It seems to me that these oil billionaires and whoever else are interested in sticking it to consumers. Investopedia says: Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e., inflation). Stagflation can be alternatively defined as a period of inflation combined with a decline in the gross domestic product (GDP). Sounds to me that the rich keep getting richer.
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