It will be a disaster for sure.
WSJ Blog analyses the numbers and says there will be an additional 4.5 bn cars on the road if other countries follow the US path:
Some basics first.Brent is the European benchmark for oil prices whereas WTI (West Texas Intermediate) is the US benchmark. Both prices have been similar most of the time. But recently the prices have differed with Brent rising more than WTI.
Reason given was rise in Supplies in Oil from Canada and North Plains leading to lower WTI prices (higher supply = lower prices). Read James Hamilton post for more insights and disagreements with this lower supply point.
Given these divergences, which benchmark is a better indicator for retail gasoline prices?
A nice short note from St Louis Fed econs says given current trends, Brent is a better indicator: