How high could the oil price go? | The Economist (Level 1)

A big crisis has stopped a lot of the world's oil. The world lost about 14 million barrels of oil a day. This is 13 percent of all the oil we use. At first, people who buy and sell oil did not worry. They thought the war would end fast. Because of this, the price of oil did not go up very much. Also, countries used oil they already had in storage. Before the war started, many ships were already carrying extra oil across the ocean. Now, that extra oil is almost gone. Ships do not have enough fuel. The world cannot easily make more oil to replace what is trapped. Soon, there will not be enough oil for everyone. When this happens, the price of oil will go up very high. High prices will force people to use much less oil.