The Winning and Losing Countries From High Oil Prices

Photo by Waldemar Brandt

There has been a lot of sloppy commentary from people who should know better about who is being hit hardest by the runup in oil and natural gas prices since the start of the war in Iran. There’s a simple story where the countries in Europe and East Asia are the big losers, because they produce relatively little of their own oil. By contrast, the United States is supposedly relatively well-off since we are largely self-sufficient and in fact a net exporter of natural gas.