When oil prices go up, says President Donald Trump, the US makes “a lot of money”. That is simplistic, of course. But it’s true that high energy prices are a transfer of value from those who buy it to those who produce it.
Shares in oil and gas giants such as Exxon, Shell and BP have risen since the start of the war in Iran and the closure of the Strait of Hormuz. The benchmark Brent crude price is up about 65 per cent this year, which is good in narrow financial terms for those who suck the stuff out of the ground, and less good for heavy users of oil and gas — much of Europe and Asia, industries such as chemicals and motorists stung at the pump.
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