Here in the Netherlands it is 2.08€/L (9.10 U.S. dollars / US gallon) at its cheapest and 2.48€/L (10.84 U.S. dollars / US gallon) at its most expensive. While a lot of that is taxes, we are well past that mark.

Fyi Canadians pay well over 5$ a gallon. I'm sure others pay significantly more as well.

Just explaining so you know that many people won't understand your comment

Cute, in Austria it's at 7€ now, Germany is higher. But we don't drive gas guzzling tanks.

This won't just affect oil by the way, fertilisers are a direct product of natural gas, bunkering, electricity, transport, the list goes on.

The ripple effect might just pop the AI bubble. Good luck.

haha, reminds me that in 2007 I was delivering flowers when gas prices spiked and I made the mistake of opining that it wasn't all bad - for basically that reason. The owner did NOT appreciate my comments. lol.

Nothing came of it or anything, it was just a little awkward for a bit. And I did express sympathy for her costs. But she could have optimized deliveries SO much better - I tried to help - but she just didn't care. Even though....... it cost her much more gas. heh

She was a good person, just a little blind about some things. :)

Here’s the problem with that idea…yes, global prices could go way up, BUT

• US has lots of oil, so won’t have shortages, just make a few obscene billionaire more obscenely wealthy. We’re deluded enough that renewables and EVs still won’t be an option
• Russia needs to sell oil to stay in the war, and they’ll be able to get more profit
• this mainly hurts everyone else

Are you sure you aren't underestimating the huge volume of demand that needs to be destroyed? I believe something like 20%-25% of demand needs to be destroyed, in both the crude and LNG markets.

The last time demand was 20% lower than baseline was during the two worst months of Covid, when the majority of people were staying inside their home

So the question is: how high does the price of oil have to get in order to force people to consume like they did under the worst of Covid?

I'm no economist, but my gut feeling says it will be sustained significantly higher than $160/barrel.

There's also renewables. Solar is already cost competitive and there's no way EVs aren't flying off the shelves right now

So this makes me think. Did they attack Venezuela first to get access to the oil there and prevent a price spike from happening when they attacked Iran? Or am I giving the current regime too much credit?

U.S. Oil Industry is largely reluctant to re-invest in Venezuela.

Lots of companies are eager to spend in Venezuela — except the ones Trump most needs

“The most enthusiastic are among the least prepared and least sophisticated,” said one industry official familiar with the responses the White House is receiving.

40bn for Milei and bessenets friends. and 93bn alone just for hesgeth staycations.

the black smoke was supposed to be cover so they can organize... right?

Or Trump declares victory (didn’t he already do that?) and goes home. In a bit of circular reasoning, maybe he starts making waves about the Epstein files to distract people from Iran

Iran should request to have a hand in selecting the next US leader. In fairness, they couldn't do much worse than the US electorate...

I think Russia will "mediate" in exchange for concessions in Ukraine.

When our country holds Trump accountable for his illegal acts.