At some point in their lives, most people learn some version, no matter how rudimentary, of the supply and demand curve. At some later point in their lives, nearly all of those people conclude none of that applies to oil markets, which are, they claim, manipulated by politicians, or a cartel of Western oil companies, or OPEC, the Organization of the Petroleum Exporting Countries, with 13 members mostly from the Middle East and Africa. But that is a mistake, Clark Williams-Derry, an energy analyst for the Institute for Energy Economics and Financial Analysis, told Motherboard. He said oil markets are

Europe wants to cut imports of gas from Russia by two-thirds within a year. Behind the scenes, politicians and companies are already scrambling to work out how to cope next winter. The obvious upshot, one might expect, would be a change in consumer behaviour not seen since the 1970s, when dizzying oil prices caused a rethink of how the West lived. Not so. While European leaders exude an air of war-time concern, the public is living as if nothing were amiss in a continent at peace. The Economist