Draghi firefighter

Former ECB President and current Italian Prime Minister Mario Draghi continues to head down a strange path with regards to oil prices.

At home, he's championed a windfall tax on oil and gas companies that's going to further exacerbate problems with under-investment. It's a bizarre turn from a free-market capitalist.

Abroad, he's taking it even step further. He visited the White House this week and spoke with Biden. Energy was evidently near the top of the agenda and he said that both he and Biden agreed that the current structure of the energy market isn't working.

Draghi then floated the idea of a cap on oil prices. He said the idea is to create a cartel of consumers or to persuade OPEC to produce more.

I have no idea how that would work but I have strong suspicions it won't work at all.