When gas prices skyrocketed in the early 1970s inflation also skyrocketed and economic activity slowed, causing a recession that lasted for nearly a decade. When Biden shut down key components of the American oil industry inflation in the US skyrocketed, driving consumer prices up and household disposable incomes down. Global warming is driving inflation upward and American prosperity downward. In the words of Greta Dumberg, How dare Biden do that?
The following source also blames Russia which is clearly a delusion created by leftists and parroted by leftists in the media.
https://invesbrain.com/high-gas-prices-and-recessions/#
While higher gas prices may be welcome news to the oil industry, the rest of us should be concerned as it is a glaring recession warning. Over the last 40 years, higher gas prices have been linked to economic stagnation and recession.
The Ford F-150 is the most popular car in America, per Edmunds. It gets on average about 21 miles to the gallon. The U.S. Department of Transportation claims Americans drive 13,500 miles a year. According to AAA, the average price for regular gas was $2.76 a year ago. Today the average is $4.17. The average U.S. consumer spent $1,774 on gasoline a year ago. At current prices, the average consumer is spending nearly $1,000 more.
The current spike in oil and gas prices is primarily due to two factors. The elephant in the room is Russia and its invasion of Ukraine. Second, and behind the scenes, is the global push toward greener energy sources.
The following source also blames Russia which is clearly a delusion created by leftists and parroted by leftists in the media.
High Gas Prices and Recessions
While higher gas prices may be welcome news to the oil industry, the rest of us should be concerned as it is a glaring recession warning. Over the last...
invesbrain.com
While higher gas prices may be welcome news to the oil industry, the rest of us should be concerned as it is a glaring recession warning. Over the last 40 years, higher gas prices have been linked to economic stagnation and recession.
The Ford F-150 is the most popular car in America, per Edmunds. It gets on average about 21 miles to the gallon. The U.S. Department of Transportation claims Americans drive 13,500 miles a year. According to AAA, the average price for regular gas was $2.76 a year ago. Today the average is $4.17. The average U.S. consumer spent $1,774 on gasoline a year ago. At current prices, the average consumer is spending nearly $1,000 more.
The current spike in oil and gas prices is primarily due to two factors. The elephant in the room is Russia and its invasion of Ukraine. Second, and behind the scenes, is the global push toward greener energy sources.