Demand Destruction Is The Reward Fossil Fuel Donors Get For Supporting MAGA
AI-summarised brief · reviewed before publication
The Republican president, after receiving $1 billion in campaign funding from fossil fuel executives, has implemented policies favoring the industry, including revoking regulations and cutting funding for renewable energy and EV rebates. However, the president's attack on Iran led to the closure of the Strait of Hormuz, disrupting 20% of the world's oil and LNG supply, and causing a predicted oil shock. Gasoline prices in the US are expected to rise above $5 per gallon, with refineries producing 340,000 barrels less gasoline daily, and reserves potentially reaching their lowest level since 1990, leading to higher inflation later this year with significant economic implications.
💡 Why It Matters
- · Higher energy costs will inevitably lead to higher inflation, and the US is on the verge of surpassing the $5 per gallon price threshold, with the economic arithmetic at risk of falling off a cliff.
