the staff of the Ridgewood blog
Washington DC, the Bureau of Labor Statistics posted a CPI number of 5% over the last 12-months, the highest rate since 2008. Gas prices rose 56.2% in 12 months, the highest since Jimmy Carter’s last year in office.
The IEA said that global oil demand will rebound past pre-pandemic levels by the end of 2022. After declining by 8.6 mb/d in 2020, oil demand will rebound by 5.4 mb/d this year, and by another 3.1 mb/d next year. The agency reiterated that OPEC and its allies needed to “open the taps” to boost oil production and keep the world well supplied.
After 10 years of underperformance, commodities are on an unstoppable rally this year thanks to recovering global economic growth from the pandemic lows, reopening economies, reflation trade and massive stimulus flows. The central banks across the globe have injected trillions of dollars to stave off the pandemic-ravaged economy.
Some of this was surely due to the depressed prices during the pandemic, but so far this year under Biden’s first four months in office consumer prices rose 2.9%. That’s an annualized rate of 9%.
Even Obama economist Steve Rattner apparently agrees :
Carter looks sane compared to the current crop of
DemocratsSocialists in office…