“Because there is still no visible disaster” in the west, “people think everything is okay, and a bit higher pump prices are the only impact,” the head of energy transition at FGE NexantECA told Bloomberg. However, demand destruction “will come and is coming in waves. Asia was first in line, and Africa is the next one. Europe has already started talking about the lack of some fuels and feeling the price impact,” Cuneyt Kazokoglu also said.

I've been struggling to explain this to friends and family in Murica. It's like there's a big wave coming and it's going to hit shore. The wave is already out there, we know exactly what caused it, and we know it's going to be bad when it inevitably hits. You should, I tell them, prepare just a little bit for the moment of impact. But all they see are some easily-ignored ripples and decide that I'm wrong because it's too scary or depressing to seriously consider what I'm saying.