Speaking of hell, I found an interesting perspective on Twitter about oil supply shocks actually hurting the US more than it does other countries:
>Oil price shocks will hurt the U.S. significantly MORE than they will hurt other countries, including China
>That’s true EVEN THOUGH the U.S. is the world’s leading oil producer.
>There’s some serious misunderstanding about how oil price spikes from ongoing Hormuz disruptions will affect countries like U.S., China, Russia, EU.
>Oil is a global market with one global market price that all consumers pay, regardless of how much oil their individual countries produce.
>The fact that the U.S. is a net oil exporter does NOT insulate the U.S. economy.
>To the contrary, the oil intensity of the US economy is much higher than that of China, Russia, and EU countries, and that makes price shocks comparatively WORSE for the US in terms of potential economic damage.
>The US economy consumes more oil per unit of economic output (GDP) than any of these other countries.
>China, in many ways still a developing country, needs oil less than the U.S. does, per capita and per unit of GDP, because they have invested heavily in EVs — so heavily that the PRC is decreasing its reliance on the Middle East.
>But US transportation depends extremely heavily on oil, so oil shocks hurt US consumers more.
>Even if Trump used authority to suspend US oil exports to other countries, we would still be hurt. The US oil market is intertwined with the global market, both importing and exporting products, and many domestic refineries aren’t set up to refine US-grade crude oil.
>Even many oil experts misunderstand this — the fact that oil intensity matters more than net imports — and I can 100% guarantee the Trump administration does not understand the true nature of the problem.
>That said, the damage will be less than the 1970s, because US oil intensity is far lower now than it was then.
YuckyStench on
I love that a popular line is now “if you don’t support this, you support the enemy / the Iranian regime”.
These people have binary thinking. They should be replaced by AI while the rest of us go on living our lives
Manowaffle on
Well, Iran is only double the population of Iraq and three times the population of Syria, what could go wrong?
Peak_Flaky on
Ngl I find these memes super weird. No matter what you think about the war if Putin had wiped out the government of Ukraine in a day with like ten casualties while Ukraine was flailing and shooting rockets everywhere in panic mode everyone would have said GG and just removed Ukraine from their maps.
Nanofeo on
In what way has the Islamic Republic “brought hell” to the US and its regional partners? And when was Trump’s mind blown by this? What are you talking about? They’ve flailed about shooting rockets in random directions hoping one will stick while their capabilities and heads of state continue to be completely annihilated.
ohst8buxcp7 on
Iran losing their entire leadership, navy and air defense systems in 72 hours while firing increasingly fewer Shahed drones and missiles (which have nearly all been shot down) is not “doing what Iran said they would do”.
I hate the the alt-right idiots are kind of right that Trump broke people’s brains.
6 Comments
Speaking of hell, I found an interesting perspective on Twitter about oil supply shocks actually hurting the US more than it does other countries:
>Oil price shocks will hurt the U.S. significantly MORE than they will hurt other countries, including China
>That’s true EVEN THOUGH the U.S. is the world’s leading oil producer.
>There’s some serious misunderstanding about how oil price spikes from ongoing Hormuz disruptions will affect countries like U.S., China, Russia, EU.
>Oil is a global market with one global market price that all consumers pay, regardless of how much oil their individual countries produce.
>The fact that the U.S. is a net oil exporter does NOT insulate the U.S. economy.
>To the contrary, the oil intensity of the US economy is much higher than that of China, Russia, and EU countries, and that makes price shocks comparatively WORSE for the US in terms of potential economic damage.
>The US economy consumes more oil per unit of economic output (GDP) than any of these other countries.
>China, in many ways still a developing country, needs oil less than the U.S. does, per capita and per unit of GDP, because they have invested heavily in EVs — so heavily that the PRC is decreasing its reliance on the Middle East.
>But US transportation depends extremely heavily on oil, so oil shocks hurt US consumers more.
>Even if Trump used authority to suspend US oil exports to other countries, we would still be hurt. The US oil market is intertwined with the global market, both importing and exporting products, and many domestic refineries aren’t set up to refine US-grade crude oil.
>Even many oil experts misunderstand this — the fact that oil intensity matters more than net imports — and I can 100% guarantee the Trump administration does not understand the true nature of the problem.
>That said, the damage will be less than the 1970s, because US oil intensity is far lower now than it was then.
I love that a popular line is now “if you don’t support this, you support the enemy / the Iranian regime”.
These people have binary thinking. They should be replaced by AI while the rest of us go on living our lives
Well, Iran is only double the population of Iraq and three times the population of Syria, what could go wrong?
Ngl I find these memes super weird. No matter what you think about the war if Putin had wiped out the government of Ukraine in a day with like ten casualties while Ukraine was flailing and shooting rockets everywhere in panic mode everyone would have said GG and just removed Ukraine from their maps.
In what way has the Islamic Republic “brought hell” to the US and its regional partners? And when was Trump’s mind blown by this? What are you talking about? They’ve flailed about shooting rockets in random directions hoping one will stick while their capabilities and heads of state continue to be completely annihilated.
Iran losing their entire leadership, navy and air defense systems in 72 hours while firing increasingly fewer Shahed drones and missiles (which have nearly all been shot down) is not “doing what Iran said they would do”.
I hate the the alt-right idiots are kind of right that Trump broke people’s brains.