scotty_dont t1_j90sik3 wrote on February 18, 2023 at 10:25 AM

Reply to comment by dontpet in Globally, the total cost of energy for households has likely increased between 62.6% and 112.9% since Russia invaded Ukraine, say international researchers. An additional 78–141 million people worldwide could be pushed into extreme poverty as a result of these increases. by MistWeaver80

Different sides of the same coin. The reliance on marginal suppliers has massively increased, which has pushed up prices for the whole sector, which has resulted in massive profits for everyone.

If your really need X barrels of oil and a marginal supplier can squeeze you for those last few barrels well… suck it up because that’s the new price of oil. There is nothing else that can be done; your demand isn’t elastic. Demand has to be killed with declining economic activity until we are back to balance.