| Welcome to the Saturday edition of Businessweek Daily, featuring the Everybody's Business podcast. Let us know what you think by emailing the editor. If this email was forwarded to you, click here to sign up. At various times during the first two weeks of the US-Israel war with Iran—and even as the conflict intensified—President Donald Trump suggested it was already over. "I think the war is very complete, pretty much," was how Trump put it to CBS News on March 9, a comment that seemed designed to calm oil markets. To some it also looked like a more grim example of his famous TACO trade (short for Trump Always Chickens Out). As it turns out, the war was far from "complete," and the president soon pivoted back to threats of wider bombing. Meanwhile, oil tankers were attacked near the Strait of Hormuz—the narrow waterway through which a large portion of Middle Eastern oil must transit—effectively closing it. With the price of oil hovering around $100 a barrel, gasoline prices have predictably risen sharply. The worse news for US consumers, and Republicans in an election year, is that when the war is deemed "complete" by all sides, those prices are likely to remain elevated for a long time. On a new episode of Everybody's Business, hosts Stacey Vanek Smith and Max Chafkin dive into the relationship between the price of gasoline and the global price of oil. Also this week: We speak with Bloomberg News reporter Ben Steverman about the inequalities of wealth and salary exposed by a recent New York magazine story, and explore how fear of artificial intelligence is causing humans to work even more than they did before. Listen and subscribe on Apple, Spotify, iHeart and the Bloomberg Terminal. |
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