Via the Wall Street Journal. $200 per barrel oil/$6 per gallon gasoline by Christmas?
Ambrose Evans-Pritchard on the implications of the energy shock for China.
Products are sent to China for final assembly, then shipped again to Western markets. The snag is obvious. The cost of a 40ft container from Shanghai to Rotterdam has risen threefold since the price of oil exploded….
North Carolina’s furniture industry is coming back from the dead as companies shut plant in China. “We’re getting hit with increases up and down the system. It’s changing the whole equation of where we produce,” said Craftsmaster Furniture.
Oil has gone down $10 in the last two days, probably just a fluke right?
I have been following that. These wild price swings are increasingly common. It went up over $10 in a single day last month.