VessOnSecurityThis is a hilarious commentary on the US/Israeli war with Iran:
"God is a comedian":
Edelruth, PBS Passport HolderI can't get through the article because I keep having to stop to wrap my brain around what I just read, like:
"This week, the US Treasury lifted all oil sanctions on Iran. For 30 days. 140 million barrels of Iranian crude, sitting on ships at sea, may now be sold freely on the global market. Including to the United States itself.
In yuan."
At least Iran gets it's money. We simply stole Venezuela's oil. But, I don't get it. Why is the US paying this time?
Oh, wait-Out of vessels
@Edelruth No, that's not the problem. The USA doesn't need Iran's oil - the USA is net positive oil producer.
But oil is fungible. If the price of oil jumps because the rest of the world isn't getting the oil that normally passes through the straight of Hormuz, it means that the price of oil jumps in the USA, too, leading to higher prices of gas, and everything else, thus inflation there, which is bad for the ruling party. Thus, Trump is seeking to alleviate the upward pressure on the oil markets, despite the USA not needing the oil.
Qybat@bontchev @Edelruth Oil is fungible-ish. Refineries are built for specific grades and require extensive refitting to switch. More seriously though, everything America imports is made from oil in some way - so if oil goes up outside the US, the cost of all imports goes up, so inflation goes up a great deal, and this time Trump can't blame it on Biden. Though I'm sure he will try.