China can't transition that fast. China has a lot of oil in storage but if the current situation continues or gets worse they are hurt. The US is a net exporter of oil so is okay though some areas use middle east oil and are hurt too.
This will take a long time to play out. Discount every short term prediction as both Iran and the US are forced to play a long game.
How does being a net exporter even help? There's a global market and prices rise globally. US companies and consumers will pay more no matter if we're importing or exporting.
Most are public so my 401k gains. Oil companies will expand in this scenario and those new employees pay taxes, both which benefit everyone in some way.
I drive an EV so I gain. Though most lose more than they gain, this isn't a complete loss for anyone.
This is where tariffs help actually, if they could be approved. You bring in money from tariffs, use that to subsidize things - gas tax is one way but it is small, but there could be others. Of course no tariff on gas exports since everyone wants it :) But it needs Trump world view with Obama's level execution :)
