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"Panic Buying Frenzy Intensifies As Fears Of Global
Supply Chain Breakdown Continues To Rise"
by Epic Economist
"A massive wave of panic buying and hoarding continues to spread all across the world as people and governments desperately attempt to hoard food and energy supplies before a total supply chain breakdown. In the U.S., drivers are risking their lives to stockpile gasoline in every container they possibly can find amid a sharp increase in prices. In the UK, authorities are warning that panic buying is going to make food and drink prices significantly higher. In some European countries, consumers are massively purchasing medicine as fears of nuclear strife intensify.
Families are facing an extremely critical situation in Ukraine, with many on the brink of starvation. That’s why food staples are flying off supermarket shelves, leading food retailers to reimpose purchase limits. Meanwhile, as the neighboring country collapses into chaos, Russians are panic-buying unusual products to resell for a profit. At the same time, governments across the globe are hoarding grains, vegetable oils, and fuel to prevent the emergence of food and energy crises in their respective countries. It seems like everyone is afraid of a supply chain disaster, and people are doing everything they can to stockpile before a global catastrophe occurs
Big names such as Shell and BP have already confirmed they will stop purchasing Russian oil following the aggression in Ukraine. This means that oil from other suppliers is also becoming significantly more expensive, and U.S. consumers are already feeling the impact at the pump. Reports of panic buying at the pumps continue to make the headlines. In St. Charles, Missouri, gas hoarders were spotted filling up dozens of plastic containers. In a video shared online by a local woman, drivers were first filling up their cars, then gas containers, and after that, they’ve started to pour gas straight into plastic bottles.
Similarly, one insider at a UK trade association is telling politicians that a panic buying frenzy is making a comeback at the country’s stations as drivers fear further surges in fuel prices. Some stations in the UK are reporting that hundreds of cars are forming huge lines as drivers rush to purchase fuel. Others are running out of a month’s worth supply of gas in a matter of days, and being forced to temporarily close. In Ukraine, too, gas stations are swamped by drivers planning to flee with their families. Local reports also highlight the dire conditions at supermarkets. Shipping companies are unable to deliver goods in the country since operations on the Black Sea coast have been halted. That’s preventing food retailers to restock supermarket inventories, and leaving millions of families in a state of utter desperation.
Meanwhile, Russians confessed that they’re buying all the supplies they can find to resell for a profit later on. That includes Starbucks drinks and Coca-Cola, and also goes from Victoria’s Secret lingerie to designer clothes, Rolexes, iPhones, Apple Watches, and other imported electronics. While consumers scramble to stockpile, governments around the world are also hoarding food and energy supplies as chaos reigned in the global commodity market. Food and energy security and self-sufficiency are becoming top priorities for global leaders, given that the worsening conflict between Russia and Ukraine is having a major impact on grain exports and global oil supplies.
The truth is that they can tell that a global supply chain breakdown is looming. Yesterday, Goldman warned that the world is on the verge of the worst energy crunch in history, while the UN issued an alert on a global food crisis. Consumers can also tell that things are rapidly changing and that more shortages and disruptions are about to occur. It is safe to say that this is just the beginning. A lot more unrest is going to erupt in the weeks ahead as our systems start to fall apart and the world plunges into chaos."
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