallon there in LA, not easy.
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