The noblest exercise of the mind within doors, and most befitting a person of quality, is study
But this particular incident is probably going to raise questions that maybe some product stocks would be in order. I'm not sure that anyone anticipated the kind of devastation we've seen in those refineries.
As Indonesia confronts its subsidies, and as other countries begin to move prices closer to market levels, it takes some of the incentives for smuggling out.
It's not an easy topic because it gets at some fairly delicate issues. The source of some of the smuggling, who's involved, means it is probably not that easy a topic to tackle.
It's shocking. There is no fundamental reason. Prices are talked up by politics, stock levels and security concerns.
The good news is that China, India and Indonesia don't much like pollution either... but they've got to deal with the politics of energy development and pricing
It's hard to say we had been thinking about this sort of problem. The traditional supply disruption you think about is a political one, like the 1973-1974 embargo. Here, you had a situation where a local refining problem could become a global one.
Russia has done some serious damage to its otherwise-good reputation for security of supply. Europe is going to have to take a hard look at their exposure and whether there's a way to fix that.
And the same thing applies to coal.
There needs to be a better assessment of what the vulnerabilities are and what constitutes vulnerability.