Oil markets are experiencing real pain right now. Krugman tries to contextualize them, but when he makes a video on Thursday, the situation changes by Saturday.
Gas prices - as distinct from oil prices - have already exploded. Before the war, local gas was about $2.85, not it's $3.99. I've already felt that there is a fair amount of skullduggery in oil markets, but this all seems to make sense. Markets are beginning to realize that Trump can't simply TACO his way out of this mess, as critical facilities are simply gone and will take years to replace. Farmers may not be able to fertilize their fields.
The appalling decision by Trump to open the spigots to Russian and Iranian oil is because he's legitimately and properly concerned by the spike in oil prices, but with so many other critical commodities passing through the Straits of Hormuz, all he's really doing is putting money in Iran and Russian coffers.
Fucking lunacy.
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