CBS News on their Twitter account cited the cause of inflation is due to the crisis in Ukraine. "Gasoline prices, which have hit eight-year highs — could surge even further if the hostilities escalate or if U.S. lawmakers pass another round of sanctions."
While CBS may think inflation is caused from the Ukranian Crisis, it does not explain why the price of gas per gallon in the US has been on a steep incline since May 17 2021. With very little relief for American drivers. Long before a crisis in Ukraine.
While the United States does trade with Ukraine, products imported from Ukraine are iron and steel, inorganic chemicals, oil, iron and steel products, aircraft, and agricultural products. Which accounts for roughly 1.8 Billion in imports. This does not explain the surge in inflation.
While higher gas prices will directly translate into higher prices of all products due to the increase cost in shipping, if the United States was energy independent, this crisis could be averted.
We strive to bring you the facts as they are presented. If you have an edit or comment please let us know. If you like our articles please hit the heart at the bottom of our page and share. WecuNews is a small independent outlet, that survives on donors. We don't run expensive ads, or even advertise on our page so your support is important to us. We accept donations as small as $1 to our cash app $WecuNews. Again, thanks for reading.