FILE - Fuel trucks line up in front of storage tanks at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. OPEC and allied oil-producing countries will decide on output levels Thursday Nov. 4 2021, with President Joe Biden urging alliance members Saudi Arabia and Russia to increase production and lower U.S. gasoline prices at the pump — so far to no avail. WASHINGTON — .
Energy costs soared 4.8% just from September to October, with gasoline, natural gas and heating oil surging for the same reason that many other commodities have grown more expensive: Demand has risen sharply as Americans are driving and flying more, but supplies haven’t kept up. For months, Federal Reserve Chair Jerome Powell had described inflation as “transitory,” a short-term phenomenon linked to labor and supply shortages resulting from the speed with which the economy rebounded from the pandemic recession. But last week,The Fed chair announced that the central bank will start reducing the monthly bond purchases it began last year as an emergency measure to boost the economy.
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