Night School, Class 1: Green energy’s big year
Behind the Money
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The Impact of High Oil Prices on the US Economy
High oil prices still have a huge impact on some of these energy intensive industries like manufacturing. Last year the Biden administration was also contending with inflation across the economy that was running at four decade high. And underlying that was the cost of energy which was rising. So it's a very complex thing. We're spending less in the US economy as a proportion of our households spending than we ever have on energy. But energy underlies all the other things that we're spending at the moment.
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