The proper term describing what is adversely filtering through the entire American & global economy is a 'petrol fueled inflationary spiral'.
The proper term describing what is adversely filtering through the entire American & global economy is a 'petrol fueled inflationary spiral'.
The old saying it is the same house, it is the money that has changed in price can be modified, it is the same petrol but it is the money that has changed in price.
It may be an oversimplification to say this but there is still a lot of truth in it: Every additional new dollar put into circulation makes the existing dollars less valuable. That is why the prices go up, to gather more of the cheaper money. The merchants are getting more nominal cheaper money but no more purchasing power than with earlier lower prices and stronger money.
That is where your inflation comes from. So it is not skyrocketing energy prices (it is the same energy, extracted and delivered the same way), the problem is over the long term crashing money, or money that is doing a poorer and poorer job of storing the wealth of its holders.