jackhutton 🇺🇸[Bloomberg-Gift Article]: The Strait of Hormuz Oil Shock Is Now Heading West, March 29, 2026 | Updated: March 30, 2026
'As things stand, the scale of the supply removed from the market is at least as big as during the Arab oil embargo, when surging energy costs led to sharply slowing growth and stagflation. That shock resulted in not just a sharp drop in oil consumption by the end of the decade, but ultimately a sweeping overhaul of the global energy system.'
'The impact extends far beyond fuels. Petrochemicals are used in everything from food packaging to polyester clothing, and manufacturers are already warning that a sustained conflict will lead to noticeable price increases.
Farmers and governments are also rushing to secure critical crop nutrients ahead of spring planting, as the war drives up prices and squeezes supply.'
Paul Chambers🚧@jackhutton My fear is, this will lead to some massive depression-era construction type project with low regulation refinery building spree with little safeguards in the US or environmental care. The oil industry has been hungry for that for so many decades.