The War in Iran
Earlier this week, the US & Israel started bombing Iran. Honestly, with the way the world is at the moment, I’m feeling fairly punch-drunk to these big global events.
I know and feel that it’s awful news, and the human cost is — and will be — immeasurable. But I think I was far more scared of these things when I was younger. Living in Nottingham city centre, I wouldn’t really see the real-world impact of events like this.
Since moving just outside the city, depending more on my car, and relying on oil for the time being for hot water and heating, the impact feels a lot more direct. We’ve moved to solar for electricity, which is saving us a small fortune.
Sunday in the Pub
I was warned by a friend that oil prices had already been confirmed to be impacted. Due to Iran’s position on the Caspian Sea, they have the ability to directly affect the shipping routes of other oil-producing countries.
So, pint in hand, I bought more oil than I would normally purchase — around 56p a litre. I remember when Ukraine kicked off. Due to the banning of Russian oil, we got caught out as prices shot up to around 160p per litre. It was a painful blow since our tank had run dry and we had no choice but to buy.
I also remember it taking quite some time for prices to drop back to anything near normal.
I know other things will become more expensive soon as well. I expect those increases will appear in other ways:
- Diesel for my car (I do have a bus service, so while inconvenient I can rely on that)
- Heating oil — happening now
- Fertiliser, which will probably impact prices after the harvest
- Any imported goods
Focus on the Heating Oil, Gareth!
So that begs a few questions:
- How does the heating oil industry actually work?
- What will this new disaster push oil prices to?
- How long do I need to ride it out?
The Answer?
I don’t know.
But let’s build a way to find out together.
I’ll build a small pipeline that regularly updates the data and helps track the impact of global events on heating oil prices. Because let’s face it — at this point I wouldn’t be surprised if we’re due a few more global shocks.
Gareth Winterman