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Global Oil Shortages: Economies at Risk
Description
Professor Robert Pape warns of a looming global oil crisis, with the Strait of Hormuz blockade causing a sustained deficit of 15 million barrels per day. Countries like India, Pakistan, Bangladesh, Vietnam, South Korea, and parts of Europe are already feeling the impact, with power generation delays, fuel cost increases, and industrial slowdowns. The US faces a diesel time bomb with low inventories and refining capacity, potentially fueling inflation and economic slowdown. China is the only exception due to massive reserves and state control. Pape predicts economic contraction worldwide if the situation persists.
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