Gasoline prices are skyrocketing, breaking records, after the US war against Iran caused the biggest oil supply disruption in history. Ben Norton explains the geopolitical and economic reasons for the energy crisis, including the closure of the Strait of Hormuz and disruption of the Bab al-Mandab Strait, sabotage of the Saudi East-West Pipeline, Ukraine’s attacks on Russian refineries and diesel storage depots, China’s reduction of crude imports and renewable energy policies, and falling global oil reserves. Topics 0:00 Largest oil crisis in history 1:30 Price of gasoline skyrockets 2:03 Diesel prices break records 3:07 US midterm election approaches 3:59 Inflation and Donald Trump 5:09 Fed raises interest rates 5:49 US bond market problems 7:13 Trump is unpopular, and desperate 8:19 Saudi oil pipeline attacked 10:59 Bab al-Mandab Strait 11:34 US-Saudi war on Yemen backfires 13:59 US deal with Houthis (Ansarallah) 14:45 Crisis in Saudi Arabia 16:11 Ukraine hits Russian oil facilities 17:37 China reduces crude oil imports 18:56 Chinese electric vehicles (EVs) 19:41 China’s solar and wind power 20:33 China increases oil imports 21:39 Global oil reserves running low 22:27 US Strategic Petroleum Reserve (SPR) 23:23 Energy crisis will get worse 25:09 Outro || Geopolitical Economy Report || Please consider supporting us at https://geopoliticaleconomy.com/Support Subscribe to our newsletter: https://geopoliticaleconomy.report/ Join our community on Patreon: https://patreon.com/GeopoliticalEconomy

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