'Putin's Price Hike' And Inflation/Wages: White House "Spin" Debunked
The following weekly chart of WTI Crude Oil shows that, from the day that President Biden took office on January 20, 2021, it has gained around 105%, to date, after spiking to around 150% on March 7.
Russian President Putin declared war and invaded Ukraine on February 23. Since then, oil gained around 16%, as shown on the following daily chart...just a fraction of its overall gain since Biden became President and declared his own war on U.S. oil and gas drilling and production, as well as new pipelines.
Much of the increase in oil and gasoline are a result of global ESG policies, exacerbated by the war in Ukraine, and will likely worsen over time and lead to a recession, according to this report.
These facts indicate that, after banning Russian oil imports into the U.S., President Biden's attempts to blame resulting high gas prices entirely on President Putin are erroneous.
Inflation has risen to 7.9% YoY, to date...the highest since 1982.
Contrary to Joe Biden's repeated claims that wages have kept up to the rate of inflation are also false.
ZeroHedge excerpt
ZeroHedge excerpt
Disclaimer: All of my posts (and charts) contain solely my own technical analyses/opinions/observations (which may contain errors or omissions) of a variety of markets and are ...
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