Oil and chemical tankers in the port of Haifa, Israel, March 11, 2023. Photo by DmitTrix/Wikimedia Commons.

As we enter a shaky ceasefire phase in the Trump administration’s illegal war on Iran, Canadians are nervously monitoring the devastation abroad while gritting their teeth at gas prices at home. In countries across Asia, a considerable drop in tankers transporting oil through the Strait of Hormuz has already created major oil supply shortages and significant economic shocks.

Here in Canada, things are better, albeit complicated. As the world’s fourth-largest oil producer, our economy is likely to see considerable economic growth from war-related spikes in global oil prices. But, as evidenced by soaring prices at the pump, most Canadians will not share in the spoils of this economic boom.

We’ve seen this movie before

As we all know far too well, the benefits of economic growth are rarely distributed anywhere near evenly, especially during global crises. Right now, higher oil prices are further enriching oil producers, while Canadians already struggling with a cost-of-living crisis are saddled with even higher oil and gas expenses.

The last time we faced a big global oil price shock was in 2022, in the wake of Russia’s invasion of Ukraine. It triggered an enormous transfer of wealth from working- and middle-class families to the ultra-rich.

In the US, half of all profits flowing from the 2022 oil price........

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