Trust me on this: If oil prices remain high--say over $70 a barrel, the U.S. economy will go into recession. Higher oil prices raise the price of nearly every good and service. Expect to pay 15-20 percent more for nearly everything by this time next year. Mr. Market knows this; he is a deer in the headlight at the moment. U have a Federal Government that is hostile to U.S. oil and gas drillers. Apparently the Biden Administration is hoping for a Republican sweep of Congress next year, or at least their policies suggest that. Food deprivation is going to reach record levels.
As another poster here would say, "and so we watch".
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