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Peter Goodman: Hoarding Is Driving Energy Prices Higher Everywhere
As wealthy nations scramble to secure stocks of oil, the result is higher prices for all and shortages in vulnerable countries.
In his latest New York Times article, Peter Goodman explores how rising energy prices from the Middle East conflict are exposing a harsh reality of the global economy: markets don’t always distribute resources fairly. Instead, wealthier nations are securing oil and fuel by outbidding others, leaving poorer countries facing severe shortages.
Goodman argues that this dynamic—often described as “hoarding”—creates a self-reinforcing cycle. As countries rush to protect their own supplies, prices surge even higher, worsening global scarcity. The result is a system where access to critical resources is determined less by need and more by purchasing power.
Drawing comparisons to past crises, including food shortages and the Covid-19 pandemic, Goodman shows how global shocks repeatedly trigger the same pattern: countries prioritize their own survival, restrict exports, and compete aggressively for limited goods. These actions may protect individual economies in the short term but ultimately deepen inequality and disrupt global supply chains.
The current energy crisis highlights a broader shift away from the idea that global trade ensures stability. As nations increasingly act in their own self-interest, Goodman suggests that the global economy is becoming more fragmented—where borders matter more, cooperation weakens, and the gap between wealthy and developing countries continues to widen.
Visit The New York Times to read the full article.
Peter S. Goodman is a standout keynote speaker on global economics, trade policy, and financial markets, known for his ability to translate complex economic shifts into clear, compelling narratives. Goodman offers a vital perspective on the geopolitical and economic consequences of policy chaos, making him an essential voice for audiences seeking to understand the fragility of markets in an age of uncertainty. His speaking engagements are managed exclusively by WWSG. To host him for your events, contact us.
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