Brits must brace for energy RATIONING. Aussies told to brace for ‘Covid 2.0’ price shock. Trucking leaders across America warn Iran war diesel surge could drive widespread consumer price increases. Diesel gas prices hit $5 a gallon

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Brits were today warned they must brace for energy rationing as the Middle East crisis continues.

Former No10 energy expert Nick Butler said the effective closure of the Strait of Hormuz by Iran meant there would be a global ‘shortage’ of oil within weeks.

Prof Butler, who was an adviser to Gordon Brown and worked for BP for nearly three decades, insisted ministers must be ready to protect the ‘crucial sectors’ of the economy.

The grim message comes as politicians scramble to minimise the impact from the US-Israeli war with Iran.

https://www.dailymail.co.uk/news/article-15650559/Brits-energy-RATIONING-Middle-East-chaos-shortages-oil.html?ns_mchannel=rss&ns_campaign=1490&ito=social-twitter_mailonline

Australians have been warned to brace for ‘Covid 2.0’ price hikes as the conflict in the Middle East continues into its third week.

The prolonged closure of the Strait of Hormuz has prompted some of the nation’s largest manufacturers to warn customers to expect sharp price rises and possible rationing, as supply chains strain under the ongoing transport bottleneck.

A number of major plastics suppliers have written to customers warning they will be forced to pass on rising costs, reports The Australian.

The cost of plastic materials used in building and healthcare is expected to spike, with some manufacturers flagging they may struggle to honour current contracts.

Impact International has lifted prices by 15 per cent after sea freight charges jumped by as much as 250 per cent, with the company importing resin from the Middle East, Thailand and Japan to produce tubes for food, cosmetic and pharmaceutical products.

‘I’m calling it personally Covid 2.0,’ Impact International managing director, Aleks Lajovic, told the publication.

‘When the pandemic started to reveal itself, the circumstances were almost the same. People were scared. People couldn’t get information, people couldn’t get pricing, people couldn’t get delivery confirmation. And people also couldn’t get an accurate shipping date.

‘And this is exactly what we’re seeing play out in supply chains. Again, it’s really like the start of a pandemic.’

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Trucking industry leaders say if the war in Iran continues the way it’s going, just about everything we buy could see a price hike.

A key reason: The cost of diesel is spiking.

“If you got it, a truck brought it, and that truck ran on diesel,” John Hausladen, president of the Minnesota Trucking Association, said.

“We just don’t have a lot of cash flow to handle something like this, so we have to go to our customers and ask for them to cover it, and ultimately it passes on the consumer,” Hausladen added about a tough several years for the industry.

“If it’s going to be a short run, then the impacts will be minimal. But if this goes on for a long time, it will just have to be passed on the consumer, and they’ll see it ultimately at the shelf in the grocery store or the electronic store or the fueling station,” he said.

As of Friday night, the price of a gallon of diesel in Minnesota increased $0.54 in just a week, while the national average jumped $0.58 in that same time frame.

https://kstp.com/kstp-news/top-news/war-in-the-middle-east-impacting-your-wallet-due-to-diesel-prices/

Fuel oil prices in Singapore, the world's most important refueling port, are up to a record $140 per barrel. This marks a +146% surge since the start of the year
byu/RobertBartus inEconomyCharts