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The war on domestic oil production dramatically increased any existing inflation.
by dontcare007 4y ago
The war on domestic oil production dramatically increased any existing inflation.
- throwaway2016a 4y ago> The war on domestic oil production The way you worded that somehow makes me think you aren't talking about the OPEC+ deal from 2020 that drastically reduced oil supply. Because strangely, not a coincidence, domestic production has been up since that deal expired. I don't disagree that oil prices drive inflation since almost everything needs transportation, especially in the US where even domestic goods have to travel huge distances. But a "war on domestic production" is not evidence based. Closest thing that could be serious considered a war was OPEC+, which I understand why Trump did it, prices were plummeting and we wouldn't want the entire sector to crash.
- BlueTemplar 4y agoAlso, as a reminder, oil prices have already been there (and even higher, briefly), between 2008 and 2014.