Thank you for attending this year’s Energy Conference, hosted jointly by the Kansas City and Dallas Federal Reserve Banks. A lot has happened since we convened last November, including the widespread distribution of vaccines and a further reopening of the economy. The virus continues its disruptive presence, though to lesser degree. For the economy, the key development has been a seemingly abrupt transition from a world of demand shortfalls to one of supply constraints. Surging demand over the course of 2021, supported by aggressive fiscal policy and accommodative monetary policy, has pushed on a supply side that ... (full story)