A rocky economy
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August 5, 2022
Why are gas prices so high? After all the finger pointing, it all boils down to Mississippi Lime.
When America was awash in crude oil from this deposit, the price over $100 a barrel. Then Covid struck, demand slacked, and oil companies liquidated and downsized to exist. It was down to $30, so refineries shut down.
When the pandemic eased, demand outstripped supply and it will take time to catch up. Then came Ukraine. Classic supply and demand economics prevails. Will it ever be back to pre-pandemic prices? Only time will tell.
It is unfortunate that the world economy is suffering from inflatio...
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