They decided enough is enough so, unilaterally they have suspended all oil deliveries immediately and for an indefinite period of time.
The world's reaction was swift and brutal. The news services are currently overwhelmed so we only know a minute part of what this decision has triggered. Here are some of them:
- Airlines do plan to operate their flights on Monday, but no new bookings are being accepted at this time. Among other things, this means travelers are being stranded all over the world with no easy way to go back home. The revenue of the airlines will quickly drop to zero and their financial position will deteriorate rapidly if the oil flow is not restored fast.
- State oil companies are not all participating in the boycott but the price of oil has skyrocketed already. Frantic traders have pushed the price above $250 per barrel but the ceiling is nowhere near. At least in the short term, Saudi Arabia and Iran seem poised to benefit from the chaos.
- Stock markets all over the world plummeted by more than 20% but the floor has not been reached. Markets are essentially in free fall.
- Long lines at petrol stations are being observed all over. Violence has broken out in several instances.
- Car sales have ground to a halt. It seems nobody wants to buy a product that cannot be fueled.
- Absenteeism at companies and schools reached an all time high. It is expected this metric will further deteriorate and by the end of the week the whole economy would have come to a halt.
- Food shortages are beginning to alarm. Most of the food bought worldwide is transported by truck or ship and there is a serious risk riots will break out in all major cities. Price gouging has already began. The prices of some staples have already reached levels never encountered before.
- World leaders condemn the decision of the oil companies and urge their CEOs to immediately reconsider their actions.
- In a joint press conference called by the executive director of Greenpeace and the president of Sierra Club both begged oil companies to reconsider. They both came close to apologizing for their previous unfair attacks on the oil companies.
- Layoffs at many companies have begun.
- All sorts of services gradually begin to shut down as people cannot commute to their jobs.
- Trash begins to accumulate in cities around the world. Public health officials fear epidemics will be triggered at any moment.
- While the world spirals toward an uncontrolled economic depression, the main oil CEOs stand firm and have not yet reversed their decision.
- Panic, riots, violence, despair have erupted all over the world. This truly looks like the end of the world. Ironically, this catastrophe was not caused by CO2.
- Stock markets globally have lost more than 50% of their value.
- Supermarkets begin to close as they have nothing left to sell.
- Motor vehicles begin to run out of fuel and are being abandoned wherever they shut down.
- Even though ambulances have fuel priority, they cannot go anywhere as abandoned cars block almost every street and avenue. People are now dying.
Overnight, almost eveybody has turned into a pauper. Despair is rampant.
Stay tuned for more updates...
* Obviously, what is mentioned here is fiction but moving away from fossil fuels before the time is right would be catastrophic for humanity. Let's be responsible and not advocate medicines that would be much worse than the illness.