timschochet
Footballguy
https://www.bbc.com/news/world-middle-east-48011496
This is very big news that is likely to affect the average American much more quickly and directly than everything else going on these days.
So after we pulled out of the Iran agreement, Trump threatened to punish any nation who still imported oil from Iran. However, at the urging of American and world economists, he granted "temporary" exemptions for China, India, South Korea, and a few others; the fear being that sanctions on these nations would both disrupt the world's economy and drive up the price of oil.
Now, without warning, he has removed these exemptions. Perhaps as a distraction? Whatever the reason, the market was caught unprepared. So were our allies. So was China and India. Turkey immediately announced a plan (perhaps in the works for some time?) to replace the purchase of Iranian oil with a currency other than US dollars (all oil is bought and sold using US currency.)
The predicted result is chaos. It is expected that China will defy Trump. It is also expected that the price of American gasoline, already increasing steadily, is going to skyrocket, especially with what has been happening in Venezuela as well. We're already in couple of trade wars; welcome to the oil war!
This is very big news that is likely to affect the average American much more quickly and directly than everything else going on these days.
So after we pulled out of the Iran agreement, Trump threatened to punish any nation who still imported oil from Iran. However, at the urging of American and world economists, he granted "temporary" exemptions for China, India, South Korea, and a few others; the fear being that sanctions on these nations would both disrupt the world's economy and drive up the price of oil.
Now, without warning, he has removed these exemptions. Perhaps as a distraction? Whatever the reason, the market was caught unprepared. So were our allies. So was China and India. Turkey immediately announced a plan (perhaps in the works for some time?) to replace the purchase of Iranian oil with a currency other than US dollars (all oil is bought and sold using US currency.)
The predicted result is chaos. It is expected that China will defy Trump. It is also expected that the price of American gasoline, already increasing steadily, is going to skyrocket, especially with what has been happening in Venezuela as well. We're already in couple of trade wars; welcome to the oil war!