Global oil reserves. Created and maintained to prevent just such a thing. It’s part of the dance the the oil industry has been doing for decades to prevent fuel hardships and price hikes, and keep people choosing to stick with their cars, instead of using public transport or alternative fuels. And it’s worked since the Arab oil embargo of the 70’s… (I was there… it was fucked up how fuel was ratioined and expensive…)
Those reserves are what the article is pointing out.
They’re coming close to hitting the level that means there is literally not enough oil to maintain the pipeline pressure that keeps it moving to the refineries. Nor is there enough oil being pumped in the US to maintain the global supply. This is BIG. Once that internal pipeline pressure drop happens, it’s going to be the price increases from hell and shortages galore.
Makes me supremely glad I can ride my bike to work.
And specific cap on oil prices is because depletion of those reserves have been so rapid, together with less China imports (they have their own high reserves). This can make the latest wolf cry for imminent peace more likely true, if reserves are on the brink.
Global oil reserves. Created and maintained to prevent just such a thing. It’s part of the dance the the oil industry has been doing for decades to prevent fuel hardships and price hikes, and keep people choosing to stick with their cars, instead of using public transport or alternative fuels. And it’s worked since the Arab oil embargo of the 70’s… (I was there… it was fucked up how fuel was ratioined and expensive…)
Those reserves are what the article is pointing out.
They’re coming close to hitting the level that means there is literally not enough oil to maintain the pipeline pressure that keeps it moving to the refineries. Nor is there enough oil being pumped in the US to maintain the global supply. This is BIG. Once that internal pipeline pressure drop happens, it’s going to be the price increases from hell and shortages galore.
Makes me supremely glad I can ride my bike to work.
And specific cap on oil prices is because depletion of those reserves have been so rapid, together with less China imports (they have their own high reserves). This can make the latest wolf cry for imminent peace more likely true, if reserves are on the brink.