Fire, protests and seething anger around the world: "Suffocating to death, in Trump's golden age you need gold to buy fuel"
The global oil crisis is intensifying: the price of a barrel of oil surges above $100, the Strait of Hormuz is largely blocked, and escalation between the Houthis and Saudi Arabia raises fears of shortages. A global wave of protests erupts: in Syria, massive protests with burning tires; in France, clashes between fishermen and police; in the Philippines, a transport strike; and in Indonesia, power outages and fuel shortages. Governments worldwide face a dilemma between passing costs on to citizens and increasing subsidies.
The global oil crisis is worsening, with the price of a barrel of oil again surging above $100. The Strait of Hormuz remains largely blocked, and the escalation between the Houthis and Saudi Arabia contributes to fears of shortages. A global wave of protests is erupting following the price surge. In Syria, massive protests broke out on Sunday, the largest since the fall of the Assad regime, following a jump of up to 40% in fuel and gas prices. Protesters blocked roads with burning tires. In France, clashes were reported between police and dozens of fishermen who blocked a major fuel terminal in the south of the country. In the Philippines, transport workers went on strike demanding subsidies. In Indonesia, severe shortages of fuel and cooking gas, power outages, and drivers forced to drag motorcycles were reported. Protests were also reported in Vietnam, Sri Lanka, Bangladesh, and Portugal. Governments across Asia and the developing world face a dilemma: pass on price increases to citizens and risk accelerating inflation, or increase subsidies and risk a deficit. In the US, Republicans fear the crisis will cost them in the elections, and Trump is making promises.