The bill has passed and I have all the details. We have a lot to talk about once again right here on this topic. So late yesterday evening, the House of Representatives did hold votes on two separate bills. I want to talk about what these bills are and what they mean for us going forward. So late yesterday evening, the House started voting on the one $5 trillion spending bill. This is the one that we’ve been talking about here for the last few days. They finally held a vote on it and it came in and it passed.
Now, this is a good thing because it cleared the House of Representatives, but now it goes on to the Senate and we know sometimes the Senate can be a little bit of an issue trying to get bills through. However, they do plan on voting on this tomorrow and it should be a done deal by the end of the day tomorrow, which is actually probably a good thing considering if they don’t get it done by tomorrow, we’re looking at a potential government shutdown at the end of the day tomorrow. However, I would anticipate we will have no problem. So I wouldn’t worry about it. A government shutdown is probably very unlikely.
But either way, they will be getting this bill done in the Senate, probably tomorrow. If not, they already do have a short-term patch already teed up and this thing would bring them through Tuesday of next week in the event they can’t get the big one done tomorrow. So that’s a good thing and it’s kind of a done deal. So finally, we can stop doing all these little short-term patches and finally get a long-term solution, at least through the end of September. All right.
So that is number one out of the House of Representatives. Also yesterday evening, at the same time, they held a vote on that announcement that came out of President Biden just a couple of days ago to ban all energy coming in from Russia. So I remember a couple of days ago I was out in a video saying President Biden just banned all energy coming from Russia in other words, oil, liquefied, natural gas and coal. The President came out and said that. Now, the House of Representatives voted on this yesterday evening, and yes, again, it passed.
So, again, this is also one that goes over to the Senate and it’ll need that final passing through the Senate before these two bills move on to the President for the signatures. Now, again, these bills are not working in tandem. In other words, they’re not working through Congress together, but rather it just so happens to be that they’re voting on them kind of near the same time. So anyway, if this does actually pass through the Senate and it moves on to the President for that final signature, that means it’s a done deal. As far as energy coming in from Russia, as in oil, liquefied, natural gas, and that coal coming in, if this passes through the Senate and goes on to the President for the signature is done, the energy will not be coming in anymore from Russia.
Now, again, I don’t want to take sides on this. I’m not going to take sides. I want to tell you what will happen. This is going to actually drive prices higher on pretty much everything. So, again, we’ve already seen prices moving much higher on oil, energy, gas, I mean, all kinds of things here over the last few days, and this will basically just seal the deal that is for sure happening. So I think all these prices have been moving higher as speculation that this will be passing and essentially it probably will be. But there may be some people out there who are wondering, okay, is it really going to happen or not? So they might be waiting on the silence to jump in and actually bid these prices even higher. So if this is actually a done deal and it does pass to the Senate and actually does get that signature from the President, we may see another jump up in prices because it’s kind of confirmed at that point. Yes, it’s a done deal.
Energy is not coming in anymore from Russia. Now, as I mentioned the other day, only about 10% of our oil that we import here in the country actually comes from Russia, but it’s still 10%. Therefore, that just means more pressure on gas prices, oil prices, all of this. Now, as long as we’re talking about gas prices, let’s quickly give you the latest update here. So we’ve been seeing gas prices jump up significantly over the last couple of days here.
Every single day. We’ve been hitting row records. Well, guess what? Today is no exception to that. We have gotten a new record for gas prices as far as the national average.
Once again, right away. Today, it came in at four point 31. Now, let me lay out the progression here over the last couple of days to give you this information, because I do think this is very interesting to look at. So just a few days ago, on Sunday, just this past Sunday, just a few days ago, the national average of one gallon of gas was three-point $92. On Monday, it jumped up to a new record of four point ten.
On Tuesday, it jumped up to another new record, $4.17. Yesterday, it jumped up to another new record of $4.25. And right away this morning, it jumped up to yet again, another new record, four-point 31. So as you can see here, just in the last few days here, we’ve gone up what is that, $39, according to my mental math here, just on Sunday alone until today, what is that? A few days, four or five days, four days.
