U.S.-Iran Conflict: Oil Hits $120/Barrel

..it does seem Cuba will be the next distraction (pay not attention to the regimes still in place in both Venezuela and Iran).

Nithavela said:

If you guys think it's bad now, wait until the strategic reserves run empty.

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We'll just buy oil from our good friends the Chinese!

China kept building its crude stockpile in April despite Iran crisis​

The ongoing building of inventories by the world's biggest ‌crude importer underlines that China is in quite a different situation to the rest of the world, which is burning through oil stockpiles in order to compensate for the loss of about 12 million bpd of supply to the effective closure of the Strait of Hormuz.

Subtracting the refinery processing from the total available crude leaves a surplus of 430,000 bpd available for commercial or strategic storage.

For the first four months of the year, China's surplus crude was about 1.16 million bpd, given imports of about 11.27 million bpd, domestic output of 4.43 million bpd and refinery throughput of 14.54 million bpd.

This means that China has kept building its total crude stockpile, which is estimated by most analysts as holding at least 1.2 billion barrels, and possibly as much as 1.5 billion barrels.

Billion with a b! That's more than the US can even hold.

Gasoline prices in the United States reached an average of $4.48 per gallon in May, an increase of 42.2% over the previous year, Fox News reported.

Fox News’ Bill Hemmer cued a compilation clip of Democratic lawmakers criticizing the Trump administration for its war against Iran, placing the blame for rising energy costs squarely on the decision to launch the war. And yet, Wright insisted that the blame lay elsewhere.

“The bigger problem, the even bigger problem with gasoline prices, electricity prices, heating prices, is Democrat green policies!”

If only the Democrats hadn't provided subsidies for gas-guzzling electric vehicles!

“Everyone said it was going to be $300, $400 a barrel, it’s 98 dollars a barrel but that’s not a big price to pay if you look at the possibility of them having a nuclear weapon,” he told The New York Post’s Pod Force One.

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Let's talk when the strategic oil reserves have run out.

American Airlines suspends 6 routes because of high jet fuel costs​

The airline told CBS News on Wednesday that it has adjusted schedules for "select routes" in August and September. An American Airlines spokesperson said the changes are in response to elevated fuel costs and that the affected routes will not be permanently cut.

The affected routes being temporarily cut are:

Los Angeles to Cleveland
Los Angeles to Columbus
Los Angeles to Pittsburgh
Los Angeles to Washington Dulles
Charlotte to Ontario
Charlotte to Sacramento