Bob Pittman

He's obviously very upset.

50,000 Japanese people actually took to the streets a couple of days ago to protest the Iran war.

This doesn't really happen all that often.

So can you break down?

We just talked here about U.S.

economies.

The situation seems way more dire for them where the vast majority of their oil comes through the strait.

What shortages and other prices can we see in the Asian economies in the coming months?

So everything that I was talking about for North America or Europe about jet fuel is kind of doubled or tripled for Asia.

The vast majority of oil from the Strait of Hormuz goes to Asia.

While not as much of, let's say, the direct diesel and jet fuel that goes to the European continent, the vast majority of the crude oil.

So you've seen Asian refineries pull back their operations considerably.

And you saw Asian or Singaporean jet fuel jump above $200 a barrel equivalent in the first week of this war.

And that has continued to mount higher.

You've seen the steepest service cuts to airlines, everything that's going to be coming across Asia.

And you've also seen Asian economies, you know, coming out of the very recent experience of COVID also being far heavier handed than kind of Western counterparts on forcible reductions in kind of policies meant to reduce mobility.

So you've seen governments talking from work from home.

You've talked, you know, you've already heard people talking about like, you know, the odd even license plate days of who can drive into cities.

And I think,

For a lot of these economies, you also see heavy government subsidies or kind of support in these prices, which if that level of support persists through a price shock, shifts this from a consumer shock to a fiscal shock, which kind of has all of these kind of government bankruptcy concerns that begin to amount.