Five Months Into the Iran War, China Is Saving Its Oil for the Next One
Five months into the Iran war, the largest supply shock in oil market history has been managed into a strange calm. Exxon just made $14.5 billion in a quarter, gas is over $4 a gallon, and Washington is quietly running its oil reserve the way the Federal Reserve runs interest rates.
James Gutman is the co-author of The New Joule Order, and the newly launched Substack Arcs & Angles. This is his fifth time on Energy Empire and his darkest and sharpest appearance yet.
In this episode:
"Nobody actually puts crude oil into their car": the widest refining margins ever recorded, and why they, not…
The skinny
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