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What's crazy is that the morning bell saw gas prices fall 9% from Friday, largely on the expectation that the Iranian response will be more limited than previously expected.
Even after a month long climb, oil topped off at $70/bbl, well below the $100-$120/bbl peaks of the last decade. This is in no small part because of a steady decline in global demand for oil over the same time period. Contractions in the post-industrial economies combined with industrial efficiency gains and green alternative investments have put a soft ceiling on the price of fossil fuels.
More supply disruptions illustrating the unreliable nature of international fossil fuel trade will likely accelerate demand for localized alternatives. And that means more investment in green and nuclear power, particularly in the big industrial consumers of India and China.