World is losing 10-11 million barrels a day. It cannot be replaced. It's not just crude, more critically petroleum products.

Every month is a longer month of supply disrupted, leading to incremental high prices. Getting through June would mean significantly higher prices through end of year.

You need finally to have demand response. So you need to kill off demand and that requires every month a higher price.

When crude prices grow by 30%, some product prices grow by 60%. Gasoline already at $6/gallon in California, hitting $5 over rest of country.

Lost crude cannot be replaced; refinery output down; inventories of product less sufficient.