Why are transaction costs still so high on ETH after merge?

Etherum Reddit

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The system suddenly consumes only a fraction of the resources it consumed before, so why are transaction fees still that high (~0.6$)?

It seems like it gave up on the security provided by POW without giving any benefit for the end user - at transaction prices this high without the benefits of POW ethereum is really unattractive to build upon in comparison to other POS ecosystems. This can only push the value of ETH further down.

submitted by /u/Voldemurmurmur
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