It's the best kept secret on the planet. High oil price = economic collapse. What was the price of a barrel of oil in january 2008, $96. What was it 6 months later, $140. You simply can't run a modern economy on oil that expensive, no one can afford to do business and the homeowners in the outer suburbs with the big mortgages can't afford to get to work.
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What was the oil price on January 20, 2017 when Trump took power, $53 a barrel. It stayed relatively low throughout his term, which ended on January 20, 2021, at which point it was about $51 a barrel. That's why the world was swimming happily along during his term, a oil price that allowed business as usual.
Now it's over $80 and Gas is going up, supply chains are collapsing, inflation is rampant, and half the people here are blaming a politician or Covid or truck drivers or whoever they can point a finger at, when in fact it has nothing to do with them and everything to do with a the price of a non-renewable energy source which is the major power driver of business on the planet. The shale oil delusion allowed the masses to go back to sleep for a decade but that gig is up now having incurred hundreds of billions in debt and never made a red cent. It's like Tesla, a delusion the masses pin their hopes on. I feel sorry for anyone who has their retirement savings in either Tesla, shale oil or bitcoin, they are all doomed to great losses.