A price cap for oil - with this proposal, every market-trained person is initially defensive.
Economics Minister Robert Habeck supports the idea of capping the price of oil by large oil-consuming countries forming a cartel.
This goes against all economic principles.
They tend to say: If a good is in short supply, the price has to be high so that people use less of it.
But the oil is not running out.
Unfortunately, only the delivery flows are currently changing.
The West no longer wants Russia's oil, but unfortunately it will still be sold – to other countries, albeit at a discount.
In this situation, if the West could find a way not to pay excessively itself, that would be worth considering.
But it is also clear that a broad coalition of many countries is needed to make such a pact a success.
The states that have joined the Russia sanctions are probably not enough for this.
Establishing a buyers' cartel can still prove to be difficult.Keywords: