Oil and Gas - The Mother of Inflation - GineersNow Petroleum magazine

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C O V E RS T O R YAn entire generation of customers who are used to low or noinflation finds this to be a tremendous shock. According toBloomberg Economics, US households will have to spendan additional $5,200 this year, or around $433 per month, tomaintain the current level of consumption.The causes of the price hikes are widely known: the Covid-19outbreak disrupted supply chains, causing shortages ofitems; Russia’s invasion of Ukraine reduced supplies ofessential commodities; and at the same time, the governmentprovided companies and consumers with trillions of dollarsin relief. How long this excruciating period of high inflationwill persist and whether it will have any lasting effects areunknown. Understanding what causes inflation and placingthe current situation in perspective are useful places to startwhen seeking solutions.Components of the consumer price indexAll the necessities—energy, transportation, food, and housing—are experiencing the highest inflation pressures. From roughly$40 per barrel in 2020 to more than $120 per barrel now, theprice of West Texas Intermediate crude oil increased by overtwofold. The Automobile Association of America said that thishas caused the cost of a gallon of regular-grade gasoline toincrease from around $2.15 to roughly $5.The same is true with food. Anyone who has visited a groceryshop will confirm that costs are rising at double-digit ratesfor practically everything. Price drops for products like pasta,some meats, fresh vegetables, bread, and butter werecommon only last year.The highest price rises, however, were for goods that madeup a lower percentage of the average consumer’s spending,if we take that into account. Nevertheless, when all personalexpenditure was included, above double-digit price increasesover the previous three months were present in at least 16percent of purchases, including rises of 49 percent for motorfuel and 107 percent for fuel oil in May.28
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Oil and Gas - The Mother of Inflation - GineersNow Petroleum magazine

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