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Yes, and something else: Oil goes up as the $dollar deteriorates.
My guess is we will see $4.50 gasoline in a year or so, maybe less. And, as the Chinese economy recovers, and as they diversify their exports away from the US, gasoline prices will soar, who knows how high it will go.
Devaluation of the $dollar is a very cancerous form of inflation; the spinners, when pinned down, try to explain to us that, somehow, if we cheapen our money, our global debt doesn't cost us as much as it might ............ but that is a false argument, based on a lack of insight and understanding of how things work, seems to me.
Oil goes up as the $dollar deteriorates.
As part of the public, I'll say I don't understand how the oil companies get away with raking in billions $$ in profits at the time the prices go up at the pump. As a result everything else goes up and there is inflation and our economy sinks further into a slump. .
Apparently, there are many factors that enter into why the price of oil will go up. ButI read where the Chinese got the jump on the USA in making contracts with the oil producers and that's why there was a shortage last time and the prices went up. to $5 in some places.