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RT by @ylecun: Exxon Says We’re Two Weeks From Petrol Armageddon Right. So it turns out closing the world’s most important oil chokepoint has consequences. Who knew. Exxon’s Senior VP Neil Chapman stood up at a Bernstein conference this week and said what everyone in the industry is thinking but politely avoiding at dinner parties: global oil inventories are approaching “truly unprecedented” lows. His words. And when a Senior VP at Exxon starts using phrases like “truly unprecedented,” you should probably pay attention. The IEA has already called Iran’s Strait of Hormuz blockade the largest oil supply disruption in recorded history. Over a billion barrels lost since late February. A billion. That’s not a rounding error. That’s a civilisational inconvenience. Chapman’s estimate: Brent crude hits $150 to $160 per barrel once stockpiles reach critical levels. Two to three weeks away. Wood Mackenzie, never a firm known for cheerful forecasts, went further and suggested $200 by year-end if the strait stays shut. With a global recession as a bonus prize. So there we have it. The world spent decades building an energy system with a single point of failure, handed Iran the keys to it, and is now surprised that the keys are being used. Genius, really. https://open.substack.com/pub/gandalv/p/your-grocery-bill-is-going-to-rise?r=3v7cjb&utm_medium=ios