More Drilling Won’t Shield U.S. Consumers From Oil Price Shocks

AI Summary

The article argues that increased U.S. oil drilling would not protect consumers from energy-driven price shocks. It links persistently high inflation to elevated food and energy costs amid the war in Iran, while noting political backlash against the administration.

Another month, another distressing Consumer Price Index report. As the war in Iran drags on, inflation in the United States is remaining stubbornly high, driven in large part by sky-high food and energy costs. Overall, prices rose four-tenths of a percent over the last month, and are expected to finish the year at a four percent increase as compared to 2025 – a blistering increase that reflected itself at the polls in last week’s midterm elections, where a blue wave has largely been viewed as a rebuke of Trump, his war in Iran, and…