my bet is: as long as we need to completely transition to renewable transport, because everything we eat, build and wear needs to be transported and most of us don’t work from home or study from home:
oil prices are high because that’s what putin can use as leverage against the developed world after his failed annexation of Ukraine and it’s clear he’d rather die than accept Ukraine is an independent country. Global warming makes a transition to renewable energy inescapable and even if putin died today and Russia opened the taps again, it would only slow down the transition.
But holy shit, it’s gonna be hard and expensive, it’s going to take decades and every populist politician of both left and right is going to fight it. My bet is 2 decades.
What do you think?
Inflation has cooled, but that doesn’t mean prices go down. They most certainly will not. In fact much of the price gouging was due to corporations colluding or leveraging monopolies to raise prices across the board, since they aren’t beholden to any real regulation with teeth.
So, I suppose it “ends” when employers give pay raises commensurate with the pricing increases. Don’t hold your breath…