Sorted,have started new thread on Russia/Ukraine
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I think we all have seen market jitters in various crisis ... and we all know that assuming short spikes in any direction just keep going into the same direction never made sense, and so it does now.
People are incredible flexible to adapt when their access to resources changes - people who used to bath every day in campaign might find that cheap local bubbly does quite the same job (saving to transport the campaign from France, less petrol consumption), people who used to drive their kids with the SUV to school next block might find that their kids actually have feet they can use for walking (less petrol consumption) and people who could not live without annoying the neighbourhood with doing motocross wheelies in their garden every weekend might find that using a mountain bike is a much healthier sport and burning no costly petrol.
If petrol is $15 a litre, consumption will drastically drop - and so will the price.
As well - if petrol is $15 a litre, every uneconomical oil field around the world will turn huge profits and more and more people will pump oil. Guess what - petrol prices will fall.
No panic, and unless the Russian dictator decides to end the world in a nuclear winter and murder suicide - nothing big will change for most people ... and even in the worst case has the southern hemisphere reasonable chances to survive.
BTW - I used to holiday at various times in countries with a petrol price of roughly 4 to 6 dollars (NZ) per litre . Guess what - they drive a bit more economical cars (which is good) and maybe drive more scooters than cars, but otherwise ... they have a fine life - not an issue.
Just relax.
Saudi arabia has no nuclear arms.. and apparently their soldiers are not great (they bail out of expensive planes rather than die in an unislamic way).
Their women will need liberating if petrol gets to $15.