After Ukraine bombed Russian oil refineries and Iran and the US closed the Strait of Hormuz for almost three months, what are your expectations for the state of the global economy?
The question is, what will happen to the global oil economy if Russia and the Middle East completely stop exporting oil and gas to the rest of the world?
byu/Majestic-Spring-7536 inoil
Posted by Majestic-Spring-7536
3 Comments
Not good
They can’t stop. It’s their only real source of revenue. Their economies would completely collapse in anarchy. The largesse that native Middle Eastern folks enjoy (no taxes, free healthcare, bogus jobs where they draw a paycheck for just existing), is 100% funded by oil sales. Russian would collapse in less the 6 months.
This is a possible scenario. There will be a total shortage of petroleum products, which will lead to a collapse.