Watch the wrong number and this war looks survivable.
Pump gasoline is up but calm, because America makes plenty of the light sweet crude its gasoline refineries are built for.
Larry Johnson keeps pointing at the other pump.
Diesel is up roughly $2.35 a gallon since February, past $6.30 on the West Coast and in Alaska.
Diesel moves freight, farm equipment, and construction.
Jet fuel flies planes. Both come from the heavy sour crude that used to arrive through Hormuz.
Now Ottawa suspends about 300,000 barrels a day next week, officially for maintenance, roughly 7% of what Canada sends south.
That's heavy crude, the exact grade American refiners need for diesel, arriving in the middle of a trade fight nobody has settled.
Two more items from tonight.
Beijing told the Financial Times it will retaliate against any serious expansion of secondary sanctions on Chinese firms. Qatar, which hosts American forces, publicly called the sanctions unilateral.
The line that stuck with me is sixteen years old. Asked to name the greatest threat to American national security, a chairman of the Joint Chiefs answered: the debt.
It was 13 trillion then. It crossed 40 last week.
@NewSonof
