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Global inflation fears as oil price rises towards $100 a barrel
(www.theguardian.com)
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this post was submitted on 18 Sep 2023
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Wish I knew what the oil cartels hope to achieve with this. It's not as if we're ever going to soften on support for Ukraine. Maybe just lashing out?
They're cashing out. They know the jig is up and they're not investing in new wells like they used to and are justenjoying the higher profit margin on the existing wells.
As well as the EV transition is going, we’re still decades away from them becoming the dominant consumer vehicle worldwide. Even further away for commercial vehicles, and further away still for shipping and planes. These countries are making hay while the sun is shining. If the West had any balls it would sanction the shit out of cartels like OPEC. Problem is, voters punish politicians who allow gas prices to rise, and OPEC knows this. We’re not willing to trigger a price war by enacting sanctions.
Super agree that they strongly prefer a certain stripe of US politician, understand our electorate, and pull their levers accordingly. It would be immense if we could short circuit that weakness in our democracy somehow. A green new deal would have done that, but the Dem party oldsters seem to hate that idea.