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🥊 #Strait_of_Hormuz Crisis: SHUTTING DOWN!! TY 🇮🇷 #IRAN!
🛢️ #Oil_Spike Threatens #Debt_Disaster..
🥊 #BONUS: Top 10 #LARGEST #OIL_SPILLS IN #HISTORY!? see below..
🔥 President Trump’s decision last night to strike Iran could have massive economic consequences.
Already this morning, the Iranian parliament has voted to close the strait of Hormuz- a vital passage in which almost a quarter of the world’s oil transits through
But oil isn’t just fuel - it drives economic activity- spikes inflation, cut consumer spending, and hike producer prices.
History shows that oil spikes almost always precede a recession.
If oil prices soar, economic growth could stall. Worse, with interest rates rising and nominal GDP flat, our massive debt could trigger a huge crisis.
Context: The paper begins by addressing the significant rise in oil prices, which peaked at $145 per barrel in July 2008. This oil shock had widespread implications for the global economy, contributing to a slowdown in economic activity.
https://youtu.be/2Bu1-BpFrCs?si=ROUYkFdf1py_aHRD
Top 10 #LARGEST #OIL_SPILLS IN #HISTORY
10. Amoco Cadiz Oil Tankers – 1.6 to 1.7 Million Barrels
9. The Castillo De Bellver – 1.85 Million Barrels
8. ABT Summer – 1.8 to 1.9 Million Barrels
7. Iran-Iraq War – 1.9 Million Barrels
6. Fergana Valley – 2+ Million Barrels
5. The Atlantic Empress – 2.1 to 2.4 Million..
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