Iran war
So, Iran closed the Strait of Hormuz. Oil supplies are choked off to both friend (Europe) and foe (China). Now, the ceasefire is failing.
What I have noticed with that with this extra push, Europe might be on the brink of a civil war. Their societies are very divided along liberal-elite/conservative-populist similar to the US. Their economies are much more fragile than they appear to be. UK, for example, is running out of jet fuel. Australia is running out of diesel.
The cause of them running out of fuel is global warming hysteria. UK has oil fields in the North Sea to drill, but won't. Australia farmed out its refineries to Asia, so it has oil but no way to refine it. The climate policies are starting to bite. Netherlands shut down the largest gas field in Europe. No one dares speak the F-word, fracking.
I certainly hope that Europe stays together, but things are not as good as they appear. Any thoughts?
Australia and the North Sea are in serious depletion. That's why there isn't major drilling. Netherlands were having major earthquake from the subsidence in the gas field. It's not a matter of just fracking. Geology isn't homogeneous in the oilfields at all. What works in the permian doesn't work everywhere. Just a fact of oil exploration, fields decline from the very first well.