Newspaper Page Text
Page 8A
ftBfeporter
March 23, 2022
Ingles clerk charged with lotto theft
By Steve Reece
stevereece@gmail.com
An Ingles gas station
employee was arrested for
lottery ticket fraud on March
12 after video foot
age revealed she was
allegedly stealing
and scratching tick
ets while working
at the stations cash
register.
Here’s what hap
pened, all accord
ing to the Forsyth F ALES
police report: Cpl.
Kimberly Barnett was with
a vehicle that was parked in
the fire lane at Ingles Market
on Tiff College Drive when
she was approached by the
store manager who told her
he wanted to speak to her
about a theft.
After Barnett finished
having the illegally parked
vehicle moved, she went into
the store where the
manager played a
video that appeared
to show Alexis
Nichole Fales, 18,
of Forsyth take $20
from the Ingles
Gas Express cash
register while shift
ing her body to hide what
she was doing from the
camera on March 9 around
2:29 pm. She then took 4
$5 “Jumbo Bucks” lottery
tickets and put $20 into the
register after hitting the “no
sale” button. After scanning
the tickets, she scratched off
all four.
Then at 3:02 p.m„ Fales
could be seen taking 2 $3
“15 Times the Money” lot
tery scratch offs, scanning
them, and canceling the
sale on the register before
scratching the tickets. Two
hours later, she once again
took lottery tickets, this time
16 of them valued at $1
each and scratched them off
camera without scanning or
any attempt to pay. Security
cameras revealed she had
scratched off a total of $42
worth of tickets. After scan-
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Inv. Thomas contacted the
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sion and Fales was arrested
on warrants of 3 counts of
felony lottery fraud.
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Higher Energy Prices and
How They Might Impact
Consumer Behavior
by Jason D. Jungberg
iason.jungberg@stifel.com
As the conflict in
Ukraine unfolds, oil
prices have spiked in
recent weeks on worries
regarding global energy
dependence on Russia.
The price of Brent crude
peaked at $127 per
barrel in March, and
people are worried about
the impact of higher
energy prices on infla
tion and economic
growth. Stifel’s Invest
ment Strategy team
recently discussed
higher energy prices and
the potential impact on
consumer behavior:
Cutting Off Russian
Energy ... and Products
The U.S. recently
banned oil imports from
Russia after numerous
companies, asset man
agers, and individuals
had already begun
self-sanctioning
Russian-made products
and securities. Europe,
however, has so far been
unwilling to sanction
Russian energy products
due to its greater
reliance on Russia.
The Pandemic and
Muted Demand Trans
lates to a Bigger Shock
Decreased demand
for gas during the
pandemic masked the
world’s under-invest
ment in the carbon
energy sector, as govern
ment policies and
climate change activists
encouraged a path to
sustainable and renew
able energy. So, at a time
when supply was already
lower, the increased
demand for oil by
reopening economies,
coupled with increased
risks that some countries
will discontinue buying
Russia’s oil, caused a
bigger price shock for
consumers.
Can the U.S. Find
Additional Oil Supply
in the Near Term?
At the end of 2021,
the U.S.’s Strategic
Petroleum Reserve held
over 593 million barrels.
For reference, the U.S.
imported an average of
672,000 barrels a day
from Russia. So, replac
ing the Russian oil
shouldn’t be a major
issue for the U.S. in the
near term. However,
should other countries
or companies impose
sanctions, then oil prices
will continue to climb
and remain elevated
until demand for oil falls
or oil production from
OPEC, Canada, and the
U.S. increases.
A More Resilient and
Better Prepared
Consumer
Recessions followed
oil price shocks in 1974
and 2008, when the
price per barrel quadru
pled and doubled,
respectively. Looking
deeper, though, the
average consumer spent
more of their budget on
gas and energy products
at those times than they
are now; gas made up
4.7% of consumer
budgets in 1974 and
3.9% in 2008, but only
2.5% in January and
3.1% in March. Addi
tionally, consumers used
pandemic relief
payments to save more
and pay down debt,
leaving many with extra
cash in hand to with
stand the higher prices.
While consumers may
choose to offset
increased gas prices by
spending less elsewhere
in their budgets, Stifel’s
Investment Strategy
team believes consumers
can handle these higher
prices for now.
Conclusion
Russia’s invasion of
Ukraine has predictably
driven oil prices higher,
and sustained higher
prices will put further
pressure on already high
inflation. The Federal
Reserve has been clear
about its intention to
fight inflation, and the
market still prices in six
rate hikes in 2022.
Stifel’s Investment
Strategy team does not
believe the current level
of energy prices is
enough to push the U.S.
into a recession, rather
their view is that strong
business activity and a
resilient consumer will
continue the current
economic expansion.
Article provided by Jason
D. Jungberg and Michael
C. Ketterbaugh, both
Senior Vice Presidents/-
Investments with Chanin
Jungberg Ketterbaugh
McLendon Wealth
Advisory Group at Stifel,
Nicolaus & Company,
Incorporated, member
SIPC and New York Stock
Exchange, who can be
contacted in the Macon
office at (478) 743-4171.