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The Strait of Hormuz has been effectively closed, leading to another surge in oil prices. Heather Long reports that the U.S. is about to impose a blockade in the region.
Long highlights that this development represents the biggest threat to the petrodollar in fifty years. Her analysis will be discussed further in a new episode of the @moronomics podcast.
Long has previously tracked key U.S. economic shifts. In February, she reported a decline in the national hiring rate to 3.1 percent, marking the lowest pace since April 2020. She also analyzed the 41% surge in U.S. car ownership costs since 2020, which has outpaced both wage and consumer price growth.