Comments by "" (@timogul) on "Forbes Breaking News"
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@lawrence8146 Sure. In 2020, there was a global pandemic that massively disrupted economies all around the world. Manufacturers cut production, oil producers cut production, all on the expectation of reduced demand. In 2021, when people were getting vaccinated and businesses started to open back up, demand massively increased and there was no supply to fill it. Supply chains struggled to keep up, oil production increased at a lower rate than demand, and oil prices rose. Since most global production requires oil for transportation, this raised the prices on just about everything.
So over 2021 and 2022, inflation went up all over the world. Gas prices in the UK were over $7 a gallon, and their inflation was as high as 14%. Joe Biden managed to spare Americans a lot of that, and kept inflation way down what it was in most countries, well below what it would have been under conservative governments like the UK has, but it would be impossible to prevent all the inflation that resulted from the basic supply and demand disruptions that 2021 and 2022 had.
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