Ukraine struck Russia’s largest oil refinery, located in the city of Omsk, on Monday, marking what its forces say was its furthest-ever drone attack in the war.
The Omsk facility, which processes about 21 million tons of oil a year, is in Western Siberia and about 1,700 miles from Ukrainian territory — roughly the distance between Los Angeles and Houston.
Prices going up does help cut demand.
Back in the '70s when oil prices spiked, people started buying more fuel efficient cars, and drove less.
Today, after the Hormuz related price increases, demand for EVs has abruptly increased.
If the price of oil continues to increase, that trend will also continue.