… Peter Navarro, one of the president’s longest-serving advisers and a senior counselor on trade policy, published an op-ed Wednesday noting that the latest surge in consumer prices looks much more benign if you ignore the spike in energy costs and that “the underlying inflation trend remains contained.” [Politico]
Since extracted energy is a fundamental element of transport, Navarro’s trying to say Don’t worry about the rig with the dead driver at the wheel, it can’t do any damage no matter how fast it goes.
And then comes this:
Oil and gas executives have warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain inflation that has already rattled American consumers.
Industry officials say they are doing everything they can to sound an alarm that prices are about to soar as the commercial and government inventories that have mitigated price rises so far are rapidly depleting, according to multiple people familiar with the conversations, who spoke on the condition of anonymity for fear of retaliation from the administration. Some inventories could be wiped out within weeks, the executives have warned, coinciding with the peak summer travel season. [WaPo]
If you drive an EV, great. So do I. But your food and products often travel on fossil fueled transportation.
Prices may become rough really soon here.
