Michael Bernstam: Michael Bernstam discusses a critical shortage of refined products such as diesel and gasoline, noting that global supply has dropped by 8.3 million barrels per day. While crude oil is available, refining capacity in the US and Europe ha

Michael Bernstam: Michael Bernstam discusses a critical shortage of refined products such as diesel and gasoline, noting that global supply has dropped by 8.3 million barrels per day. While crude oil is available, refining capacity in the US and Europe has declined for decades. Recent Ukrainian drone strikes have further crippled Russia's refining capabilities, forcing it to import fuel. These disruptions, along with Houthi attacks in the Red Sea, contribute to a daily deficit of 2 million barrels. Bernstam warns that consumers worldwide will face higher energy and food prices indefinitely as a result. (1)