"The feedstocks for fertilizer are largely manufactured from natural gas, & Persian Gulf nations were major producers, shipping their production out through the Strait of Hormuz, before the war. Here’s what has happened to the price of urea: ...

And where do you think plastic comes from? Here’s the price of polyethylene: ...

Less than half of U.S. consumption of petroleum products was gasoline."

See Krugman's charts.

#Trump #Iran #war #oil #gas #StraitofHormuz #diesel #fertilizer #plastic
/6

"The rise in gasoline prices, for which the national average just hit $4 a gallon, has made headlines. But other prices are also hugely important.

Most non-electric cars run on gasoline, but most trucks are fueled with diesel. And diesel prices are up even more than gasoline prices — approximately $1.70 per gallon as opposed to $1."

~ Paul Krugman

#Trump #Iran #war #oil #gas #StraitofHormuz #diesel #fertilizer #plastic
/5

paulkrugman.substack.com/p/4-g…

$4 Gasoline is Less Than Half the Story

The biggest losers from the Iran War are buyers of diesel, jet fuel, chemicals and fertilizer

^{Paul Krugman}