Asia Hopes U.S. Midterm Results Will Ease Energy Crisis
ConocoPhillips Doubles Profit to $4 Billion, Raises Dividend Asian countries that depend on oil and gas imports for their energy security are hoping that the results of the U.S.
midterms will lead to an end to the war in the Middle East and, consequently, an end to the severe fuel crisis Asian countries are experiencing.
Trump is still president, and Democrats are no fans of Iran.
Asia has been the hardest-hit by the fallout of the U.S.
and Israel offensive against Iran that began on February 28.
For geographical reasons, the Middle East is the top supplier of hydrocarbons to Asia.
With that supplier largely gone for an extended period of time, Asian countries were scrambling to secure alternatives—at higher prices.
This brought inflation and boosted government spending to try and shield the economy from the worst of the fallout.
Last month, the World Bankwarnedthat, essentially, Asia was running out of money because of the energy crisis.
“Subsidies have been by far the most common policy response [to the crisis] among emerging and developing economies,” the World Bank said, adding that “Countries with substantial subsidies in place generally have had smaller increases in retail gasoline prices than non-subsidizers, but this relationship weakened considerably for headline inflation.” So, now that Democrats have won a majority in both the House and the Senate, there are hopes they would rein the U.S.
president in, including on foreign policy.
Reuters’s Clyde Russell wrote in acolumnthis week that the way Democrats can interfere with Trump’s policies is to use congressional power to redirect, cut or boost government spending and to start investigations against Trump himself and close allies and family members.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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