I wouldn't quite rely on this article as a game changer. The author's evidence for his shocking headline is exclusively him assuming his own conclusion, and the

I wouldn't quite rely on this article as a game changer. The author's evidence for his shocking headline is exclusively him assuming his own conclusion, and then adding a healthy helping of fudgery on top of that. From the article --- How do you aggregate just the oil industry? Well, it’s pretty clear that in 2021 and 2022, the industry did fantastically well, with the “the top 25 companies [making] more than $205 billion in profits in 2021,” and an “even more astounding” amount in 2022. Of course, not all profits are due to price-fixing, but $205 billion is just the top 25, not the whole industry. And profits got much much better the next year. So let’s layer on a rough guess of a $200 billion increase in profits in 2021 that Scott Sheffield implies, which is 27% of the total corporate profit increase that year. That’s a pretty astounding amount, more than a quarter of the total inflationary increase being a result purely of a price-fixing scheme. --- So he's assuming that 100% of inflation is caused by corporate profits (which is beyond absurd), and then stating that since the oil industry made up 27% of total corporate profits (using evidence that seems to be wildly hand-wavey at best, even though the exact numbers are readily available), that they therefore caused 27% of all inflation. And somehow, the giant price-fixing conspiracy (which is a gross misrepresentation of what the FTC is saying) was the reason they made these 27% of profits (which is absurd).