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Global Stocks Sink as Oil Prices Surge
- pfdietz 8mo agoIt's as if Trump was looking for another way to tank the GOP in the fall election.
- baal80spam 8mo agoNon-news.
- AnotherGoodName 8mo agoDefinitely not at the bar of HN in any case. I know HN allows non tech news of global significance but I definitely don’t think 4 month lows of the stock market counts.
- jmclnx 8mo agoJust checked on https://oilprice.com/ https://oilprice.com/. it is above 100 USD. There was an article here (IIRC) about Climate Change and 1.5C may be reached by 2030. With high Oil Prices, maybe it will force some countries to take climate change seriously.
- softwaredoug 8mo agoTrump simultaneously says fossil fuels are the future while showing how sensitive oil is to geopolitical shocks.
- semiquaver 8mo ago> maybe it will force some countries to take climate change seriously. lol, rofl even. Why didn’t anyone take climate change seriously during any of the previous years-long periods when oil was over $100 and why would now be any different?
- smallmancontrov 8mo agoIt already happened. Why do you think China showered their EV industry in government money and attention? Smog reduction is nice, but cars were never the main offender and denial was working OK. The real answer is that they were reducing geopolitical vulnerability to oil cutoff. It's a long road and they aren't at the end of it yet, but they can plan a few moves ahead. Unlike our guy, who poked a stick into the hornet nest and was surprised by the outcome.
- mistrial9 8mo ago"... take climate change seriously" is such shallow terminology. Economically this points to a tip of the proverbial iceberg. Economics in a modern State may be compared to gravity itself. Whatever the changes to the players and the playing field, economics adds to the calculus. WHO pays WHAT price is the start of the conversation.
- teemur 8mo agoWe need to think that there is two oil prices. one the producer gets and another the consumer pays. High producer price is the worst thing that can happen from climate change perspective. That means also the more difficult to extract oilfields become profitable and then oil in also those will be extracted and burned. If we get the producer oil price to say $5 per barrel, I guarantee you oil production will collapse to almost nothing. Obviously consumer oil price can't be $5 unless there is something still cheaper and better (hard) or taxation/emissions trading schemes that make consumers pay much more than what producer gets.
- softwaredoug 8mo agoI mostly worry the US will now need to constantly bomb an unstable region under Israel’s horrifying “mow the grass” philosophy[1]. Both from the fact that’s horrific cost of life in the Middle East and creates perpetual resentment making the US less safe. 1- https://en.wikipedia.org/wiki/Mowing_the_grass https://en.wikipedia.org/wiki/Mowing_the_grass
- lakrici88284 8mo ago[dead]
- mupuff1234 8mo agoPretty sure the US already does that. Every once in a while you'll hear about a strike on ISIS etc. And I'm guessing there's lots of operations you don't exactly hear about.
- softwaredoug 8mo agoI think what we’re getting drawn into is an order of magnitude (or more?) escalation of the regular “strikes on ISIS” phenomenon. Maybe morally on par with Israel leveling Gaza - but in a much larger country.
- mupuff1234 8mo agoI doubt it. Assuming the US does these kinds of operations it will likely target only high value targets like the rebuilding of a nuclear facility etc So it's gonna be very targeted and limited in scope, as opposed to Gaza.
- croes 8mo agoThey can always claim the target was a nuclear facility. Like this time where the bombed nuclear facilities that were "obliterated like nobody‘s ever seen before" last year.
- fabian2k 8mo agoWe'll see if the markets are still too optimistic here or not. I don't see how this will resolve quickly, so the Strait of Hormuz will likely remain essentially closed for quite a bit longer. I don't see any escort plans by US military ships as working, if Iranian troops actively try to disrupt this.
- tharmas 8mo agoIt's the insurance companies who are saying "no way". No insurance, no shipping.
- coreyh14444 8mo agoTired of winning?
- xenospn 8mo agoCheap stocks. Nothing wrong with that! Just keep on buying index funds and you’ll do just fine.
- stvltvs 8mo agoAssumes a long runway before retirement.
- ChrisArchitect 8mo agoRelated: Oil Surges Past $100/barrel https://news.ycombinator.com/item?id=47302323 https://news.ycombinator.com/item?id=47302323
- nagisa 8mo agoThe humanity has all the knowledge and tools it needs at this point to have anybody: individual persons, counties, countries, continents be much more self-sufficient in energy, in a way that makes economic (and all sorts of other) sense. I am glad to personally be largely independent of molecule-sourced energy March to October. Hoping that the countries affected by oil instability take this as an opportunity to learn this lesson as well.