The Globe and Mail reports in its Friday, Nov. 1, edition that drivers and investors may have noticed that the world is not facing an oil price shock, despite conflicts in the Middle East and Russia's invasion of Ukraine. The Globe's Tim Shufelt writes that historically, wars in major oil-producing nations have led to soaring crude prices. However, energy markets today remain surprisingly stable. West Texas Intermediate trades near $70 (U.S.) a barrel, while the average retail price of a litre of gasoline in Canada is approximately $1.47 (Canadian). The question is: Why? Not that anyone is complaining, except for the oil companies. Canadian drivers faced gas prices up to $2.10 (Canadian) per litre after the Russia-Ukraine conflict. The global oil market's steadiness can be attributed partly to the changing geopolitics of oil. The U.S. has become the world's biggest oil producer, reducing the commodity's vulnerability to Middle Eastern turmoil. A new World Bank report forecasts that production will outpace global demand by an average of 1.2 million barrels a day next year. A gap that large is "likely to limit the price effects even of a wider conflict in the Middle East," the World Bank said Tuesday.