""The increase in prices that we are seeing at the gasoline pump, for instance, are very visible manifestations of the increase in oil prices. But the overall disruptive effect of the economy is limited by the fact that the U.S. is not the manufacturing powerhouse it once used to be.""
""The U.S. has avoided the magnitude of other countries' woes in the weeks following the war with Iran, which rocked the world's energy supply chains. Pakistan, Indonesia, and the Philippines are counting down the days until they reach a critical oil shortage.""
The ongoing Iran war has severely impacted global energy supplies, halting over 20% of the world's oil flow through the Strait of Hormuz. U.S. gas prices have surged to over $4.45, with some areas reaching $6. Core inflation rose by 0.7% in March, driven by rising oil prices. Food prices are also climbing due to increased fertilizer costs. However, an economist notes that the U.S. relies less on oil than in the past due to its shift from manufacturing to a service-oriented economy, mitigating some economic disruption.
Read at Fortune
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