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In late October, U.S. President Joe Biden accused the oil and gas sector of "war profiteering" and threatened to seek a windfall profit tax if the industry did not increase production to curb gasoline prices. [82] Coming out of the COVID-19 pandemic, some argued for the possibility of a base effect phenomenon due to cheaper than normal prices ...
Due to the COVID-19 pandemic, Congress and President Trump enacted the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) on March 18, 2020. The Congressional Budget Office estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest ...
On 20 February 2020, stock markets across the world suddenly crashed after growing instability due to the COVID-19 pandemic.It ended on 7 April 2020. Beginning on 13 May 2019, the yield curve on U.S. Treasury securities inverted, [1] and remained so until 11 October 2019, when it reverted to normal. [2]
“Supply chain jams, manufacturing shutdowns, labor shortages due to the COVID-19 pandemic, sanctions on Russia limiting oil imports, the U.S. government minting money for stimulus payments, and ...
We have heard for many months now that inflation is running wild. According to the Bureau of Labor Statistics, the rate of inflation between May 2021 and May 2022 was 8.6%, the largest 12-month...
Gasoline prices rose 1.8% while natural gas cost 1.8% more, but electricity prices were unchanged. In the 12 months through January, the CPI increased 3.0% after advancing 2.9% in December.
The COVID-19 pandemic caused far-reaching economic consequences [1] including the COVID-19 recession, the second largest global recession in recent history, [2] decreased business in the services sector during the COVID-19 lockdowns, [3] the 2020 stock market crash (which included the largest single-week stock market decline since the financial ...
The COVID-19 pandemic was a pandemic of Coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2); the outbreak was identified in Wuhan, China, in December 2019, declared to be a Public Health Emergency of International Concern from 30 January 2020 to 5 May 2023, and recognized as a pandemic by ...