Before the war, the world was producing about 100M barrels of oil a day, and consuming about 100M barrels of oil a day. Now the world is producing somewhere between 85M and 90M barrels of oil a day. That means somebody has to stop consuming 10M to 15M barrels of oil a day. Economists call this demand destruction. The market has a very efficient way to get to this reduced level of demand, it raises the price forcing marginal buyers to stop consuming oil. But if government subsidize the current high price of oil, the demand does not change and the market price has to go higher in order to get that demand destruction. I’m all in favor of lower oil prices like everybody else, but we’ve got a supply demand imbalance that needs to be brought into equilibrium. So either open the Strait so we can get back to 100M of oil a day, or figure out another way to tell the equivalent of 10m to 15M barrels of oil a day that they cannot go to the gas station to fill up their car.(Jim Bianco)