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Grainne@lemmy.dbzer0.com

Oil and gas prices won't immediately return to normal even if the Iran war ends, the EU warns (apnews.com)

submitted 4 days ago by Lemmynated@lemmy.zip to c/world@quokk.au

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[–] orbituary@lemmy.dbzer0.com 12 points 4 days ago

Rocket ship up, parachute down. Always.

[–] WalleyeWarrior@midwest.social 5 points 3 days ago

Well yeah, even if all the infrastructure was untouched by the war it would still take months to get all those drill sites operational again, many are likely contaminated with ground water that will make extraction much more difficult. Tensions will still be high so shipping will still be dangerous and more expensive as well.

But loads of infrastructure has been damaged, so even if the war ended right now and drilling operations got started right away, production will be nowhere near what it was 8 weeks ago.

[–] hobata@lemmy.ml 2 points 4 days ago

Shocking, truly. Almost as predictable as relationship between crude and petrol. If crude prices rise, petrol becomes pricier. And if crude prices fall, petrol gets pricier.