alt Hacker NewsIt's not like Europe is actually running out of fuel. 20% of the world's oil passes through the strait of Hormuz, but closer to 10% of Europe's oil imports. They get a lot of their oil from Norway, the US, Libya, Kazakhstan, etc.
Losing that much oil hurts. But it's entirely in the realm of what market forces can deal with. As storages empty prices rise, which lowers demand. There's already reports of multiple airlines suspending some of their flights because they aren't economically viable right now
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bostik • yesterday at 9:20 PM
As pointed out in the oil crisis article[0], the reduction that led to the 1970's oil shock was about 5%. Effectively eliminating 15% to 20% of global production capacity is going to be a pretty damn big deal.
I think you are mistaking "oil" (crude oil) as a straight stand-in for jet fuel. The former is a raw material (one that has a lot of "flavors"), whereas the latter is one possible product from refinement of that raw material. It should be noted that not all refineries are setup to produce jet fuel, and not all crude oil is viable for making jet fuel. I don't know the details about Europe's mix on refineries an d viable crude oil supplies.
As it happens, about 75% of Europe's jet fuel comes from the Middle East (I don't immediately have numbers for what of that goes through the Persion Gulf). That percentage puts it outside of the range you can correct with market changes (other than most flights don't fly... that is pretty drastic).