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How bad do you think the oil shock will be? (lemmy.zip)

submitted 17 hours ago by iocase@lemmy.zip to c/asklemmy@lemmy.world

9 comments fedilink hide all child comments

Apologies if this has been asked to death already and i haven't seen it. I'm also not trying to be too much of a downer but it's kind of unprecedented.

I'm wondering what you think it'll do to you personally? I think we're just getting started and haven't experienced the full shock yet. Inventories are still being burned down and even if the strait opened tomorrow no oil would flow for 8 months since you need to demine it and line up passages of tankers.

My biggest worry is over fertillizer. The strait closed right at planting season for the northern hemisphere stranding like ⅓ of the world's ammonium nitrate. Farmers in rich nations buy it in advance and have it staged for spring, so I'm unsure how the rest of the world does it or how bad that's going to be...

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[–] Shellofbiomatter@lemmus.org 11 points 16 hours ago

As most of the worlds transportation runs on oil, absolutely everything gets much more expensive. Some items that are effected more directly, like fertilizer and PCB boards, will get even more expensive. So food and technology gets double expensive and we can't forget capitalism and a constant need to increase profits, so more expensive. We can all probably watch grocery bill to raise on a weekly scale.

Absolutely everything will get much much more expensive. The gas prices rising that the people are currently complaining over, Is barely the beginning.

So strap in guys, it's about to get a lot worse.