'Nightmare scenario' looms as global markets head for the biggest oil output disruption in history

[Yo_Mama_Been_Loggin]

top energy guru warns

The U.S.-Israeli war on Iran is quickly spiraling into a worldwide energy crisis as the de facto closure of the Strait of Hormuz forces top oil producers to start slashing output.

The seeds of the crisis go back to the late 1970s when Iranian oil workers went on strike and the revolution ushered in the Islamic Republic, Daniel Yergin, vice chair of S&P Global and the author of The Prize: The Epic Quest for Oil, Money & Power, wrote in a Financial Times op-ed this weekend.

“One legacy of all this has been the nightmare scenario of the oil that flows through the Gulf being interdicted by an extended and destructive war,” he added. “The fear? That this will result in skyrocketing energy prices that send the world economy plummeting into a deep recession. Ever since the war in Iran began a week ago, Tehran has done everything it can to turn this into reality.”

Indeed, crude prices soared 36% over the past week as Iran’s attacks on ships in the Strait of Hormuz, through which 20% of the world’s oil and liquefied natural gas (LNG) flow, effectively shut down the narrow waterway.

https://www.msn.com/en-us/money/markets/nightmare-scenario-looms-as-global-markets-head-for-the-biggest-oil-output-disruption-in-history-top-energy-guru-warns/ar-AA1XMh7U

Surprise surprise surprise

[Blues Heron]

1. Trump is an absolute madman, why can't the pukes see what he is doing will hurt everybody?

[Justice matters.]

2. Because they are madmen as ignorant as their orange $atan is.

All groomed by the likes of FOX NEWS (which is not "news" but only Republican bs propaganda for their money).

[wnylib]

3. An oil shortage will have far reaching efffects beyond

the energy crisis. Many products are manufactured using petroleum.

During the oil crisis of the 1970s, I was working at a district office of General Telephone's directory publishing company. It covered cities and towns that had GT phone coverage instead of Bell. GT and Bell were the major phone companies then. That district office also published directories for towns that had their own independent phone companies.

Part of my job was to keep track of new businesses that opened in a community and established businesses that went out of business. This was before personal computers at everyone's desk, so I hand wrote reports on paper that had .multiple carbon copies attached. My info came from reports that sales reps in the field wrote and sent to me. Then I calculated percentages of profit and loss to type up on statistical reports.

Usually there were a couple businesses that closed each year in small communities, more in larger cities. The reports did not fill a page.

During the oil crisis, I had several out of business full pages per community. Businesses dependent on products made with petroleum (e.g. plastics) were hit hard, along with retail outlets that sold their items, resulting in a recession.