Average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the conflict in the Middle East worsened, setting up a key test of public approval of President Donald Trump’s decision to attack Iran, analysts said.
Tehran’s retaliation in response to U.S. and Israeli strikes has disrupted global oil supply, as it hit production facilities in neighboring countries and ships in the Strait of Hormuz, a key global trade route. Oil prices have surged, with Brent crude rising more than 5% to nearly $77 per barrel, and fuel prices moving up in tandem with the feedstock costs.
This is one of Iran’s main goals, IMO. They need to get the US to back down through domestic and diplomatic pressure. This war is already unpopular, but gas prices increasing will affect people who otherwise don’t give a shit about the morality of the situation, which is unfortunately quite a lot of US Americans. Hitting the wallet of the MAGA voter is fundamental.
I watched some local news yesterday where they covered the various explosions across the Middle East. They discussed the activity, the damage, the losses of life… then they pivoted to a local news reflection on what this all would mean for us at the gas pumps. “Gas prices expected to rise” as the chief takeaway for us to ponder how it affects us, immediately after discussions of hundreds of human beings being literally exploded. Makes me sick.
the US mostly self sufficient with oil, big oil wants this war so they can make extra stupid money gaming the oil futures markets.
once you’ve reached end-stage capitalism, where there’s no real room for organic growth, all that’s left is rent-seeking and smashing windows to “increase liquidity” in the markets (from sane/smart actors who have to hedge, even if they do know it’s all a game). the ones who don’t see the full picture or are over-leveraged go out of business and act as distressed assets to be bought out by established players.
this is what republicans do every time they’re in power, they’re abject disaster capitalists, proud in their cruelty.
Yes, but they aren’t completely isolated from changes in wholesale oil prices, if the price of oil goes up, the shale oil producers in the US are going to increase their prices too because they can, no?
I agree with everything else you wrote!