But the price of oil is not outrageous.
I think that WTI topped 147 in 2008... and when underlying wage growth is taken into account, we aren't anywhere near there.
And short of a very active hurricane season... we aren't likely to see it.
This is more of a wage inflation... and I don't think that the buyers at that level are really that wage sensitive.
I think they are above the mean, rather than below the mean.
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