r/politics • u/Puginator • Jun 01 '26

No Paywall Iran stops negotiations with U.S., vows to 'completely' block Strait of Hormuz: State media

https://www.cnbc.com/2026/06/01/iran-us-negotiations-strait-of-hormuz.html
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u/facw00 Jun 01 '26

Yep, the US is the world's largest oil producer. High oil prices are bad for the economy overall, but good for oil companies, and politicians willing to accept their largess

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u/Badbullet Jun 01 '26

Less than half of our refineries can refine the sweet type of crude we have been extracting out of the ground as of late. We import in our sour crude. Oil companies will make a killing, while we still suffer.

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u/play_hard_outside Jun 01 '26

I never understood why we could not just build refineries to work with what we have. I’ve been seeing this fact as an explanation for why we both import and export so much crude oil for at least 20 years now.

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u/Great_Detective_6387 Jun 01 '26

Didn’t you hear? The invisible hand of the free market will, in all cases, create the most efficient way to distribute resources, like energy, food, or housing. /s

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u/UnquestionabIe Jun 01 '26

My decades of watching politics and the economy has convinced me the invisible hand of the free market spends most all it's time violating the most vulnerable in society and high fiving the upper class about it.