Gas prices go brrrrrrr
And diesel prices (which underpin essentially all industry and production) have gone even more brrrrrrrrrr. Which means just about everything else will be shooting up in price soon if the strait remains closed…
Right its crazy.
We have diesel for Aud$2.42 a litre where I am.
A week ago it was $1.84
I repair the machines that unload boats at the port, some of those hold 12000 litres of diesel and use 3/4 of it unloading a container ship.
Just that volume alone will effect the cost of shit
Fuck that sounds like a cool job.
It's not bad, rough on the body though. It's pretty clean in comparison to mine site work in the dirt though
And much of the world's fertilizer is shipped out of the strait of hormuz,and it's currently spring, when fields would be getting fertilized right now. So food prices will jump too, and crop yields will be Lower
Wright posted that "the US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets," crediting President Donald Trump with "maintaining stability of global energy during the military operations against Iran."
Within hours, a senior source in the IRGC's naval force told Iranian outlet Iran Now that the claim "has no basis in truth," insisting that no US-escorted tanker had transited the strait.
The source described the announcement as part of a "media war and attempts to mislead public opinion," adding that the strait remains under "precise surveillance" by Iranian forces and that "any military movement in the area is fully monitored."
Wright subsequently deleted the post without public explanation, undermining a week of administration messaging aimed at convincing the world that commercial traffic would soon resume.
For an administration that relies so heavily on propaganda lies, they are remarkably terrible at lying.
In any case, even if it were true and not a pathetic lie, Donald Trump would deserve no credit for slightly mitigating the problems Donald Trump caused when Donald Trump decided to start bombing Iran and slaughtering its civilians.
At a certain point the propaganda stops making any sense on purpose. It's not designed to deceive. It's used to identify resistance.
the timeline in which the IGRC's public statement are more trustworthy than US officials...
Trump, the climate change denialist, doing his best to speed up the green energy transition.
Oil companies and oil tanker crews are subject to the same fog of war as everyone else. They don't know if there are mines. They don't know if they can trust the US government to protect them or pay out the insurance. They have seen US bases get bombed. They don't know if the US is lying or not because trust in the US is at an all time low.
It doesn't matter if the strait is mined or not, because the perception the strait could be mined is enough. It is simply not worth the risk.
Edit: lmao nevermind. 3 ships just tried running the blockade. Emphasis on tried
Tanker-insurance is impossible to get, now, therefore there simply won't be any ships going through, until that gets remedied.
& it won't get remedied until MUCH more than "an assertion that it's clear" is in-place.
https://shanakaanslemperera.substack.com/p/actuarial-warfare-how-seven-insurance
It's going to be 1/4y MINIMUM before ships begin going through, again, from the looks of that..
maybe closer to a year.
Dominoes got BIG, thanks to the economic-rules underpinning everything in industry..
_ /\ _
They don't know if they can trust the US government to protect them or pay out the insurance.
With how many of Trump's lawyers got their bills paid in full and on time, I would be skeptical too.
Decarbonise already FFS, make this irrelevant
Irrelevant for us. The loss of a major shipping route is always going to be a blow to the regional economy.
Trump went like "Why just stop with US when I can fuck supermarket prices globally"
What do ya know, consequences. Carpet combing, killing their kids and turning their country into fucking hellscape.
Prices for everything will increase...again. Thank to the MAGA and Likud fucknuts!
Wars begin when you will, but they do not end when you please. Machiavelli
The quickest way of ending a war is to lose it.
- George Orwell
Markets going up in response.
Lolz. Lmao, even.
Trump said it’s almost over, so uhh, I guess mission accomplished?
We certainly didn't hear about Epstein the past couple of weeks so yeah, mission accomplished
Its because European countries announced they are going to release strategic reserves.
I still don't get it though because that only covers 2 weeks and Iran has already taken down some permanent capacity in the region and a bunch of places had to stop pumping (meaning well mineralization and reopening times of months). I would expect oil to be at $100 even with the strategic reserves announcement.
Please, someone tell me I'm not the only idiot that read this and thought they were trying to do the other type of mining.
The one that doesn't make sense at all, but rather than realising that's not the mining they were doing, because it doesn't make sense. I just got more confused as to what they possibly could have found there worth mining for in the middle of a war.
I have you tagged as Old Fool for some reason. This comment makes that tag extra hilarious.
The convoy idea is so dumb that I can't believe anyone said it out loud. Effective strategy against commerce raiders, which Iran explicitly does not have. Might as well offer to mount a CIWS on tankers and hope your insurance premiums will see it as a wash (they won't). Makes as much sense as suggesting you counter drones with cavalry.
If I was one of those oil companies, I’d say sure. You staff the tanker with your people and you insure us for any losses incurred. Also, put an upfront amount of insurance money in escrow.
But we’re not risking lives, merchandise, and equipment. You want the oil that badly. You move it. We’re just going to raise oil prices to cover our losses in the meantime, so we’re fine.
Oh they tried this, admin offered to pay oil companies for damages and move it themselves. Little catch there is tanker ships take half a decade or longer to build. The companies cannot afford to roll the dice on losing one, even if they'll get reimbursed for the ship. They lose capacity ($$$) waiting for the replacement.
Nice to see the US government still supporting EVs these days.
I still think that EV rebates and tax credits would be more cost efficient and much less jarring than provoking Iran into destroying 20% of the world's oil supply... but I guess that I am too simple-minded for politics.
If US politicians ever imposed consequences on rich elites we might have avoided having had to learn the lesson of consequences from Iran.
Wait, the uNazied States of america government blatantly lied? I'm shocked!!
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