White House officials are bracing for oil prices to surge past the $150-a-barrel mark as the Iran war stretches into its second month and the Strait of Hormuz remains largely closed, according to a new report.
In recent weeks, the average cost of a barrel of crude has hovered around $100, a figure that the Trump administration now sees as the new “baseline,” though a potential spike to $200 hasn’t been ruled out, a source familiar with the matter told Politico.
As a result, officials have entered “all hands on deck” mode, urgently evaluating options to tame soaring oil prices — which pushed gas above $4 a gallon this week and risks inflating costs across the broader economy.
The goods you buy are transported to the stores you buy them from with fossil fuels
The public transit is, in all likelihood, powered by fossil fuels, which may make prices go up
Even if it’s an electric train, or being delivered by electric trucks, etc. there’s a good chance that the electricity is being generated by fossil fuels
But even if it’s not and it’s coming from solar, hydro, nuclear, etc. those are still likely reliant in some way on fossil fuels some extent for vehicles used to provide maintenance, deliver new/replacement parts, etc. and probably for backup generators to make sure critical systems stay powered in the event of an emergency shutdown, so the price of the electricity is going to go up.
You’re really not as insulated from this as you seem to think, basically our whole economy is based around fossil fuels, when the price of them goes up, the price of literally everything else does as well. Sure, you’re not outright paying directly for fuel, but everything else you are paying for is going to go up before too long.