Post #4325490
2026-08-02 07:16 UTC
…anyway, it is interesting for me to note that Jeff says:
1. The Hormuz situation, coupled with constriction/precarity of the Black Sea and Red Sea, and Ukraine knocking out nearly 50% of Russia’s refinery capacity, means we are “in the foothills of the Himalayas” on food and commodity shocks
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2. Russia, the “largest product and crude exporter in the world”, is having to “import jet fuel from Japan and diesel from India”…
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@urlyman@mastodon.social 2026-08-02 07:25
…3. The large commodity producers will probably flip into hoarding at some point: “I think the next response out of the US would be to ban exports of [oil and gas] products” Which will be fun for countries like the UK that gets close to a third of its oil from the US 😬 - - - 4. Pollution: “even the Soviet Union didn’t want this stuff in their backyard ’cause it’s polluting, it’s toxic, it’s terrible. Let the Chinese do it. The Chinese will do anything." That’s what the Russians told me.”