A world oil shortage is near. International demand will deplete domestic supplies as foreign nations bid up pricing.
The world is running out of oil. Implausible three months ago, the likelihood of a crude shortage on a global scale is becoming increasingly realistic with each day that the Strait of Hormuz remains almost completely blocked.
The Iran war should accelerate the transition to EVs through increased fueling and maintenance costs. Such a transition will result in much cleaner air.