{"id":2030579,"date":"2023-09-13T13:28:04","date_gmt":"2023-09-13T17:28:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-accelerates-on-higher-oil-prices-from-flawed-policies\/"},"modified":"2023-09-13T13:33:16","modified_gmt":"2023-09-13T17:33:16","slug":"inflation-accelerates-on-higher-oil-prices-from-flawed-policies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-accelerates-on-higher-oil-prices-from-flawed-policies\/","title":{"rendered":"Inflation speeds up due to flawed policies and rising oil prices."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-accelerates-on-higher-oil-prices-from-flawed-policies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2030579&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<div class=\"my-5\">\n<div><\/div>\n<div class=\"my-5\">\n      <em>Commentary<\/em>\n    <\/div>\n<div class=\"my-5\"><\/div>\n<h2>Gas\u2063 Prices on the Rise: What You Need to Know<\/h2>\n<p>Anyone who has filled up their gas tank in the last couple of months \u200dcould see this coming. Having hit a low in December 2022, U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-bidens-lofty-climate-goals-collide-with-political-economic-reality\/\" title=\"Analysis: Biden\u2019s Lofty Climate Goals Collide With Political, Economic Reality\">retail gas prices<\/a> have \u200cbeen\u200d on\u200c the rise ever since. The \u200bincrease started slowly, then in August, more rapidly. This week, the average U.S. retail price for gas reached $3.94 per gallon,\u200d an 18.5 percent increase from year-end.<\/p>\n<\/p><\/div>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/us-annual-inflation-reaccelerates-to-3-7-percent-in-august-as-oil-prices-surge-5490601\">US Annual Inflation \u2063Reaccelerates to\u200c 3.7 Percent in August \u2064as Oil Prices \u200dSurge<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/13\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/us-annual-inflation-reaccelerates-to-3-7-percent-in-august-as-oil-prices-surge-5490601\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/oil-prices-extend-multi-month-highs-on-supply-concerns-5490720\">Oil Prices Extend Multi-Month Highs on Supply Concerns<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/13\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/oil-prices-extend-multi-month-highs-on-supply-concerns-5490720\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h3>Inflation \u200bon the Rise<\/h3>\n<p>Inflation, \u2062which never really went away, is accelerating again. This \u2064morning\u2019s Consumer Price Index (CPI) report for August confirms what I\u2019ve been\u2062 saying since January, which is that inflation\u2014driven by rising oil \u2064prices\u2014would reaccelerate in \u2062the second half of the year.<\/p>\n<p>August\u2019s headline CPI result came in \u2063at 3.7 percent, \u200bup\u200d uncomfortably from July\u2019s 3.2 percent print. The index components for gasoline and fuel oil \u2062increased by 10.6\u2063 and 9.1 percent, respectively, \u200cfrom July on a seasonally adjusted \u2062basis. Even excluding the more \u2062volatile food and energy categories, core CPI rose 4.3 percent in \u200cAugust, driven \u2062by rising costs\u200d of shelter.<\/p>\n<p>Retail gas and\u2063 diesel products, airlines, rail, and \u2063trucking companies, along with food\u200c and\u200b even\u200d electricity to the home, are heavily impacted by\u2063 the \u200cglobal price of \u2062oil.<\/p>\n<p>Oil prices are up by one-third from July\u2019s lows,\u200d and now hover just below $90 per barrel. While at\u2062 a 10-month high, prices remain well\u200d below last\u200c summer\u2019s high, when oil\u200d topped $120 per barrel and inflation \u200chit 9.1 percent.\u2063 But market pressures\u2062 are likely to push oil\u200d prices further \u200din the\u2062 wrong direction. And with higher\u2064 oil\u200c prices, inflation will follow as night \u200dfollows day.<\/p>\n<p>Global oil\u200c markets remain tight. U.S. sanctions on Russia have hurt Western markets more \u200dthan Russia itself. OPEC+, which includes Saudi\u200b Arabia, Iran, \u200band Russia, among others, have been enforcing production limits. Iran and Russia are sanctioned \u2062by the United States, but still manage to get oil to China, India, and\u2064 elsewhere. OPEC now estimates that \u200bthe world will be short by over three \u200dmillion\u2063 barrels in the fourth quarter, putting further pressures on prices.<\/p>\n<p>The Biden administration has foolishly drained America\u2019s emergency supply of oil in a vain attempt to hold back \u200cthe tide of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-prices-jump-by-double-digit-percentages\/\" title=\"Electric Vehicle Prices Jump by Double Digit Percentages\">rising prices resulting<\/a> from global supply constraints.<\/p>\n<p>The Biden \u2062administration drew over\u200c 265 million barrels \u2062from the U.S. Strategic Petroleum Reserve (SPR) between \u200cNovember 2021 and January 2023, when it finally \u2062paused in the face of falling oil \u200cprices. But starting\u200c in April 2023, \u2063seeing that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-tim-scott-argues-biden-spending-is-contributing-to-inflation\/\" title=\"Sen. Tim Scott Argues Biden Spending Is Contributing to Inflation\">higher gas prices<\/a> would again threaten the \u2064economy and stimulate inflation, the Biden administration quietly began making further withdrawals. At the beginning of September 2023, the SPR had only 350 million barrels remaining, less\u200d than half \u2062of its capacity and down 45\u2064 percent from \u2064the end of 2020.<\/p>\n<p>Using the SPR as a \u2064political tool\u2014i.e., to effect \u2064price\u2063 controls before the midterm elections\u2014was always a foolish idea. At worst, \u2064the move will leave the\u2062 country well short in the event of \u200ca <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-accelerates-on-higher-oil-prices-from-flawed-policies\/\" title=\"Inflation speeds up due to flawed policies and rising oil prices.\">national\u2063 emergency affecting crude oil production<\/a> and transport. As painful as higher \u200dprices are, the United States should not run this strategic risk \u2062for a few\u200c pennies\u2062 at the\u2062 pump. More \u2062likely, the United \u2064States will be\u200b required to replenish the SPR at much \u200chigher prices than \u200cbefore, widening the budget deficit even \u2062further.<\/p>\n<div class=\"my-5\">\n<p>But the real strategic folly of the Biden administration has been the hamstringing of\u200d American energy production in pursuit \u200bof green energy virtue signaling. From the canceling in 2021 of the\u2064 Keystone XL pipeline \u2063to last week\u2019s annulling of Alaskan drilling leases, executive orders and regulations \u2064have stifled domestic energy development. \u2062This shortsighted \u2062approach has made the United States more dependent on foreign \u2062oil and vulnerable\u2062 to price shocks.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>has reached $3.50 per gallon, the highest in seven years. The surge is attributed to rising crude oil prices, increased demand as the economy recovers, and supply chain disruptions caused by extreme weather events. Experts predict further price hikes in the coming months, impacting consumers&#8217; wallets and potentially affecting inflation rates.<\/p>\n","protected":false},"author":1828,"featured_media":2030580,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2030579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1828"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2030579"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2030580"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2030579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2030579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2030579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}