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Your 60-second money minute. Today’s topic: It's An Oil Shock
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Your Money Minute — It's An Oil Shock 3/26/26. Machine-transcribed; use the interactive transcript above to jump the player to any line.
with a CNBC your money minute. I'm Jessica Ettinger. Wall Street gaming out various scenarios for the war with Iran. CNBC's Joe Kernan spoke with cities head of global commodities research max latent. The two sides are still very, very far apart. So while the negotiations are a positive sign if indeed they are happening, it is hard to see in the short run how the demands of both sides can be met. You're not sure they're happening. Max. Well, is anyone latent says the worst case scenario for oil is pretty bleak for the US economy. The rally in prices that we've seen so far has taken the cost to the global economy of just crude oil and products alone. So not gas, not food. It's taken it from two and a half trillion at the start of this year, ballpark to four and a half trillion annualized at the moment. So we've got a two percent of global GDP shock right now. And if this continues for another
couple of months, you're talking about, you know, a 1970 style six, seven percent of GDP oil shock. latent references GDP gross domestic product a measure of the strength of the US economy. A lot has changed since the 1970s oil shock when oil prices rose 350 percent and Detroit stopped making most of the big gas guzzlers and the 55 mile an hour speed limit appeared. Designed to conserve fuel. But latent ads this is why the war will end. This shock is actually bigger in the volume loss than what we saw in the 70s. The 70s oil impact was maybe five, six months. So you don't need this for two or three months to get you to the same kind of oil shock scenario as you had. And that's precisely why this kind of can't happen. And why the baseline view is is that seeing that more fully instatin' a feel that over the next four weeks results in the resolution. The full interview is at CNBC.com as is the latest on energy prices and how they affect you.
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