> So oil tripling overnight would not result in a tripling of energy prices.
By the very nature of energy, oil prices CAN'T triple without all other energy sources also tripling.
If there was a shortage of oil then the price of oil simply could not go up unless there just wasn't enough energy from other sources. Oil (and natural gas) are the most flexible of all energy sources, most of them are pretty maxed out, but oil and gas can adjust to take up slack.
> By the very nature of energy, oil prices CAN'T triple without all other energy sources also tripling.
This is false. You can't freely substitute oil with nuclear-generation as price vary. There are a huge number of cars and airplanes and plastics production that depend on oil.
By the very nature of energy, oil prices CAN'T triple without all other energy sources also tripling.
If there was a shortage of oil then the price of oil simply could not go up unless there just wasn't enough energy from other sources. Oil (and natural gas) are the most flexible of all energy sources, most of them are pretty maxed out, but oil and gas can adjust to take up slack.