Pain at the Pump: Nobel-winning economist says 'no relief in sight' for high gas prices
Nobel laureate economist Paul Krugman stated there is no relief in sight for high gas prices, with oil trading near $100 per barrel and diesel hitting record highs. He explained that the ongoing wars in Ukraine and between the US and Iran, along with refinery capacity shortages, are driving up prices.
Consumers can expect to pay high prices for gasoline and diesel for several months, impacting household budgets and potentially contributing to broader economic slowdown.
Paul Krugman also discussed potential solutions for Social Security's funding shortfall, including raising the cap on income subject to payroll taxes.
PAUL KRUGMAN GAS PRICES UKRAINE WAR IRAN WAR SOCIAL SECURITY
MORE FROM MS NOW POLITICS
- Trade War ESCALATES: Trump puts new BAN on some Canadian imports 5D
- WH official: Trump HOLDING BACK super PAC money from GOP to save it for his legal battles C
- 'As LOW as it gets': Trump makes new 9/11 claim in his disputed role after terror attacks CL
- Trump's wars: U.S. strikes Iranian oil tankers, bans Canadian goods in trade war L