Good article, Krugman has had a large presence on YouTube in the last few weeks. I think Krugman feels the same way I do about Trump, but as a public figure he has to keep his feeling more on the downlow.
He chose an interesting video to pair with his article. Krugman wants to scream to the winds about how much Trump has fucked America. Trump's next bad move will bake $200 oil in the cake.
A System Failure is Not an Oil Bull Market
This is not simply higher prices. It is disruption of oil, gas, fertilizers, and critical trade flows. It may produce a short-term bull market in energy, but that strength will persist only until the economic system begins to weaken.
Demand destruction and economic fragmentation are the most likely outcomes. That is the core flaw in the structural bull market thesis. In a world constrained by debt, weak growth, and systemic instability, it is unrealistic to assume that capital cycle dynamics from decades past will repeat.
So in summary, after we get high gas prices they will come back down, but nobody will have a job.