Originally Posted by steelslaver

I was comparing the yearly average and did make an error. But, 2023 still had a 5% increase in production from the high in 2019
12,930,038 daily average-12,307,666 daily average=622,37 increase in daaily average.
That divided by 12,307,666=.050567

As far as consumption goes in 2018 the US consumed an average of 19,417,000 barrels a day, in 2019 it was 19,424,000 and in 2022 it was 19,140,000 a day, less than 2018 or 2019. The numbers for 2023 do not appear yet, but will probably still be below 2018-19 numbers due to cost. So, demand is actually down. BTW, I know several board men at different refineries and none of them are running at their peak capacity. I just got done with a job at a refinery and am still in touch within the business.

In other words we are producing more, consuming less, yet paying more. Way more than explained by inflation. Take a look at the record profits being posted by the petroleum companies for the cause.

As far as inflation goes. Any one who believes the 8.6 trillion added between 2008 to 2016 and the 7.8 trillion added between 2016 to 2020 have nothing to do with the current inflation is seriously deluding themselves.