Yes, and then energy prices would decrease due to less demand. Blockchain energy usage maintains demand for energy; which keeps prices high enough that production of renewables can profitably compete with nonrenewables while we reach production volumes of solar, wind, and hemp supercapacitors for grid storage.
> Throughout the first half of 2008, oil regularly reached record high prices.[2][3][4][5] Prices on June 27, 2008, touched $141.71/barrel, for August delivery in the New York Mercantile Exchange [...] The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008.
At that price, there's more demand for renewables (such as electric vehicles and solar panels)
> Since late 2013 the oil price has fallen below the $100 mark, plummeting below the $50 mark one year later.
https://en.wikipedia.org/wiki/World_oil_market_chronology_fr...
... Energy costs and inflation are highly covariate. (Trouble is, CPI All rarely ever goes back down)
