Not nothing. Demand is a critical part of the equation, and cheap money ramps up demand. You're totally right about oil companies, but there IS a cure for them...I just read that from 2007 to 2022 the share of renewable energy production in the country rose from 7% to 22%. Maintain or accelerate that pace and they'll be begging us to buy their product. Also hard to determine relative cruelty. It's cruel if housing is bid up too high for people to afford houses as well, and rising prices have wiped out wage gains for workers. I built my first (and last) spec home in 1980, As I worked, Volker was crushing double digit inflation with interest rates that pushed 20% and I knew little about interest rates...I lost everything, it cost me a year's worth of labor and killed my little business. Still, double digit inflation had to be crushed, and after a couple of hard years I reloaded and tried again, did OK and then did better, mortgage rates stayed above 6% for a couple of decades but there was still plenty of work, inflation was low, and I comfortably raised my rates above it.