Albert Einstein once wrote that “the definition of insanity is doing the same thing over and over again and expecting different results.” Were he alive today, he would be repeating the line to anyone who would listen, especially the reporters on cable news channels such as CNBC. He might add that the world’s policymakers always approach oil market disruptions in the same way: predicting there will be no impact on prices. Einstein would then point out that the policymakers are consistently wrong. A hefty price boost has followed every disruption. The world has experienced nineteen oil market disruptions over the...