alt Hacker NewsThis would not be happening if the USA had not launched an attack on Iran
This was the desired effect though, as higher oil prices means more profit for US based oil producers. I'm sure that will trickle down any time now.
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Refineries in US are making even bigger profits. They even skip on maintenance running at 95% capacity non-stop.
Yes its a rule in hell situation. Some folks are getting a larger share of a shrinking pie.
I am unsure its by design or just idiocy. (Probably a mix of both).
>This was the desired effect though, as higher oil prices means more profit for US based oil producers. I'm sure that will trickle down any time now.
That's giving the Trump administration too much credit. Before the war there were pieces about how oil companies were doing worse under Trump than under Biden[1]. Of course, you could argue that the Iran war is Trump finally responding to oil companies, but given that it only started more than a year after he took power, it really makes you wonder whether Trump is bumbling along, or playing some 5d chess with the global oil market. On the flip side there's plenty of evidence that he doesn't want high oil prices, for instance lifting sanctions on Iranian and Russian oil.
[1] https://www.economist.com/business/2025/02/06/donald-trump-l...
Non-US based producers too, I can already see the difference in my country's economic position.
> This was the desired effect though
Honestly, I think you're giving far too much credit to the current US government.