Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
In reply to the discussion: If the Strait of Hormuz doesn't open soon, as seems likely, there will be a massive economic crash [View all]ProfessorGAC
(77,442 posts)45. Not In The US, Though
Perhaps in Europe that's the case, but the US imports a tiny fraction of total crude demand. It is less than 1/12th of imported crude, and the US produces over 60% of daily demand. So, Middle Eastern oil only represents around 3%.
That can't possibly account for all the diesel produced because ~28% of crude becomes diesel in the US.
The numbers don't match.
Edit history
Please sign in to view edit histories.
Recommendations
0 members have recommended this reply (displayed in chronological order):
45 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
If the Strait of Hormuz doesn't open soon, as seems likely, there will be a massive economic crash [View all]
LymphocyteLover
Yesterday
OP
there's definitely been some adaptation... but still a lot has been kept afloat by the reserves that are likely to run
LymphocyteLover
Yesterday
#27
Absolutely. I totally agree on all those points. The stock market is particularly a mess IMO
LymphocyteLover
23 hrs ago
#32
Yes, but the key is how long the strait stays closed and how quickly the reserves run out
LymphocyteLover
Yesterday
#28
Diesel is often made from mideastern crude while gasoline is made from US crude
JT45242
Yesterday
#30
Are America's strategic reserves at a 40 year low right before the summer season?
SamuelTheThird
Yesterday
#19
Traders in Singapore, Beijing and Mumbai aren't duped by whatever Trump says
GreatGazoo
23 hrs ago
#36
"futures price contracts probably isn't a good predictor of actual future prices" -- meaning spot prices, yes
GreatGazoo
18 hrs ago
#42
No. For anyone holding a March contract at $63 their price in March was $63
GreatGazoo
6 hrs ago
#44
Appreciate your insight as I'm an admitted economic idiot. I can see where Exxon would be trying to "warn"
Cheezoholic
Yesterday
#21
Since oil is sold as futures there is more profit when buyers panic about the future
GreatGazoo
22 hrs ago
#37
Last week Exxon Mobil warned that oil inventories will fall to record low levels in coming weeks
LymphocyteLover
23 hrs ago
#33
"one of the key reasons that Trump started this conflict was to increase energy prices"-- agree
LymphocyteLover
Yesterday
#25