Iran signaled on April 17 that access through the Strait of Hormuz remains conditional, despite earlier claims that the key shipping route was open.
  • mindbleach@sh.itjust.worksEnglish
    10·
    3 days ago

    ‘Open it!’

    ‘Okay?’

    ‘No, you can’t open it! I’ll close it!’

    ‘What! No! You can’t close it, I’ll close it!’

    And the only reason oil isn’t $300/barrel is because we live in fake-world economics. The rules are made up and the points don’t matter.

    … okay, and the second reason oil isn’t $300/barrel is that it might be bought in Yuan.

    • Redjard@reddthat.comEnglish
      2·
      3 days ago

      The reason is that before all this only 20% of oil passed the strait and 8% is being redirected through pipelines built long ago anticipating this.
      12% of supply decrease will double prices, because turns out you don’t have much choice when you design everything to depend on oil, but eventually everyone figures out to use 12% less.