Andrew Jennings
maybe the Australian government needs to do a bit of education on how the oil market works https://science.howstuffworks.com/environmental/energy/crude-oil-market.htm When prices rise, a whole set of producers fire up and start pumping. It takes a while to get moving, but it self corrects very quickly. Short of the apocalypse we are extremely unlikely to have high prices for a long period. #auspol
How the Crude Oil Market Works

The ever-changing price of a barrel of oil has a lot to do with what we pay for gasoline at the pump. But do you know the four major factors that contribute to the price of oil?

HowStuffWorks
Mar 22 at 3:54amWeb
Show threadLats (314 ppm)Mar 22
@andyjennings hmmmm, so really it’s the gulf states that will the losers if their infrastructure gets bombed? As well everyone else till the correction works thru.
Show threadAndrew JenningsMar 22
@Lats Left defenceless and only Australia came to their aid. They have considerable financial power, and they will not forgive this.
Show threadLats (314 ppm)Mar 22
@andyjennings lucky for us that Albo thought ahead. I would prefer that some off shore wind turbines were built though.
Show threadPeter EllisMar 22
@andyjennings My understanding is that refineries in Asia that have been built around crude from the Gulf would take years and big dollars to adjust. Also that the previous fastest build up of new oil production capacity was US shale which took a decade to add 8 billion barrels per day - less than would be needed if Hormuz stays shut forever. But I know nothing with any confidence, I could have this all wrong.
Show threadAndrew JenningsMar 22
@peter_ellis the information is hard to find, as it is market sensitive. But the world has lots of oil.