prices go up?
Why.
Help.
Why is government printing more money and giving it to me a bad thing. I need it to live.
I’d like both the econ101 (fake, lib, propaganda) and the marxist (real, truth, based) answer pls.
Also huge consolidation during Covid. A lot of smaller fossil fuel producers were acquired during Covid, giving big oil companies even more control. Of course, they had to somewhat follow what OPEC was doing, but OPEC was just doing the same thing (pushing up prices), since they are a cartel by definition.
My favourite thing about opec is they’ll have a production quota X and they’ll produce some Y which is acrually below the quota X, then they’ll decrease their quota Z, which is less than X but still more than they produced. Somehow the markets respond by increasing prices even though the supply uasn’t decreased and there isn’t even a potential for a decrease based on the new information. Very rational system.
