The REAL causal variable behind inflation:View attachment 5620559What's the correlation coefficient of those two data series?
0.98, maybe?
Diesel is the silent the workhorse behind every single economy in the world.
As Doomberg says:
View attachment 5620568The West hasn't built refineries for almost 40 years; instead it has been shutting them down.
Watch those refiner margins rise and watch that diesel price do likewise.
Then watch the ensuing inflationary pulse
[*]You heard it here first.
[*] And of course, then watch the adherents of the "FOSSIL FUELS BAD" religion scramble to look for the next distraction on which to apportion the blame for the inflation.
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