Every day, Shakil Khan weaves his bike through the relentless traffic of Dhaka, delivering items and ferrying passengers across the city. However, these days he’s waiting hours in long queues at gas pumps to fill his bike within a government cap on fuel purchases.
Khan is one of tens of millions of people in Bangladesh suffering oil and gas shortages as the joint US-Israeli military offensive against Iran hits fuel supplies worldwide.
“Because of the oil shortage, my daily income is reduced,” said Khan, as a queue of motorcyclists stretched out behind him, snaking around the block in the Bangladeshi capital.
Thousands of miles away, one of the world’s most critical energy arteries – the Strait of Hormuz – has also come to a virtual standstill as missiles and drones crisscross the Persian Gulf and Iran steps up its attacks on ships.
Like many countries across Asia, Bangladesh relies on foreign oil and gas imports – and suggestions that supplies may run low has prompted new policies from governments across the region.
As the world’s wealthiest nation leads a costly war – one think tank estimated the US is burning through $890 million a day – those who are least able to afford it are feeling the most acute and immediate impact on their wallets.
The 1973 oil embargo lasted only 6 months but it created a decade of recession and inflation in its wake. Developing countries were hit particularly hard back then and several faced regime collapse-coups (Ethiopia, Greece, Thailand, Argentina, etc...)
If this conflict persist for an extended period of time, the same could happen again. For the duration that the Strait of Hormuz stays closed and even months after it is re-opened, everything that is harvested, manufactured, built, heated, cooled and shipped will become more expensive. High prices will also affect tourism, entertainment, sports and virtually any type of economic activity one can think of. Higher prices, fewer jobs, lower wages and the massive levels of debt being carried by individuals, companies and nation states is a recipe for disaster.
I particularly worry about Pakistan, a nuclear armed country that is always on the brink of becoming a nuke armed failed state where the religious radicals run wild.
We could be facing a pivotal moment in global history.
[OP] cnn | 19 hours ago
Every day, Shakil Khan weaves his bike through the relentless traffic of Dhaka, delivering items and ferrying passengers across the city. However, these days he’s waiting hours in long queues at gas pumps to fill his bike within a government cap on fuel purchases.
Khan is one of tens of millions of people in Bangladesh suffering oil and gas shortages as the joint US-Israeli military offensive against Iran hits fuel supplies worldwide.
“Because of the oil shortage, my daily income is reduced,” said Khan, as a queue of motorcyclists stretched out behind him, snaking around the block in the Bangladeshi capital.
Thousands of miles away, one of the world’s most critical energy arteries – the Strait of Hormuz – has also come to a virtual standstill as missiles and drones crisscross the Persian Gulf and Iran steps up its attacks on ships.
Like many countries across Asia, Bangladesh relies on foreign oil and gas imports – and suggestions that supplies may run low has prompted new policies from governments across the region.
As the world’s wealthiest nation leads a costly war – one think tank estimated the US is burning through $890 million a day – those who are least able to afford it are feeling the most acute and immediate impact on their wallets.
cambeiu | 14 hours ago
The 1973 oil embargo lasted only 6 months but it created a decade of recession and inflation in its wake. Developing countries were hit particularly hard back then and several faced regime collapse-coups (Ethiopia, Greece, Thailand, Argentina, etc...)
If this conflict persist for an extended period of time, the same could happen again. For the duration that the Strait of Hormuz stays closed and even months after it is re-opened, everything that is harvested, manufactured, built, heated, cooled and shipped will become more expensive. High prices will also affect tourism, entertainment, sports and virtually any type of economic activity one can think of. Higher prices, fewer jobs, lower wages and the massive levels of debt being carried by individuals, companies and nation states is a recipe for disaster.
I particularly worry about Pakistan, a nuclear armed country that is always on the brink of becoming a nuke armed failed state where the religious radicals run wild.
We could be facing a pivotal moment in global history.
mira_poix | 2 hours ago
This is by design.