The Covid lockdowns re-awoke inflation, something the Federal Reserve had been unable to do for more than a decade of massive money creation. The lockdowns drove prices up by curtailing production.
The sanctions have added to these supply disruptions. One question is: how much of the higher oil and gasoline prices is due to reduced supply, and how much to the scare factor and big oil jumping at the chance to raise prices behind the cover of sanctions and “disrupted markets.”
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