Even though the Iran War appears to be ending, the effects on the global economy are not going anywhere. The near shutdown in the oil pipeline has caused a shift in who the big energy leaders are and what energy is being used. Places like South Korea and Japan are now switching to coal, and in many places there is a shift to solar or electric vehicles. Relations among producers are also changing. The war heightened tensions between the United Arab Emirates and Saudi Arabia and prompted the Emirates to leave the OPEC Plus oil cartel. It has caused the Saudis to move closer to Russia. China is also seeing huge returns as countries switch to using renewable energy.
Today Dale Rogers, a professor at the W.P. Carey School of Business, joined “Arizona Horizon” to discuss the effects in further detail.
