Pumps marked with a SOLD OUT sign at the gas station.  Automotive oil, diesel and gas shortage concept illustration

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Crude oil is the most important commodity influencing the markets today. The price of oil drives up transport and energy costs. Higher energy costs not only raise the “price at the pump” of fuel, but virtually all commodities due to the transport costs. Therefore, the long-term inflation outlook closely follows the immediate price of crude oil. In reality, crude oil could have a more significant impact on inflation than the Federal Reserve’s short-term changes…

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