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Uncertainty looms as last oil tanker from Middle East arrives in California (www.theguardian.com)

submitted 4 days ago by MicroWave@lemmy.world to c/news@lemmy.world

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With gas more than $6 in state, delivery of about 2m barrels is last planned shipment to pass through strait of Hormuz

The average price of a gallon of gas in California already stands at more than $6, but more uncertainty looms as the last oil tanker from the Middle East arrived in the Golden state this week.

The Los Angeles Times reported on Sunday that the New Corolla, which left the Middle East for California before the war broke out, is delivering about 2m barrels of crude oil from Iraq to Long Beach. It was the last planned shipment to pass through the strait of Hormuz.

The California Energy Commission vice-chair, Siva Gunda, told legislators on Tuesday that the state can meet fuel demand for the next six weeks with its current supply.

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[–] UnderpantsWeevil@lemmy.world 1 points 4 days ago

Is there anything to imply the stock market actually gives a damn about external/macro cost pressures?

Ask Lehman or Enron. Ask all the companies that were face-planting during COVID. There's definitely a breaking point that firms can hit, dependent on who their creditors are and how much revenue they command in a given moment.

I have to think there will be a tipping point when people straight up can’t afford things, but right now there doesn’t seem to be a tangible ceiling.

The Markets Can Remain Irrational Longer Than You Can Remain Solvent