...this inflation was caused by a dramatic increase in the money supply.
umm .... Not caused by drop in oil and natural gas production, which is THE fundamental driving input for mining, manufacturing, distribution, agriculture, fertilizer, and transportation?
oilprice.com
Figure 5 shows four very different patterns of past growth in crude oil supply. The All Other grouping is generally trending a bit downward in terms of quantity supplied. If world per capita crude oil production is to stay at least level, the total production of the other three groupings (OPEC, US, and Russia) needs to be rising to offset this decline. In fact, it needs to rise enough that overall crude production growth keeps up with population growth.
Figure 5. Quarterly crude oil production through first quarter of 2022. Amounts through December 2021 are EIA international estimates. Increase in OPEC first quarter of 2022 production is estimated based on OPEC Monthly Oil Market Report, April 2022. US crude oil production for first quarter of 2022 estimated based on preliminary EIA indications. Russia and All Other production for first quarter of 2022 are estimated based on recent trends.
ogj.com
In its 2022 third-quarter Gas Market Report, the International Energy Agency (IEA) anticipates global gas production growth being slightly negative in 2022, as the expected drop in Russian production resulting from lower demand and higher import diversification in Europe offsets increases from other regions. Limited increases are expected in subsequent years, principally from North America and the Middle East.
According to IEA data, global natural gas supply increased by an estimated 4.1% globally in 2021, supported by the market recovery but hampered by a series of planned and unplanned outages that limited output in several producing and exporting countries. The resulting market tightening was further exacerbated by a drop in Russian supply to Europe despite available production and transport capacity. |
