There are real shortages at this point, and the US doesn’t produce nearly enough diesel to cover the shortfall. The US is looking at an economic crisis at this point with diesel going through the roof. Much of the transportation and farming depend on it. There’s absolutely going to be a cap.

I suspect the global economy is kind of like a chicken running with its head cut off at this point. The energy shortage is structural and cannot be fixed in the near term. And the effects of that have been masked by the fact that tankers were already out when the war started, and took some time to get to their destination, then by countries opening up the reserves. Now both of these amortization measures are exhausted, and we’ll see the real price of energy take effect.