If you're following the crack spreads on petroleum, you already know that DIESEL and JET FUEL are going to become extremely scarce and expensive over the next several months, even in the USA.
Gasoline is different. There will be plenty of gas in the USA, but that won't help the diesel crisis. And it's diesel that delivers food to your local grocery store. It's diesel that brings new inventory of parts to your local Lowe's or Home Depot. It's diesel that powers the long-haul UPS trucks carrying packages for delivery.
Diesel is also what runs farming and agriculture, commercial construction projects, backup data center generators and modern trains.
Without diesel, the economy doesn't function. And unless the Strait of Hormuz opens soon, the diesel shortage is going go wreck the U.S. economy, cause food inflation, disrupt supply chains and result in a wave of business bankruptcies across America.
Anyone saying "we have plenty of oil" doesn't understand anything about the different types of oil and how distillates are created from different oil grades, or how oil refineries are set up to produce specific products from specific oil grades.
But people will learn many of these lessons the hard way, later this year, as they try to figure out why store shelves are increasingly empty, or why the products that do show up at retail are priced so much higher than before.