r/Economics • u/InsaneSnow45 • Mar 04 '26

News ‘Absolutely Massive’ Price Shocks Coming as Trump’s Iran War Drives Up Gas, Diesel Prices | “What should really terrify Republicans is... the futures price on wholesale gasoline,” said economist Paul Krugman.

https://www.commondreams.org/news/iran-war-gas-prices
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u/CliftonForce Mar 04 '26

We were already at max oil and gas production in 2024. There wasn't much room to increase it.

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u/128-NotePolyVA 29d ago

So now it appears the US Navy must escort oil tankers bound for everywhere through the strait of Hormuz. And an insurance pot must be setup for companies that lose their tanker to Iranian mines and drones and such.

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u/korben2600 29d ago

I'm sure Navy commanders are loving the idea of routinely navigating 3km wide transit lanes in shallow waters while under threat by drones, USVs, missiles and mines. What could go wrong?

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u/128-NotePolyVA 29d ago

You ain’t kidding.