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I buried one important (and perhaps obvious) point in this thread. The usual winners from an oil price shock (those who end up with big surpluses when oil is over $100) won't get that windfall now, as their oil is currently bottled up
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Mar 22, 20:37
Petrodollars! Nothing produces more heated discussion and, in my experience, less insight. Myths trump facts, because the actual data is a bit obscure --
But here is the most important thing to know. Before the Hormuz crisis, the flow of petrodollars had more or less dried up
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The Emirates, Qatar and Kuwait can draw on their massive SWFs for income (rather than reinvesting proceeds) but probably would still run external deficits if there is a prolonged interruption in the oil & gas flow through the strait. That's new.
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