U.S. farmers are feeling the pain of the Iran conflict from thousands of miles away. Will Hutchinson will start his Spring planting season soon, which is one of the most energy-dependent times of the year for farmers.
U.S. farmers are feeling the pain of the Iran conflict from thousands of miles away. Will Hutchinson will start his Spring planting season soon, which is one of the most energy-dependent times of the year for farmers. About 20% of the world's oil supply passes through the Strait of Hormuz next to Iran. The Iranian regime has threatened to attack any vessel that crosses the strait. With no oil ships going through, farmers like Hutchinson must rely on the fuel they already have in storage... or pay a hefty price tag to fill up. "If you think about it like a roller coaster, which it very much is, we get dragged in the front row," Hutchinson said. Analysts say gas prices could keep climbing for several weeks, even after ships continue crossing the strait.
