So he's pretending like the theoretical framework of capitalism is responsible for the manipulation of the supply of a commodity performed by an aspiring central-economy hegemony. That would mean he is completely wrong. He's using the term "fair market" and applying it to a market that everyone knows isn't allowed to operate under the laissez faire principle. There is nothing correct about his statement. He's just misusing terms he doesn't understand. How could you even say he's not wrong? The price of oil has never been a "fair market" price. The supply has always been artificially manipulated whether by OPEC, Russia, or the US.