this post was submitted on 05 Feb 2024
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Unless things change, it looks like it's already over. Oil prices aren't really that high right now, US production is setting records so that's really offset the supply issues from other producers. Gas prices at the pump are about as low as they've been since the bottom during lockdown, at least in the US. I agree the transition away from oil is going to likely increase energy costs to some extent but the recent inflationary period is unrelated to that I think.
Now we all just have to recalibrate our price expectations to 2020 prices x 1.5 or whatever it settled out as. Oh, and we’ve all gotta go find new jobs at the higher rates or we’re all poorer.