“That’s a huge increase in costs, way more than it should be..?
“
Yes, costs have dramatically risen, alongside the amount of oil production which made US the world’s biggest producer.
Many of the people you are referring to chose to believe nirvana of high prices lasts forever, while those of us around awhile know there are always cycles.
Down cycles like we are in now root out those not smart enough to plan accordingly for them.
The current stock market is the same, as some in it now believe it will never go down, while the smarter ones know better.