The Big Inflation Lie
President Biden, no economic expert, wants to blame the high rate of inflation on the pandemic created shortages like computer chips stopping cars from being built. While supply chains were altered for a time and some products still have backlogs there are two major reasons that the inflation rate has accelerated to the highest it has been in two generations. Those two reasons are self-inflicted wounds, almost exclusively by Biden policies.
By far the most tangible one is the price of energy. It does not take much to figure out when you see the average price of an oil barrel – 2020 $39.68, 2021 $68.17 and 2022 $84.70. We don’t know where the average price in 2022 will end up for the year, but it is a good bet it will be north of the current figure – above $95.00.
American oil production went from 5,484,000 barrels in 2010 to 11,283,000 in 2020. Some of that growth came at the end of the Obama Administration due to private land fracking, but the figures really soared during the Trump era. Oil production dropped 1.1 million barrels in 2021. Natural gas production went from 22,381,873 million cubic feet in 2010 to 36,202,466 million cubic feet in 2020. Again,… Read More