2008 June $181.50 Barrel of Oil
2008 June $004.10 Gal. of Gasoline
2022 March$99.76 Barrel of Oil
2022 March$04.32 Gal. of Gasoline
If u r blaming anay1 but greedy Oil Corps for their price gouging.
u have bought into their propaganda more than any1 else [period]

Robert Cox u forget about the City of London who has its own Mayor its $25.00 to drive in there … its a tiny area wl/ banks over 800 years old they still rule financially and #1 tax dodger haven in Northern Hemisphere

I can’t understand why a prof of economics puts out such a simplistic explanation of inflation. Yes profit motive is a factor in price rises.

But so are energy costs. The switch from coal to gas in China has mushroomed gas and electricity prices. Energy is fundamental to production of goods and the prices rises in energy will feed into price rises into goods.

Profit making is the sole cause of price rises? I think that smells like confirmation bias.

@ Padraig Ohearghra. Technically you are correct, but misleading in your presentation of fact. Your statement is like saying the U.S. government has been in operation since March 12th, 2022.
I think it’s more important to know that the U.S. dollar has been, continuously and by dictate, the currency of global reserve since 1944. That may end sooner than many would like to believe.

Prof. Wolff is correct. We do have a selective amnesia in the U.S. What he selectively forgot to mention is that Nixon also simultaneously took the U.S. The USDollar has been the global reserve currency since 1972

Prof. Wolff is correct. We do have a selective amnesia in the U.S. What he selectively forgot to mention is that Nixon also simultaneously took the U.S. Treasury off the gold standard— along with wage and price freezes under emergency executive order. The wage and price hikes were short lived; the gold standard never came back. What was unleashed by his removal of the gold standard was the flood of fiat currency that has exacerbated our economic downturn since that summer day in 1971. No problem was solved. It was merely deferred to become a bigger one. Classic “kick the can” government political strategy. Remember government doesn’t control inflation. The professor pointed this out at the beginning of his show. I guess he, uh, forgot.

The USDollar has been the global reserve currency since the end of WWII. Michael Hudson in “Super Imperialism” documents how USA drowned the British Empire in debt and became the sole major power, after 1945. The “Evil Cabal running USA” has used the “Petro-dollar” (being the USDollar) as a key to being the banker of last resort, even extending more USA power through the World Bank and IMF, and also being able to run huge government deficits on “other people’s money.” But now, the smug American Cabal is losing power, as USA tries to halt the bleeding by sanctioning economies that try to break from USDollar. Sanctions are a form of “warfare” and countries like Cuba, Venezuela, Iran, Russia and China are looking elsewhere for a currency for trade. USA continues to wreck itself AND the global financial system by creating new enemies with criminal sanctions. Some say the “Empire of USA” is crumbling, as China and Russia are ALSO playing at “colonizing” and expanding their influence, all those Imperial nitwits are betting on the “Eternal Growth” of capitalism. People like myself are saying: No more Empires, pleeeeease!!!!!! As a Canadian of Irish/German parentage, I am no friend to the old British Empire, and my recent education makes me dislike, fiercely, any attempts by some tin-pot dictator to make me a colonial of some Magnificent Empire of colonial Abuse. We have history that shows empires as a centre that abuses outlying colonies to enrich a few “elite” oligarchs or “kleptocrats” or mere phallocrats, simply misogynist, patriarchal, psychopathic control freaks that are determined to undermine absolutely anyone standing in the way of their expansion of that Eternal Growth that male penises crave. It’s simply domination, domination, domination that needs to end.