Oil, War, and Global Power ft. Amos Hochstein | Shane Smith Has Questions

From Shane Smith Has Questions by VICE News & Studio71

March 12, 2026 · 60 min · Episode 44

About this episode

Amos Hochstein discusses the current energy crisis and its implications for global power dynamics.

The Strait of Hormuz is effectively closed, and energy expert Amos Hochstein is calling this the single greatest energy crisis in global history bigger than the 1973 OPEC embargo. With roughly 10 million barrels of oil per day missing from global markets, prices have surged from $60 to nearly $100 a barrel, gas is climbing toward $4 a gallon, and major producers like Kuwait, Iraq, and Qatar have already slashed production. According to Hochstein, if the Strait remains closed for just 10 more days, the economic damage could become permanent and very difficult to reverse. The ripple effects are already being felt everywhere food prices, shipping, airline tickets, and everyday goods are all taking a hit. Meanwhile, Republican senators are privately warning the White House that if this continues, they risk losing both the House and the Senate. Hochstein breaks down the best case, worst case, and most likely scenario for how this war ends and what it means for everyday Americans already feeling the squeeze at the pump and the grocery store. The conversation also goes beyond oil, connecting the dots between energy, AI, and the new geopolitical battleground. The real competition isn't…

People in this episode

Host: Shane Smith

Guest: Amos Hochstein

Topics covered

energy crisis
geopolitics
oil prices
global economy
artificial intelligence

Keywords

energy crisis
oil prices
Strait of Hormuz
geopolitics
artificial intelligence

Mentioned in this episode

Organizations: VICE News, Studio71

Places: Kuwait, Iraq, Qatar, Strait of Hormuz