Most of the oil is used in the manufacturing sector. Businesses will be forced to either raise prices or layoff workers. What a shock. Unemployment just rose.
“Most of the oil is used in the manufacturing sector.”
Yeah, plastic crap made in China.
This is not the 1970’s. Our economy is not NEARLY as energy dependent.
China, however, is getting screwed. It’s COGS is up, and the dollars it holds in T-Bills totally devalued.
Sucks to be a ChiComm.