In recent months, there has been the issue of scarcity of fossil fuels and their increase in price, specially in the European markets. This is a product of the sanctions on Russian oil and gas. European countries (most of them) will not buy the gas as a form of sanction applied to Russia, in order to reduce Russia's revenue. The problem with this is that the European countries have created scarcity for themselves. Russia has been able to sell its oil and gas to other countries and these countries are reselling to the Europeans at increased prices.
The caps are supposed to be able to reduce scarcity and reduce prices. The questions are: What happens if third countries do not participate in the caps? What if Russia does not sell its oil or gas to countries that will participate in the caps?
The obvious solution is to get rid of the sanctions before the oil and gas find permanent markets outside Europe.
For further information, read this article
In my opinion, no price cap will be able to fix things
It seems kind of strange than in a capitalist system one can dictate a price to the seller
Isn't it like a price control? Not capitalistic at all. I think they want to use insurance in order to enforce it.
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