The oil crisis explained
(short video)
War with Iran: Oil Shortages in Europe & Asia
[Edited since posting.]
Peter St. Onge on X
Note what Mr. St. Onge does not say: It is true the US is the largest exporter of oil, however, we still import quite a bit. Don’t be lulled into thinking there is no potential problem in America. Don’t believe that propaganda.
Here’s more info from the US Energy Information Administration. This site has tons of material on these topics. I assume it is fairly accurate, but nothing seems to be tainted from propaganda anymore. Interesting excerpt…
“Saudi Arabia is also the greatest source of U.S. petroleum imports from Persian Gulf countries. About 12% of U.S. total petroleum imports and 12% of U.S. crude oil imports were from Persian Gulf countries in 2022.”
Oil and petroleum products explained:
Oil imports and exports
Note: Chris Martenson’s most recent audio presentation, “Wake -Up Call #14” refutes the assertion that the US is a net oil exporter (claimed in the link above). He claims we are actually a net importer, when you take into account all of the complexities involved in the analysis. He’s been doing this research for a long time and has written several books dealing with these topics. It is possible that the link above is technically correct, but it is not simply petroleum that is the important issue, it is the grade and its usage that really matters.
War with Iran: Global Energy Crisis Begins
Ras Laffan Industrial City in Qatar has been bombed by Iran. This facility produces nearly 30% of the world’s liquefied natural gas (LNG). Qatar has suffered other damage to its LNG in the past several weeks.
Here are some facts from my research:
Europe gets about 20% of its LNG from Qatar. In particular, Germany, France and Italy all rely on Qatar since cutting off Russian gas.
Japan is already scrambling to find alternative LNG.
Cambodia just started panic-buying fuel from Singapore and Malaysia.
South Korea, India and Pakistan are all massive Qatar LNG buyers.
All of this will result in higher LNG prices, electricity bills, manufacturing costs, food costs, shipping costs, heating and cooling costs…and the list goes on.
There will be an inflation shock that central banks will have to navigate.
This will also result in currency instability and a capital flight to hard assets.
This is a global energy crisis at this point and LNG is only part of the story. Prepare accordingly.
Special thanks to a crypto expert named Chen on X, who works for Binance.