Snip:
Average diesel prices have hit a record high in the United States, amid the US acts of aggression against Iran and the closure of the Strait of Hormuz, through which around a fifth of the world’s traded oil flows.
On Friday, average diesel prices soared to $5.85 a gallon for the first time since the start of the US-Israeli aggression against Iran on February 28.
Higher diesel prices, which are widely used in trucking, agriculture and industrial activity, mean higher transportation and production costs that subsequently raise food prices, bringing ripple effects for the economy and wider costs of living.
Some businesses have already passed on costs to consumers through added fees on online orders and mailed packages.
From what I understand, the oil market didn’t melt down as expected because China quit buying excess for their reserves and opened up their reserves.
The strait of Hormuz being closed is still unsustainable long term on a global level. This war may be the stupidest one the US has started in all its history.
There were no benefits whatsoever but placating Netanyahu and massive, incredible downsides across the globe for everyone. There’s a reason every US president said no to Israel’s proposed Iran war. Even Trump did his first term before his brain turned into a rat’s nest and all the adults left his administration.
For many years I’ve been wondering what America’s Suez canal moment would be. I think that question has been definitively answered.
Two alternative explanations, although they both sound pretty insane. Basically both the plutocrats around Thiel and the US hegemony wants to crash the global economy.
US War on Multipolarism: Turning the Gameboard Over
“The Nerd Reich”: Author Gil Durán on Big Tech Fascism, Peter Thiel, JD Vance & the War on Democracy | Democracy Now!
China decreased their imports by a lot, like ~5m barrels. But they didn’t replace all of that with their reserves, they also cut back on refinery runs, so they produced less gasoline, diesel, jet fuel and other stuff (lubricants etc.).
This kept the price of crude oil much lower than expected, but now that there is a shortage of finished products, China will probably restart imports and restart the refineries. We are already seeing them bidding for more crude oil.
And may it cause the eventual collapse of the American empire