The Rise of Turkey's Oil Prices

Turkey is so poorly insulated from the fallout from the war just to its north and the associated spike in energy prices. The government has been intervening and spending Turkey's precious foreign exchange reserves to artificially hold the lira near about 20 to the dollar. They invested a lot of money in this very expensive, ultimately unsuccessful holding pattern. And that's meant that Turkey's trade imbalances have dramatically widened. So Erdogan has his fingerprints on this economic mess to some extent, but he also works far more visibly in the eyes of many voters, I think, to alleviate it.