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sandee_eggo t1_iuzksu4 wrote

Reply to comment by amanamongbotss in What factors contribute to gas prices? [OC] by USAFacts_Official

And what portion of inflation is gas prices?
And why are gas prices so low in the US compared to other countries?

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amanamongbotss t1_iuzsrei wrote

I agree this should be adjusted for inflation, but the other thing is a different graph totally

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sandee_eggo t1_iv0yo2w wrote

I had someone telling me irl yesterday that oil is a huge component/cause of inflation. While that makes common sense because we use oil to make and distribute so many products, oil prices are relatively low in America, and things like housing and health care make up a huge part of our household budgets. I mean, housing is like 30% of our budget.

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amanamongbotss t1_iv142ro wrote

Oh this actually is adjusted for inflation.

But yea I believe oil does work it’s way into inflation pretty heavily, especially in public sentiment about it (gas prices are strong correlated with the sitting presidents approval rating- they’re almost identical).

I think inflation is also lower here in the US than many places abroad, and yea- while oil is a big chunk of that we have a lot of other things contributing too. Cost of wheat products for example. And I think the microchip shortage and other supply chain stuff as well…

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