The cause of the recent inflation seems clear, but a lot of people are getting it wrong. Kamala Harris is blaming price gouging, dismaying even people who are trying to cheer for her. Donald Trump, in his interview with Elon Musk, pointed to oil price increases as the main driver of inflation – which is plausible enough to deserve an actual refutation, since transportation prices do drive up the price of other things, and oil is also a chemical feedstock. But the early-2000s oil price jump ...
