In times of crisis, the oil industry delivers a perennial warning: “You can’t print barrels.” While central banks can — and do — run their presses to soothe financial markets, the same option isn’t available in energy markets. And if conjuring crude is implausible, delivering diesel out of thin air is even more impossible.
Right now, the world wishes it had a diesel printer as two wars — US-Iran and Russia-Ukraine — combine to create an enormous shortage, pushing the cost of the fuel to all-time highs. In the US, the retail price topped $6 a gallon last week for the first time; it was about $3.50 at the beginning of the year. In the wholesale market, it’s changing hands above $5, pointing to further pain at the pump.
