Yves here. Wellie, the fact that Americans are paying bigly for the Iran war oil shock is an ironic bit of justice, even if in reality, nearly all Americans are haplessly along for the Trump’s reckless conflict-creating ride. This outcome makes the rise in inflation in the US make much more sense. I have been surprised at the degree to which the general price increase here in Southeast Asia have been modest.

The big factor is the American addiction to cars, and one assumes also the scale of trucking needs given distances in the US, such as from ports to cities and towns, and other diesel needs, from agriculture to construction to warehouses.

Trump has been saying that high oil prices are good for the US.

President Donald Trump says that the US is generating unprecedented revenue due to high crude prices, while maintaining that his ultimate goal is lowering fuel costs for ordinary citizens.…