business
3 charts explain how the Iran war oil shock could impact the economy
Key takeaways
- But as three charts from Luzzetti show, the current oil shock from the war in Iran may still have rippling economic effects.
- The US is the leading exporter of crude oil, though the commodity is globally priced, and events in one corner of the globe are felt worldwide.
- That said, the US is not truly energy independent.
But as three charts from Luzzetti show, the current oil shock from the war in Iran may still have rippling economic effects.
The US is the leading exporter of crude oil, though the commodity is globally priced, and events in one corner of the globe are felt worldwide. Over the past nine weeks, the US overtook Saudi Arabia as the world’s largest exporter of the bedrock energy product, according to Bloomberg, as data from the Energy Information Administration shows weekly exports have surged to record highs.
That said, the US is not truly energy independent.
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