We’ve gone from 392 to 431 in just these couple of days. That is huge. I mean, seriously, that’s 10% in four days. That is huge. We should not be seeing price increases like this this rapidly.
So my point is, according to what the analysts are saying, the experts are saying, everybody is saying. And according to what I’m seeing, of course, if you’ve been watching for any length of time now, I watch the financial markets, I watch the commodity markets. I watch all of these markets very closely. I have been for about 14 years now. This comes as no surprise.
It’s simply a supply and demand issue, which is basically what every market is. Every market is driven by supply and demand. Well, as a result of this, we’re going to continue to see these prices moving higher again. I know sometimes this is not what you want to hear. But again, as I’ve said recently, I’m a realist and I’m here to tell you what is actually going on, not to be here and try to sugarcoat things at the same time, I do want to be sensitive because I am.
But I got to be real with you, and I got to tell you what is really going on here. So again, if we continue to see these bills move forward, as in the one that I just talked about a second ago, as far as banning Russian energy coming into the United States here, we’re probably going to see another jump up on this once it actually does pass through the Senate. If it passes through the Senate, which according to what it looks like right now, it probably will be passing through. And then once it actually gets the signature from the President, we’re going to probably see another speculative jump up in price simply because people are saying, all right, the deal is done, it’s a sealed deal, and we’re going to jump these prices up again. So this is something we got to be aware of right now.
But as I mentioned, also, I want to point this out. I’ve been reading some information here that’s saying we’ve now come to critical mass on energy prices. In other words, Americans are now starting to basically hang their keys up for their cars. And they’re saying, okay, we’ve reached the critical point now. I’m no longer driving.
I cannot drive anymore. I either need to work from home or I’m not going to go out as much or I’m going to do like order in types of things or food delivery services, things like this. So according to what the resources are saying, they’re basically saying we’ve hitting that point now. We have hit the point now where Americans are basically hanging up their keys and saying, I can’t do it anymore. I cannot do this, $4 and 30 cent gas anymore.
I simply cannot do it. I can’t swing it anymore. It was fine at $4. It was hurting at $4. There was the pinch.
But this is too much. I’ve reached the point now where I cannot do this anymore. So it’s very interesting because as this starts to happen where people may start driving less, this will ultimately provide more supply on the market, which ultimately would actually help prices go down a little bit because less demand and more supply means prices must go down. Right? Simple supply and demand issues.
So anyway, I just wanted to point that out. We’ll have to see but again, just like everything, it’s going to be very slow to turn this ship around, right? It’s just like a big freighter floating around out in the ocean. It’s cruising at say 10 miles an hour out on the ocean to slow that thing down. It’s going to take a long time to slow it, and it’s going to take even longer to turn it around and start moving it the other way.
So kind of the same analogy when it comes to these prices on gas, oil, and essentially everything else. But one more thing I want to point out as well. If you happen to see that little short video that I had out this morning, the inflation numbers were just released this morning for the month of February. Wow. They’re coming in hot here.
So if you did not see that video, let me run you through really quickly here the newest inflation numbers. Now. This is it for the month of February. It came in at 7.9% year over year or 18th of 1% month over month. Again, this is a massive number.
The last time we saw reading this high was back in early, 19, 82, 40 years ago. So it’s been a very long time, right? Many decades ago. Four decades ago was the last time that we saw prices this high and inflation this hot. So this is not a good situation.
But just like I’ve been saying here for the last couple of weeks now, everybody is saying according to what’s going on globally right here in the United States, everything going on right now. We could easily be seeing 10% inflation sometime in mid-2022. So we’re only 2.1% away from that as of right now. So at the rate it’s going, it’s only going to be about four to five more months until we’re pushing 10% if we continue moving at the same rate higher every single month. So I just want to let you know what’s going on anyway.