From the Socialist Party of Great Britain website
April 15, 2026
Most crude oil (88%) refined in the US comes from fields in the US, Canada and Mexico, all a long way from the chaos currently being wreaked by the latest Middle East war. Yet average retail petrol prices in the US have risen by over 30% since January.
The reason? Along with every other major raw material, crude oil is subject to a world market price, so a major disruption to supplies, be it caused by war or an economic bottleneck, will have a global effect.
The lesson? National governments (however big the country!) have little influence over the world market. In particular, any politician who promises to control prices is lying through their teeth.
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