There was a huge boom, a huge expansion of capacity around fracking in response to an earlier spike in prices. A lot of those firms ended up really wiped out because there wasn't actually the final demand there. OPEC also launched sort of a coordinated assault on the American fracking boom. And so there's a kind of rational basis to this capital discipline if you want to think about it that way.
Featuring historian Tim Barker on the state of monetary politics amid the current fight over inflation.
Check out my July 2021 interview with Barker if you want a more expansive primer on inflation thedigradio.com/podcast/inflation-politics-with-tim-barker
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