Source: Semafor
by Tim McDonnell
“Fossil fuels are an economic liability, and not just because of the war in Iran. Rising energy costs were a major driver of the hotter-than-expected US inflation figures reported yesterday. This fact won’t surprise anyone reading this newsletter. Still, the numbers are pretty astonishing: Behind an overall gain of 3.7% across all goods and services in the past 12 months, gasoline prices are up 34.2%, and fuel oil prices (relevant mostly for home heating) are up 74.2%. The proximal cause is the war, of course, and the figures cement that US President Donald Trump has by now run out of time to change the picture ahead of the midterm election. But the broader takeaway here is that the inherent volatility of oil and gas prices is a persistent vulnerability in the US economy that can only be solved by limiting exposure to these energy sources.” (10/15/26)
https://www.semafor.com/article/10/15/2026/fossilflation-is-a-permanent-risk-to-the-us