Economy 52,843 Posted March 12 Share Posted March 12 https://www.google.com/amp/s/www.aljazeera.com/amp/news/2026/3/11/iea-proposes-release-of-400m-barrels-of-oil-from-strategic-reserves The IEA Nations made up of 32 Countries have agreed to collectively release 400 Million Barrels of strategic reserves in an attempt to offset the shortage created by the shutting outflows from the Strait of Hormuz. 400M barrels is only worth about 4 days worth of global consumption but it is 57 days worth of actual production shut off so far which over the long term once this is resolved will matter more than the amount stuck there but still being produced Quote Link to post Share on other sites More sharing options...
phantasmas 12,366 Posted March 12 Share Posted March 12 thank god i live in a walkable city 1 Quote Link to post Share on other sites More sharing options...
southpaw773 4,364 Posted March 12 Share Posted March 12 And it will do nothing to the gas prices lol I might need a hero to save me from breaking 1 Quote Link to post Share on other sites More sharing options...
Economy 52,843 Posted March 12 Author Share Posted March 12 (edited) 19 minutes ago, phantasmas said: thank god i live in a walkable city Lol great, I dont and thats not the part that scares me Fueling ur personal vehicle car with these price hikes might cost ppl an extra $50 or $60 a month depending on how much u drive. A couple months of that isnt whats gonna collapse the global economy Its the ripple effect of higher prices in virtually all items especially food (speaking of food fertilizer is stuck in shipping too and they produce a lot), and other petro chemicals A walkable city doesnt shield u from those bigger issues. Higher prices for the fuel in ur car is what everyone pays attention to because its what they immediately see but on the grand scheme of things its the small potatoes issue Edited March 12 by Economy 1 Quote Link to post Share on other sites More sharing options...
Morphine Prince 109,654 Posted March 12 Share Posted March 12 And the barrel of oil just hit $100 again 1 Quote Link to post Share on other sites More sharing options...
phantasmas 12,366 Posted March 12 Share Posted March 12 24 minutes ago, Economy said: Its the ripple effect of higher prices in virtually all items especially food (speaking of food fertilizer is stuck in shipping too and they produce a lot), and other petro chemicals and thank god i live in one of the most bountiful places on earth and also in an apartment community that offers free produce to its residents Spoiler lol sorry not trying to brag just trying to stay positive with myself (for as long as i can ) 2 Quote Link to post Share on other sites More sharing options...
Economy 52,843 Posted March 12 Author Share Posted March 12 10 minutes ago, phantasmas said: and thank god i live in one of the most bountiful places on earth and also in an apartment community that offers free produce to its residents Hide contents lol sorry not trying to brag just trying to stay positive with myself (for as long as i can ) Ur apartment gives u free produce? Whats??? Quote Link to post Share on other sites More sharing options...
phantasmas 12,366 Posted March 12 Share Posted March 12 18 minutes ago, Economy said: Ur apartment gives u free produce? Whats??? twice a month thru an org they partner with but yes! they offer other resources like computer literacy, job training, free after school programs (theres a lot of families + elderly ppl where i live so theyre quite dependent on it) thankfully its open to all residents, they dont ask things like legal status or monthly income ive only gone like 3x in the 5yrs i have lived here but when i do, i'd say i leave with enough food to fill my fridge for a month 1 1 1 Quote Link to post Share on other sites More sharing options...
Shadow 6,697 Posted March 13 Share Posted March 13 Dozens of countries agreed to release 400 million barrels of oil. But it didn't bring down prices. It will take about 120 days to take effect, but who knows how much relief it will give? Be prepared for higher prices and inflation. Stand in the light, cast your shadow. 1 1 Quote Link to post Share on other sites More sharing options...
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