If oil prices stay up: lower global growth, higher inflation, potential interest rate hikes instead of cuts. Biggest impact on oil-importing countries facing rationing.

Kevin Walsh (likely meant Jay Powell) may need to keep rates neutral or even hike - opposite of expectations few months ago.

China heavily impacted (30% energy from Strait) but diversifying rapidly through EVs, nuclear power. Short-term pain, long-term adaptation.

US energy intensity down due to services economy, but goods from China/India remain energy intensive and getting hit.

Poor countries like Philippines/Bangladesh face double whammy: can't afford spot prices AND face supply discrimination favoring richer buyers.

Combined with AI disruption, climate change, and water shortages, could create major problems including European immigration pressures.