Russia’s invasion of Ukraine has upset the oil market. But it would be a mistake to attribute the high oil price to what’s happening in Ukraine.  The oil price is high, not because of some crisis or other — but because of a long, steady decline in investment by oil companies over the last seven years. This can’t be undone quickly. It means we’re going to see supply bottlenecks. It means that any ripple in demand could result in surging prices. The bottom line is this: $100 oil will soon become a floor, rather than a ceiling. It’s is worth…

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