Why the Price of Oil, Beef, Electricity, and Everything Else Makes No Sense

Whether it's the price of a barrel of Brent crude or a pound of beef, it's clear prices are skyrocketing for all kinds of goods and commodities. Price shocks and shortages are, if anything, the way consumers understand the economy right now — at the grocery store or at the gas pump. Certainly, current (and future) shocks can be explained by the closure of the Strait of Hormuz. But the environment is weirder than just across the board price increases: The price of corn has barely moved, for instance, while fertilizer just keeps going up. We have not one but two perfect guests to talk to us today, our favorite commodity specialists: Bloomberg Opinion columnist Javier Blas and Lorcan Roche Kelly, the business editor at Irish Farmers Journal. Today's episode — which was recorded on stage at Wilton's Music Hall in London as part of our first ever show outside the US — covers how the world's farmers feel about US trade policy, why today's energy shock is so different from 2022's, the true impact of the UAE leaving OPEC, and why it's going to get harder to buy hard cheese in the near future.

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