The spike in energy and commodity costs has way more to do with supply side dynamics. Upstream suppliers have been hesitant to add capacity because they can’t t

The spike in energy and commodity costs has way more to do with supply side dynamics. Upstream suppliers have been hesitant to add capacity because they can’t tell if the spike in demand is sustainable or just a snapback post-lockdown. And OPEC in particular is pressing their advantage when no bank wants to fund frackers that have over invested and then wiped out 3 or 4 times now. We are seeing this in many industries. Inflation hawks/ideologues have called 15 out of the past 0 hyperinflationary cycles and this one will be no different.