U.S. Oil and Gas Association President Tim Stewart joins ‘Cavuto Live’ to provide insight into how Biden’s energy policies will impact the economy.
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Meanwhile, inflation has hit highest numbers since 1981.
As reported in an earlier article: “The Price Index, which determines the value of a basket of goods and services, increased by 1.2 percent in March after rising by 0.8 percent in February, indicating that inflation picked up last month. Core inflation, which excludes volatile food and energy expenses, increased by 6.5 percent over the previous year.
Gas prices rose 18 percent in March to a record-high average of $4.33 a gallon, accounting for over half of the current increase in inflation. Food and shelter costs have also risen, with plane flights, health and auto insurance, and furnishings all adding to the rise, per a report.
Used vehicle and truck prices, which were a significant driver of inflation last year, declined 3.8 percent in March, which is good news for consumers.
Despite the fact that prices continue to rise, some experts believe inflation has peaked and will fall during the rest of the year.”
It is still unclear how Joe Biden’s administration plans to deal with these numbers. It was once reported that they might consider releasing some oil from reserves to help combat the price at the pump.