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Soaring inflation rate under the Biden administration
#10
(10-07-2021, 10:06 AM)Cardfan1 Wrote: https://www.usatoday.com/story/money/eco...996269001/

“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Andrew Gross, AAA spokesperson.“But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”

Maybe you should talk to Big Oil.  

https://www.wsj.com/articles/chevron-pos...1627640325

“Big oil companies are raking in their highest profits since the onset of the coronavirus pandemic, but they plan to continue spending sparingly to boost production despite higher commodity prices.

Exxon Mobil Corp. reported $4.7 billion in second quarter profit Friday, while rival Chevron Corp. reported $3.1 billion in quarterly profit.

The results represented a dramatic turnaround from a year earlier, when Exxon reported a quarterly loss of $1.1 billion and Chevron lost $8.3 billion as demand for oil and gas plummeted due to the closing of economies world-wide due to the virus“

Funny, how you love beg for socialism when it affects you, Hoot.
The chart that I linked shows the rise in the cost of gasoline since Biden was nominated. Big oil has not changed. The person residing in the White House changed and he immediately began taking actions to restrict Big Oil's access to oil reserves. Are you familiar with basic supply and demand curves, Cardfan1? Basically, they show what happens graphically when the supply of a product, service, or commodity drops. The price of that commodity, service, or product rises. Gasoline prices have risen because Biden took office and took actions to restrict access to this nation's oil reserves. 

When demand increases and supply has been restricted, prices rise. That is how our capitalist economy works. You wanted Joe Biden and you got him. Currently, you are paying more than 93 cents per gallon of gasoline for that privilege. Nobody else deserves blame except Biden and those who voted for him. Trump worked to make more oil reserves open for development and he worked with Canada to develop a pipeline to feed southern U.S. refineries with Canadian oil. Biden scrapped Trump's energy policies, so energy prices have soared.
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RE: Soaring inflation rate under the Biden administration - by Hoot Gibson - 10-07-2021, 10:33 AM

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