Five Months Into the Iran War, China Is Saving Its Oil for the Next One

<p>Five months into the Iran war, the largest supply shock in oil market history has been managed into a strange calm. Exxon just made $14.5 billion in a quarter, gas is over $4 a gallon, and Washington is quietly running its oil reserve the way the Federal Reserve runs interest rates.</p><p><br></p><p>James Gutman is the co-author of The New Joule Order, and the newly launched Substack Arcs &amp; Angles. This is his fifth time on Energy Empire and his darkest and sharpest appearance yet.</p><p><br></p><p>In this episode:</p><ul><li><p>&quot;Nobody actually puts crude oil into their car&quot;: the widest refining margins ever recorded, and why they, not the price of oil, set what you pay at the pump</p></li><li><p>The Justice Department is investigating price gouging. What James would say under subpoena.</p></li><li><p>&quot;You can&#39;t print molecules&quot;: America&#39;s central bank of oil, and the catch when the vault runs low</p></li><li><p>China cut imports by 5.5 million barrels a day without touching its strategic reserve</p></li><li><p>Europe&#39;s rearmament bill runs as high as €14 trillion, and &quot;the best friend for Team Green is the guy in the uniform&quot;</p></li><li><p>The question nobody asked in four previous episodes: what does James Gutman get wrong?</p><p><br></p></li></ul><p>Plus Ask Jigar: the solar super PAC that just beat a Trump endorsement, and the cleaner backup power hiding inside every hospital&#39;s budget.</p><p><br></p><p>Submit a question to Ask Jigar: <a href="https://octopusenergy.com/ask-jigar"><u>https://octopusenergy.com/ask-jigar</u></a></p><p><br></p><p>S2G Investments: <a href="https://www.s2ginvestments.com/insights/report-illusion-of-crowds"><u>https://www.s2ginvestments.com/insights/report-illusion-of-crowds</u></a></p><p><br></p><p>Octopus Energy: <a href="https://octopusenergy.com/faas"><u>https://octopusenergy.com/faas</u></a></p><p><br></p><p>James Gutman&#39;s Substack: <a href="https://jgutman.substack.com/"><u>https://jgutman.substack.com/</u></a></p><p><br></p><p>Our merch store: <a href="https://energy-empire.bonfire.com/collection/all-products"><u>https://energy-empire.bonfire.com/collection/all-products</u></a></p><p><br></p>