A Better Way to Guard Against the Next Oil Crisis

If you knew your local Coke factory was having chronic supply-chain problems, buying a bigger refrigerator to store more soda would be one way to deal with it. The better strategy, however, might be to switch to Pepsi instead. And yet the “bigger refrigerator” path is the one governments in Asia are following to protect themselves against any repeat of the oil shortages prompted by this year’s closure of the Strait of Hormuz.