Particularly this part: “And the results leave little to the imagination: based on the R2, the variance of the relative price of oil explains 66 per cent of the variance of the differential EPS of the oil companies since December 1973, and as much as 73 per cent since January 1980. In other words, oil companies increase their differential EPS mostly through differential inflation. And given the close correlation between net oil profit and OPEC’s oil exports shown in Figure 1, we might expect relative prices to have had a similar impact on the share of OPEC’s oil revenues in global GDP.”