Dear MEL Topic Readers,
The war created an oil problem. It’s not the only price you’ll pay
Nearly 90% of all the oil and gas flowing through the Strait of Hormuz,
a 167km-long strait between the Persian Gulf and the Gulf of Oman, goes to Asia.
As the traffic through the Strait has been shut down by Iran, Asian countries
are struggling to cope with the shortage of those fuels. Sri Lanka has declared
every Wednesday a holiday for public institutions to conserve fuel. In Myanmar,
private vehicles are allowed only to operate on alternate days depending on
their licence plate numbers. Even in the USA, the world’s largest petroleum-extracting
country, the prices of oil and gasoline soared recently, putting financial pressure
on commuters and drivers. Other countries are also affected by price hikes in
various items, including food, AI chips, aluminum, natural gas, plastics, chemicals,
and pharmaceuticals, due to rising material and transportation costs. When a
flow of oil and natural gas is disrupted, the whole world is affected in some
way or another.
Read the article and learn about how the US and Israel’s war on Iran is
affecting the lives and economy of the world.
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