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Trump predicted an oil catastrophe if the war didn’t end. The clock is ticking
['Analysis Zachary B. Wolf', 'August', 'Min Read']
Yahoo News - Latest News & Headlines
It is producing something like 21 or 22 million barrels of oil a day, and we consume somewhere around 13 or 14 million barrels a day in this country.
So when you say you have 300 million barrels, you may only have 100 million usable barrels.
Demand for oil has fallen dramatically during the warWOLF: Oil was less than $70 a barrel before the war on February 27.
We've basically figured out a way to live without 13 million barrels of oil a day.
Down the road we may benefit from this war because it will reduce the importance of the Strait of Hormuz to the global oil market.