US drivers are largely insulated from higher oil prices caused by Middle East turmoil – but only to a point
Across the US, the average cost of a gallon of regular gasoline has jumped nearly 27 cents in a week, to $3.25, and American consumers are bracing for higher prices at the gas pump as the US-Israel conflict with Iran threatens to disrupt the global oil supply.
That fear has entered the White House too, where Donald Trump’s chief of staff, Susie Wiles, is reportedly hunting for ideas to lower gasoline prices and officials are getting “screamed at” to bring good news, according to Politico.
War in oil-rich countries used to cause panic at US gas stations. Those fears have subsided somewhat as the US has become the world’s largest crude oil producer. And, despite this week’s price hikes, American consumers are somewhat insulated from the global energy shock. The supply cushion has its limits, but those limits are high: US producers can ramp up production quickly if high oil prices are sustained, and the White House is under immense pressure to keep prices low as the conflict continues.
It’s just stupid all the way down. It’s stupid that gas prices are even a primary political issue in the US, and it’s really, really fucking stupid that the Trump fascists didn’t realize that bombing the middle East would be a political liability.
i agree. unfortunately, in statesia, several/many (i’m not counting right now) republican states have made major parts of their economies oil extraction and refining and they have not diversified well. said oil corporations donate primarily but not exclusively to the conservative politicians in their states, because why donate to the side that does not benefit them and these are the local corporations, not the multinational shell corps.
that’s how it happened, and i’m not entirely sure how to undo it. we’ve got plenty of oil refining in liberal states too, but because their industry bases tend to be more diversified, oil companies donate less to liberal politicians there.
*i’m using statesian definitions of liberal and conservative for ease of communication i know where the overton window is.