No. of Recommendations: 3
Energy costs are one of the main drivers. So what do we do ? Drill, baby, drill and environment be damned ? Or disincentivize fossil fuels and watch gas and heating prices continue to put the squeeze on everybody except the top echelon who do not feel any financial pain, even if inflation continues to permeate thru our economy/society.
U.S. domestic oil production is already virtually equal to it's all-time high (it's at 12.8 mbpd now, just shy of the 13.1 mbpd it got up to briefly right before the pandemic). The causes of high global oil prices are probably not related to constrained U.S. production. Though it's possible that oil companies are not expanding production faster due to concerns about having new investment become stranded.
From the article I linked, CEO's aren't exactly being generous with sharing the revenue that has flowed into their coffers:
I know - but honestly, that article has a "if I have a hammer everything looks like a nail" vibe to it. Economic progressives are deeply upset by unfairly high CEO pay, so their response to voters being despondent about economic conditions is to attribute it to....unfairly high CEO pay. But in reality, voters are probably more down on the economy because interest rates are super-high, and they're bearing the brunt of not only the inflation of the last year or so but also an ongoing inflation rate that's still higher than the decade before the pandemic.
