Inflation and the Economy

I teach economics. I majored in economics. I read and study economics. I learn new things from other AP Macro teachers and the Economist and WSJ. I see stupid comments and memes on Twitter and all social media. While complicated, Economics can explain inflation. Please ask me any questions. What is happening with prices can be for the most part explained by supply and demand, market structure, monopolistic competition. No President sets any prices including gas prices but US citizens make the President responsible for the economy. Companies-Exxon, Shell, Chevron can do anything they want and set prices that they want. All oil companies are exceeding profit margins today. We blame the government but say nothing about the companies. The Buck does stop with the President, and that is common, normal, but the President gets too much credit and too much blame for the economy. Our corporations are not blamed or looked at-they get off scott free. Inflation is now at 8.6%, but gas prices are up 50% from last year. That does not match or make sense. Every country today is dealing with inflation and gas prices. We blame Biden, but all Western democracies/COVID countries are dealing with inflation. It is a global issue. We can deal with this. We can lower demand-buy less, drive less. Carpool, ride bikes, take public transit. We wont do this, but we can lower prices-Lower prices are caused by increased supply or lower demand or combination of both. Do your part. Learn, understand. Read economics-do not look at the bias or biased news. Inform yourself.