Question

Do increasing oil prices help or hurt the U.S.’ GDP? And inflation?

Answer 1

$\huge {\underline {\underline {\sf {❥ \: Answer}}}}$

Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. ... Increases in oil prices can depress the supply of other goods because they increase the costs of producing them.