It only takes half as much oil to produce a specified unit of GDP today as it did in the Carter years. That’s why increased oil prices have not affected inflation like the old days.
There are multiple forces at work pushing the price of oil upwards. I read that OPEC production is lower, and worldwide demand is higher. Perhaps Thackney will illuminate the situation after toying with us for a little while.
Blaming greed is silly, in my opinion. “Greed” operates in all supply and demand situations, there is no more greed today than in the past. Greed is a constant.
Nothin’ in that post I would disagree with.