From toys to medical gloves: how the Iran war is hiking prices
5/6/202616 min
Oil shock has been synonymous with the U.S.-Israeli war on Iran and the closure of the Strait of Hormuz, but the oil byproducts that make plastics aren't making it through the strait either, and as Beth Gardiner, author of the book, "Plastic Inc.: The Secret History and Shocking Future of Big Oil's Biggest Bet," explains it could start impacting the cost of goods here at home, from toys and clothes to the supply of medical gloves.
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Matt Galloway· Host0:29
[upbeat jingle] This is a CBC podcast. Hello, I'm Matt Galloway, and this is The Current Podcast.
Pete Hegseth· Soundbite0:37
These international waters belong to all nations, not to Iran to tax, toll, or control.
Matt Galloway· Host0:46
That's US Defense Secretary Pete Hegseth speaking yesterday. It is a complicated situation in the Strait of Hormuz. Both Iran and the United States claim control over the crucial choke point. Yesterday, just days after launching it, President Donald Trump paused the US-led effort to escort ships through, claiming what he called great progress in a possible peace deal. Axios is reporting this morning that the two sides are close to a one-page memorandum to end the war. But in the meantime, the tensions cr- have created a huge spike in gas prices, shortages in jet fuel, and broader impacts on things like plastics. Because most plastics are made from oil or natural gas, they have become more expensive to produce, and that means the price of everyday goods like plastic jars, electronics, crayons, even clothing,