And it would be worse if China didn't take extraordinary actions to cut its oil consumption by 40% yoy - back to the level of consumption from 19 years ago:
If they wanted to inflict pain on USA and bring about a regime change, they probably wouldn't have done that. Most likely, having the current admin in power is the best thing for China: shows them as a reliable trade partner, boosts solar and EV exports, etc.
US voters chose to reduce their taxes by a margin they won't notice in exchange for increasing their energy prices by an amount they will absolutely notice.
The wild thing is that this is an extremely predictable thing that has happened every time this political party is given control of the military. The chutzpah of claiming to be anti-war is breathtaking, and it's stunning that voters fell for it.
The immediate effect is more income from higher prices. The money largely goes to company owners – meaning shareholders – through dividends, debt reduction, company-backed purchases of its own stock, and reinvestment in drilling and production.
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[ 0.21 ms ] story [ 4.9 ms ] threadJust for perspective, Nvidia's daily profits for the past quarter are $641 million. For Apple it's $327 million.
https://www.axios.com/2026/07/30/china-oil-price-iran-power
If they can't sustain that level, or decide to stop taking action, the level of pain is going to be immense.
The wild thing is that this is an extremely predictable thing that has happened every time this political party is given control of the military. The chutzpah of claiming to be anti-war is breathtaking, and it's stunning that voters fell for it.
Gas Prices Soar While Big Oil Reaps $26.5B: Inside the 2026 Affordability Crisis
https://bluepressjournal.substack.com/p/gas-prices-soar-whil...
https://news.ycombinator.com/item?id=49126976
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The immediate effect is more income from higher prices. The money largely goes to company owners – meaning shareholders – through dividends, debt reduction, company-backed purchases of its own stock, and reinvestment in drilling and production.