Andrew Jenningsmaybe 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
Peter Ellis@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.
@peter_ellis the information is hard to find, as it is market sensitive. But the world has lots of oil.