$4 Gasoline is Less Than Half the Story (Paul Krugman) [View all]

https://paulkrugman.substack.com/p/4-gasoline-is-less-than-half-the?utm_source=substack&publication_id=277517&post_id=192792008&utm_medium=email&utm_content=share&utm_campaign=email-share&triggerShare=true&isFreemail=true&r=75kl2v&triedRedirect=true

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The reality is that U.S. prices of petroleum distillates and other products in which Persian Gulf nations are key producers have soared. The rise in gasoline prices, for which the national average just hit $4 a gallon, has made headlines. But other prices are also hugely important.

Most non-electric cars run on gasoline, but most trucks are fueled with diesel. And diesel prices are up even more than gasoline prices — approximately $1.70 per gallon as opposed to $1:
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The feedstocks for fertilizer are largely manufactured from natural gas, and Persian Gulf nations were major producers, shipping their production out through the Strait of Hormuz, before the war. Here’s what has happened to the price of urea:
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((up about 50%))

And where do you think plastic comes from? Here’s the price of polyethylene:
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((up about 30%))