[95% of oil supply okay and 5% cut off for a while——not an excuse for billions of dollars in price gouging.]
Commodities prices are set at the margin. 5% excess means a big price slump, just as a 5% shortage means a big price hike. People don’t just want oil - they need it. Can’t make plastics or get from point A to point B without it. So industrial users will bid what they have to, to get the oil supplies they need. Fracking provided, over decades, about the amount of Saudi oil taken out of production by Iranian attack in one day. It’s a major development. Without the Saudi oil taken out of production, we’re looking at $100 oil, easy.
Depressing.
But thank you for the factual input here. At 73 I’ll hate to switch to a skateboard but if gas goes too high I’ll have to.
Maybe hitch a ride on the back bumper of one of Hillary’s heavy, huge SUVs. My sister in law lives in Chappaqua.