Gas prices have more than doubled since the beginning of 2021 while the top five oil companies alone—Shell, ExxonMobil, BP, Chevron, and ConocoPhillips—brought in more than 200 percent extra profits in the first quarter of this year compared to the first quarter of 2021. According to Americanprogress.org, that is a total of more than $35 billion in profits in just three months. “In fact, these five companies’ first-quarter profits alone are equivalent to almost 28 percent of what Americans spent to fill up their gas tanks in the same time period,” the group reports.
The Bureau of Labor Statistics indicates grocery prices jumped 10.8 percent for the year. Meat prices are up an average of 13 percent. Again, large companies reported a huge increase in profits. For example, Tyson reported that first-quarter profits nearly doubled this year due to soaring U.S. meat prices.
And now SWEPCO has been approved for a rate increase going into effect in July that will increase the average residential bill by about $13 per month. Even before the rate hike, the earnings of SWEPCO’s parent company, American Electric Power, were up $300 million in 2021, an increase of 12 percent.
Gallup polls indicate that inflation is the number one financial concern of Americans, with higher-income Americans expressing more concern than lower-income Americans. The steep decline in the stock markets has caused great harm to many people’s retirement saving accounts.
Local food pantries are reporting increased demand, Kathy Barnes, director of Flint Street Fellowship and Food Pantry, said.
“I think we’re seeing a combination of inflation and more people who are homeless,” Barnes said. “There is a long-term problem with affordable housing. A lot of people who were living in some of these hotels have been squished out. They are improving the hotel rooms and the rent is going up. It is kind of frightening to see the numbers of homeless coming through.”
Barnes said since the first of the year, they have added 87 new cases and have served 1,480 people. She said of those people, 30 are homeless. “This is a small town,” Barnes said. “It seems like a lot of people to me. We keep special food for people who are homeless. We know that they can’t cook. The numbers are going up, so we are paying attention. They are welcome to just come in and cool off. We give gas cards to people because a lot of them are living in their cars. It is a scary thing to be watching. You wonder what it is like in bigger towns.”