According to AAA, US national average gasoline prices reached a record high of $4.374 on May 9th.
Politicians would have you believe the recent surge in energy prices, and overall inflation, is solely due to Vladimir Putin’s invasion of Ukraine.
However, under even the most cursory examination, that convenient narrative just doesn’t pass the smell test.
You see, European natural gas prices began to surge more than a year ago now and reached decade-plus highs last fall, some six months before the Russian invasion.
And global oil prices punched through the $80/bbl level in September 2021, long before there was any inkling of Russia’s plans.
The hard truth is this: The recent surge in energy prices has more to do with disastrous and naïve government energy policy than it does Vladimir Putin, Saudi Arabia, or a handful of other popular scapegoats.
I cover the basics of what’s really driving the current energy crisis in my latest video over on YouTube:
This video does contain an invitation to take a risk-free trial membership to my Energy & Income Advisor service; however, the data and charts I present are important enough that I felt it’s very relevant to readers of The Free Market Speculator.