>Reported record annual profits after oil and gas prices surged last year following Russia's invasion of Ukraine.<p>I'm surprised by how short termed is the strategy to actually keep up with 'market' prices. (which they don't have to do, as their workforce and costs are basically staying the same, hence a hike in price increases profits)<p>They make higher profit now.
But how much demand destruction will happen in the long term ?<p>I myself just got an ebike to commute, which comes with a nearly 100% reduction in energy use. And I'm not alone.
There isn't any traffic jam anymore to commute to where I work, because remote working is becoming widespread (first because of covid, and now gas prices), so much fewer drivers are using their cars.<p>The local government has eventually passed laws to require landlords to properly thermally insulate homes (within a decade)<p>Trains were scheduled again, and became popular. I no longer hear about someone driving across the country. They would just get a train (which also comes with huge energy savings)<p>I'm surprised because the current hike isn't even fueling demand for EVs (as recharging your EV is now as expensive as getting a full tank in public spots)<p>Ppl are just shifting away from cars and some energy intensive usages, this time.