From the article:
>*That is because dozens of refineries, storage facilities, and oil and gas fields in at least nine countries, from Iran to the United Arab Emirates and beyond, have been targeted in strikes. All told, 10 percent or more of the world’s oil supply has been turned off. Restarting those operations will require not only safe passage through the Strait of Hormuz, but also inspecting pumps, replacing bespoke processing equipment and recalling employees and ships that have scattered across the globe.*
29
ScandiSom2 days ago
+21
Even if capacity is restored, insurance will be higher which will be passed on to the final product.
21
caitnicrun2 days ago
+20
So let's get this straight:
A heavily oil dependent nation started a war to control oil, that has damaged the distribution of said oil and will be forced to reconsider renewables?
You can't make this up.
20
Fenix422 days ago
+14
Also killed a bunch of renewable projects first.
14
tj3812 days ago
+12
Yeah, in the US they stopped the building of offshore wind farms just a few weeks ago. The Oil Lobby is a powerful political force in the US. The increase of renewables is still happening though, right now Texas leads the way with wind farms and California with solar energy.
12
OilTurbulent10092 days ago
+3
And apparently agreed to an armistice that requires payment of a toll through the Strait of Hormuz
3
BritishAnimator2 days ago
+10
So what you are saying is its time to buy a bicycle and get off our fat ass and peddle to work.
10
skywalkerRCP2 days ago
+5
If you can do it, do it. I commute by bike 2 times a week. It's amazing for the mind.
5
BlueHighwindz2 days ago
+19
Asking for a friend, how fast do you think we could get... oh... like 12 nuclear reactors running in say... a month ago?
19
Willing_Mission39032 days ago
+29
we need to get rid of this dependency on oil
I hope those oil-lovers wake up after this episode
29
BlueHighwindz2 days ago
+22
Yeah but windmills are the dangerous stuff. You gotta buy the wind from some real shady guys.
22
FalloutRip2 days ago
+8
Listen I got a cousin - you get him a steady supply of bean burritos and he’ll get your wind going at half the going rate. Bit of methane into the atmosphere, but the cost savings more than offset that.
8
dead_monster2 days ago
+3
Even if you switch every power station in the US to a carbon-free power source, most cars are still gasoline powered and most homes still run on natural gas. Gotta keep those EV incent… oh wait…
Though those AI data centers will benefit a lot.
3
UnknownAverage2 days ago
-1
Let’s choose “fast and c****” from the three and I bet that works out great.
-1
G00b3rb0y2 days ago
+10
My prediction: it will never be used again. We are f****** done
10
leisurechef2 days ago
+6
Ostensibly we’ll reduce demand, practically people will die.
6
r2k-in-the-vortex2 days ago
+3
It will. Persian gulf oil is the cheapest in the world, they will be the last ones standing long after everyone else have wound down operations. They wont make nearly the same profit of course, but they will keep producing for many decades.
3
G00b3rb0y2 days ago
+1
My guy, Iran is not opening the strait any time soon if they ever open it again
1
r2k-in-the-vortex1 day ago
+1
Im talking years and decades down the line, long after this oil crisis has passed.
1
jinchuika2 days ago
+12
You know all of this wouldn't have happened if Trump liked girls his age, right?
12
caitnicrun2 days ago
+8
This is the most embarrassing timeline.
8
MarkG12 days ago
+3
They're turning the LHC off for some upgrades soon so perhaps we won't keep falling into the idiotic ones.
3
SlightlyAngyKitty2 days ago
+4
And even then, he still rapes them
4
printzonic2 days ago
+1
A superpower that elects an unhinged warmonger, twice, that is the actual root cause of this shit. Normal pedos r*** kids every day without crashing the global economy and consigning potential millions in the poorest part of the world to starvation.
1
Felonphantom2 days ago
+2
Papa Putin supremacy 🫡.
Well done Diddy of white house.
2
ottwebdev2 days ago
+2
Assuming it will hit the NA market after the busy summer season filled with travel when demand is great.
2
Ranger_2421 day ago
+1
So high gas prices right before peak summer travel season on two of the world's biggest markets? Almost seems like it was planned......🤔🤔🤔
1
NutsyFlamingo2 days ago
+1
Well it’s good luck than that Venezuelan oil production has been ramping up
1
Felonphantom2 days ago
+3
It is not even near even one of those country's output. And there are like 3 or 4 countries in the world that can refine it.
3
NutsyFlamingo2 days ago
+7
Correct. ‘Ramping up.’ 1) it’s sarcasm and 2) won’t match supply needs but certainly will profit on the demand
7
SweeterThanYoohoo2 days ago
+3
Its also very low quality oil and is not made into gasoline, typically.
3
NutsyFlamingo2 days ago
+1
Yep.. it’s only competitive if ME oil becomes too expensive or hard to get
32 Comments