just saw the news about the fresh oil shocks and I'm sitting here staring at my commute route like it's a math problem I can't solve.
Between the heatwave warnings and the prices at the pump, it feels like we're playing a survival game on "Hard Mode." How is everyone actually coping? Are we all just collectively deciding to never leave our houses again?
Is anyone else genuinely stressed about the fuel prices today or is it just my anxiety?
byu/Legitimate_Wall5977 ineconomy
Posted by Legitimate_Wall5977
4 Comments
Everyone should buy a bicycle if you don’t already have one. That’s all I’m saying.
I’m waiting for the whole economy to collapse so we can restart again free
Been riddled with anxiety for about 2 years now.
There are a ton of people that only respond to what the price is *now* and aren’t paying any attention to where the prices are going.
Economists have been saying for weeks now that these things take time, but prices are going up and the only question is how high. But towards the end of March the IEA chief said that even if the strait opened immediately it would be the worst oil shock in history. It stayed closed through April, and the Pentagon said after a peace deal it will take 6 months to clear the Strait of mines. Also, a large chunk of the oil infrastructure in the Middle East has been damaged and will take years to repair.
We are really just at the very beginning of the oil climb. The last few days are really telling. $4.17 -> $4.23 -> $4.30 -> $4.39 were the last few AAA national averages. That’s probably going to be the way of things until folks just can’t afford to drive. That’s called demand destruction.
Anyways, everyone that studies this stuff knew this would happen if we attacked Iran, and Trump decided to do it anyways, and Republicans are oropping it up. Definitely everyone needs to remember that every time they go to the pump. Especially when we hit $6/gal or higher.