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Qatar warns that oil could double to $150 a barrel and 'bring down the economies of the world' (www.thisismoney.co.uk)
submitted 8 months ago by to c/worldnews@lemmy.ml
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[–] [S] 10 points 8 months ago (2 children)

That's totally doable, if Hormuz stays closed, and I see no reason for Iran to reopen it, prices are gonna keep surging. Most of the energy going to Japan, Korea, and Taiwan was passing through there. They don't even have large reserves. So, once they start running out, it's gonna be a bloodbath.

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  • [–] 6 points 8 months ago (1 child)

    The difference between 2008 and today is that the US is a net exporter, which means the US has the option cut its exports to keep oil prices down at home. That'll have fascinating effects on global oil markets.

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  • [–] [S] 11 points 8 months ago

    Yup, the US is largely self sufficient in oil and gas right now. However, if the US cuts the vassals loose, that's going to be disastrous as well. The US has significant dependence on trade with G7 countries, and if they start collapsing economically, then there's going to be blow back in the US as well. It'll likely be a bit more delayed, but I can't see how the US escapes this unscathed.

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