House oversight committee gets to root of inflation... corporate greed.

The claim was that Biden capped oil production, not that he said some things about the oil industry and that made oil companies really scared to produce more oil.

 

And I never claimed that he capped oil production, but if you think all of his no more drilling doesn’t have an effect downstream on oil production and refining you’re naive also. Go back and look at the stock market reaction with respect to oil companies when Biden was elected.

Like it or not Oil is a product that traded globally, the Russian “boycott” , ukraine conflict all has affected the price of oil, nat gas and gasoline.

Demand for fossil fuels is expected to rise globally, that even with all the “green”energy coming on line.
Be glad China is still having COVID lockdowns otherwise the price would be even higher.
That’s a fact that the anti oil groups chose to ignore in the evaluation of oil costs.
Like someone said upstream they can afford high costs as can I. Im glad I don’t live in a area where rolling blackouts due to a grid that can’t support demand so if you live in California get used to it and shake your fist at the moon, it’s what some Dems have wanted since Obama was in office.

 

There definitely has been developed a better alternative model to a 'shareholder value' model. Stakeholder value, social enterprises etc. There are models that consider other imperatives than simply maximizing share value.

 

But that's that stuff DeSantis is trying outlaw in Florida (ESG).

 

Trillions in unfunded spending by the last umpteen White Houses and Congresses had nothing to do with it.

OK

 

Yep. Neither party wanted to be blamed for any bad outcome from Covid, even though it is a global pandemic like we haven’t seen in 100 years. There should have been economic consequences, because it was a pandemic. Instead, both parties made extra extra sure that the economic hit would be minimal and be regained in short order. It was a highly irresponsible moment for both sides.

 

100%
When in our history did, we see 20% UE and people living better and spending more than in a strong economy.
Car sale/ boat sale/ RV sales, tech sales housing market boom crazy.

 

The alternative is setting price controls for all consumer goods and I can't think of one country where that has ended well.

The issue is money supply. We spiked the money supply with trillions over a very short period of time from 2020-2022. The market can't sustain high prices for almost everything if the currency is not there to sustain those prices. If you kept the money supply static, over time, the value of the dollar would increase as the population grows and it would have a deflationary effect.

 

Speaking of money supply, although there are multiple factors, the graphs below illustrate why inflation in the US has peaked should be moderating over the next couple of years.

 

Precisely, because we are starting to finally see a reduction in the money supply this year.