Energy Analyst Jeff Currie points to a poly crisis in energy – not only the Strait of Hormuz, but the Red Sea affected by the US war for oil.
Meanwhile, another (arguably) war for oil in Ukraine is squeezing Russian oil, gas, and food supplies, while climate enhanced drought is choking off the major river systems of Europe.
The Crisis is here.
Below, Aljazeera report on European River traffic.
Currie kept emphasizing that the bigger problem right now isn’t the crude, but the refined products that the world actually uses, yet Johnny-One-Note kept going back to the question on crude oil prices.
These market media weenies are perfect examples of why the so-called “smart money” doesn’t notice bubbles or new threats (like the implications of property insurance collapse) until—as Paul Krugman puts it—it becomes “blindingly obvious.”