Petrostates Without Oil Export Routes Take the Hardest Hit

With fuel rationing beginning in some Asian countries and analysts warning Europe is next, talk has started about windfall profit taxes on Big Oil. The supermajors are the first target for additional taxes when oil prices surge, but they are not the only ones benefiting from such surges. This time around, the biggest winners are not just oil producers but oil producers with alternative export routes. The war that the United States and Israel started against Iran at the end of February has cost the Middle East’s petrostates some 11 million…