“The story of present-day high inflation in the United States—with a gallon of gasoline now exceeding $5.00, and overall prices increasing by a 40-year high of 8.6 percent—is a stark reminder of politicians willfully ignoring history and repeating its policy blunders.

Inflation rampaging America’s economy is the result of the combination of $6 trillion in new, supplemental federal spending since 2020, ostensibly to combat the coronavirus, and the Biden administration’s climate-change war on traditional energy by restricting domestic production. …

Inflation is fundamentally a monetary issue, the famous economist, Milton Friedman, taught us; specifically, having too much money chasing too few goods. Excess money in circulation converging with a restricted supply of goods invariably increases the cost of the latter and thus cheapens the value of the former.”

Originally published here by RealClear Energy on 8 July 2022.