You double the input cost of those goods and services and everything becomes twice the price. The turbulence from day to day is just the arguing about leading and lagging indicators.
You want to kill inflation, you get petroleum flowing again. Think of every cup of oil as a dime. Like oil being our money supply. You tighten the money supply and it ripples thru the economy.
While the war on oil didn't help, the crux of this economic disaster is irresponsibility by the Democrats: an epic fiscal policy fail.
Even if oil had stayed below $60.00 we would still be in the same mess.
That is the most of it. The outlook is based on the fact of a war on oil and this bunch of clowns playing it for every inch they can get too make it worse.
Until that changes or the demand burns down this will go on. When demand burns down the economy goes with it. You can’t take away the oars to the boat without some other means of propulsion. OIL runs the world. Without a good outlook for oil, and there isn’t one, we are dead in the water. Not only does it take a long time to change the oil outlook there is no other viable pathway. These asses are driving us into the stone age again. People better get that but I’m fearing it is too late to not have another 10 or more years of disaster even if the digging out were to start today.
We have seen this show before. Clintoon did it to us while we were resting on the laurels of the last oil boom that got production up. It began in ‘98 and reached peak damage in ‘08. Some reasons were different the outcome is the same. Things got better until ‘14/’15 when dumbo crashed oil prices and set this up. Covid pushed it along and xiden kicked it over the cliff.