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stale2002

Saidi Arabia has more than enough extra capacity to keep prices in check and make a bunch of money in the process.

This is why oil prices, while high, have no reason to hit stratospherical levels. The world will be fine.

This is about finished products, not crude oil. We have enough supply of crude oil to go around but not enough refinery capacity. That's why diesel price is at all time high nominally . People in first world countries will be fine, people in developing countries will suffer greatly if this goes on.

Russia contributed about 1/4 of all oil products in the past. The damage they are rightfully taking will take years to fix. Nobody in the west will be selling the replacement equipment for a long time.

Prices are not going down for a years.

Perhaps this will help shifting to other sources of energy, renewables and such...

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