Crude Oil barrel price up over 30%+ in past 90 days

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Surging over $92 a barrel today, oil continues to climb since late June to exceed a 30% price increase over 90 days.

(click on “1D” above chart)

With the extension of the Russia/Saudi production cut as of 09/05/2023 past 12/31/2023, this trend is likely to continue and exceed $100 a barrel before September’s end.

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More hyper-inflation will ensue.

Rising oil prices challenge Fed’s inflation and growth strategy

The Federal Reserve is grappling with the challenge of rising oil prices as it attempts to guide the economy towards a seldom-seen soft landing. The surge in energy costs, driven by supply cutbacks from Saudi Arabia and Russia, has seen oil prices jump nearly 30% since June, with U.S. crude surpassing $91 a barrel. This increase poses risks as the Fed aims to bring inflation back to its 2% target without sparking an economic downturn.

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In other words, Biden’s inflation reduction policies have FAILED MISERABLY!

h/t Remedial_Rebel

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