In a Wall Street Journal article on the rising price of natural gas resulting from the current spate of hot weather, there’s this regarding the broader role of natural gas prices in inflation.
Pricier natural gas adds not just to the cost of dialing down the thermostat but also to that for making fertilizer, steel, cement, plastic, and glass.
And, through that fertilizer price increase, the cost of food—directly in the cost of wheat-, corn-, soya bean-based foodstuffs, and indirectly in the cost of beef, chicken, and other meat animals that are fed these plants.
And, through corn’s role in ethanol production, the cost of fuel.
Which is pretty much the full reach of our economy.
The inflation resulting from limits on natural gas production also results from similar limits on oil and coal production.
But hey, we can all just go out and buy electric cars….