The causes of inflation have become a bit clearer. Earlier this year, some economists argued that the central bank should think twice about raising interest rates to slow inflation. Rising prices, they argued, were a result of supply chains that had been snarled up by the pandemic, something interest rates can’t fix. But now that supply chain problems have eased, and prices have nonetheless continued to rise, economists are instead pointing to continued intense demand for goods and services — something the Fed has the tools to tackle.
The oil companies and the Saudis are making a boatload of money.
OPEC and the Saudis along with the oil companies control the price of oil.
OPEC is still not pumping as much oil as they did pre-pandemic.
OPEC+ raises output faster than expected as Russia’s war roils global energy markets PUBLISHED WED, JUN 1 202210:36 PM EDTUPDATED THU, JUN 2 20228:51 PM EDT @WEIZENT
KEY POINTS OPEC and its oil-producing allies agreed to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine wreaks havoc on global energy markets.
OPEC+ will increase production by 648,000 barrels per day in both July and August.
The group has been slowly returning the nearly 10 million barrels per day it agreed to pull from the market in April 2020.
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