Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council and le
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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
Got an EV, I’ll be okay. Sorry republicans, but surely you were expecting this, right? Enjoy the gas prices.
I’ve noticed that everyone only sees oil from a personal perspective. If gas prices spike, every price spikes. On top of that, oil is used for 1,000 purposes apart from internal combustion engines. The shockwaves from the planetary economy crashing would be appalling. Here’s a tiny, tiny example:
Your city has a budget for mowing grass, parks & rec, all that. If higher prices run that budget out, the work simply stops. Multiply that by 1,000,000 other like cases.
An EV will only save you the gas station bill. It won’t save you from everything else that will crumble.
even if you have an electric vehicle, the stuff you rely on probably uses oil and gas for production, transportation, whatever.
In the US, specifically, higher oil prices feed into higher prices for the fertilizer used in raising corn, which in turn feeds into higher corn prices, which then feeds into almost all food because in the US corn is used directly or indirectly in food to truly insane levels (for example, cattle is fed corn even though it’s not natural and causes health problems hence the overused of antibiotics for cattle in the US and sugar is mainly chemically processed corn).
In other countries it’s a bit easier to isolate oneself from the indirect effects of oil price rises if you don’t drive ICE vehicles and eat locally grown food because this pathway from “oil” to “almost all food” is either not present or far weaker.
Mind you, I agreed that you can never isolate yourself totally from it unless you’re some kind of hermit living in your own cave disconnected from everything else and growing your own food using 100% natural agriculture.