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The oil apocalypse is here (www.youtube.com)
submitted 1 month ago by to c/collapse@slrpnk.net
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What began as one oil shock has now multiplied into three separate catastrophes – an oil shock, a shipping shock, and a refinery shock – each triggered by a different war in a different part of the world, culminating into a global catastrophe that’s already hitting. This video would not have been possible without reporting by Bloomberg, the Wall Street Journal, the Financial Times, Reuters, CNN, Defense Express, Marine Link, and others.

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[–] 1 point 1 month ago

Temporary until new energy comes online.

That is my point. The new energy does not need to be fossil fuels. We had similar oil prices in the early 2010s for years. That was without any major supply disruption. Since then inflation has been pretty high, so in real terms the oil prices back then were actually worse. We therefore very clearly have demand destruction not due to the oil price being too high, but demand destruction. That is without a major financial crisis or virus.

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