The recessions of the last 50 years were basically caused by oil price increases look at 1974 1981 1990 2008 had recessions come a year later and were times of significant oil spikes. I think the current market is similar to 1974. High oil prices suck the life out of the economy. Too bad Newsom and Biden don’t get it. But the voters do. It’s the economy stupid. Biden should be talking to Bill Clinton not Obama.
I graduated from college in 1975. Horrible time 10% unemployed
High inflation. Shortages wars racial strife. Weak leadership
Empeachment. Sound familiar. Dump your stocks and buy RE. Bought my first house in 1976. On unemployment no job lived in my parents basement. Best time to buy RE ever. Bought my first house, have never looked back. Remember the nifty 50. Kind of like big tech today. Now dinosaurs. That first house cost me $2000 down. Now worth $2.2m.
It wouldn’t help us though. Gas is too volatile to transport that sort of distance. Refining happens locally. The US hasn’t built a new refining facility in decades. I guarantee the same liberals bitching about gas prices would protest a new refinery.
This stuff amazes me. We restrict drilling in the US. Prices increase. We can’t just drill baby drill in the US. Instead, we ease sanctions to buy oil from a dictatorship. I’m going to guess they don’t have the same environmental regulations as us. That combined with pollution from transportation makes this worse for the planet. We need policies that don’t suck.