This is an I-Heart podcast. Guaranteed Human.

Joining us now to talk about the rapidly escalating economic polycrisis.

We have Sorab Amari, who is the editor of Unheard. Great to see you, Zorab.

Good to see you, man. Thank you. Thanks for having me.

Yeah, of course. So let's start with the picture with regards to oil, which is not looking great. We can put C4 up on the screen here. So as of this morning, right now in the markets, I think WTI is at about $101. Brent is at what, Saug, like $1.15, somewhere around there. But we have this Bloomberg analysis where a lot of analysts are saying this is going to get

a lot worse, that reality has not completely sunk in.

So what they say is the biggest oil supply shock in history has reached the one month mark.

Prices of surge growth forecasts are being cut worldwide.

Shortages are emerging

across Asia, Thailand to Pakistan. But the energy industry is warning the crisis is only beginning,

and they float the possibility of oil going to $200 a barrel. So, you know, are you an agreement

with this analysis that we have not even grappled yet with the reality of how bad things are currently, let alone how bad things are going to get?

I tend to agree with some more gloomy analysts out there.

The reason being that what's not taken into account is the difference between this crisis and the 1970s, you know, oil crisis that followed

the Yom Kippur War. In that case, it was a matter of a political decision by the OPEC,

the Arab OPEC members to shut off or turn on the tap, right? That's all that there was involved. And once they

decided politically to turn the tap back on, oil float again. In this case, the reason why this could be

much more severe than the 1970s polycrisies that are related to oil is the fact that even if the

political decision were there, if the political decision were there,

if the political will were there to turn the tap back on,

there is damage to the entire ecosystem that makes possible the flow of oil

from the Persian Gulf through the Strait of Hormuz and into the global markets.

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