People think oil producing country/state are spared from capitalist greed are really naive. If oil hit $200 per barrel the oil company will still sell their oil and fuel in market price.
Yeah the people selling it want one thing only - the highest profit possible. If elsewhere is paying more thats where they’ll sell it. The countries that are producing it might make some savings based on transportation and shit, but they’ll be paying the same or they wont be getting it.
(The few) Places that regulate and tax extraction properly, or state own it should capture a decent amount into their tax base. In principle that can be used to compensate the people in various ways.
People think oil producing country/state are spared from capitalist greed are really naive. If oil hit $200 per barrel the oil company will still sell their oil and fuel in market price.
Yeah the people selling it want one thing only - the highest profit possible. If elsewhere is paying more thats where they’ll sell it. The countries that are producing it might make some savings based on transportation and shit, but they’ll be paying the same or they wont be getting it.
(The few) Places that regulate and tax extraction properly, or state own it should capture a decent amount into their tax base. In principle that can be used to compensate the people in various ways.
It’ll still impact the price of anything that’s imported/exported, since the shipping costs will go up.