The term serials crisis has become a common shorthand to describe the chronic subscription cost increases of many serial publications such as scholarly journals. The prices of these institutional or library subscriptions have been rising much faster than the Consumer Price Index for several decades, while the funds available to the libraries have remained static or have declined in real terms. As a result, academic and research libraries have regularly canceled serial subscriptions to accommodate price increases of the remaining current subscriptions. Increased prices have also led to the increased popularity in shadow libraries. On August 25, 2022 US Office of Science and Technology Policy under Biden's administration issued guidance to make all federally funded research in the USA freely available without delay. Causes The subscription prices of scholarly journals have been increasing at a rate faster than the inflation rate for several decades. This chronic inflation is caused by several factors, discussed below. Price inelasticity Each journal title publishes unique research findings and as a result is a unique commodity that cannot be replaced in an academic library collection by another journal title, such as a less expensive journal on the same subject, as one could with commodities. The publisher thus has the ability to act as a monopolist. Scholarly journals vary greatly in quality as do the individual articles that they publish. The highest quality journals are often expected and demanded by scholars to be included in their institution's library collections, often with little regard or knowledge about the subscription costs. Traditional metrics for quality in scholarly journals include Impact Factor and Citation count as recorded by Journal Citation Reports. This leads to price inelasticity for these higher quality journals. Publishers Another possible set of factors in this situation includes the increasing domination of scholarly communication by a small number of commercial publishers, whose journals are far more costly than those of most academic societies. However, the institutional subscription prices for journals published by some academic society publishers (see below) have also exhibited inflationary patterns similar to those seen among commercial publishers. The earnings of the American Chemical Society (ACS), for example, is based, in large parts, on publications. In 1999, the income of the ACS was $349 million, where $250 million came from information services. According to a 2004 House of Commons report (by the Science and Technology Committee), the ACS is one of the driving forces