The entire world is in trouble in the short term due to this. In my country of Australia, we consume the most diesel per capita in the world due to our distance and low population density. So for me, and a lot of other people in the world, the price of transporting anything will rise a lot. This means higher prices on all goods and services, as well as likely supply problems.
The increased prices will put upward pressure on inflation causing us to have to increase our already high interest rates. This will in turn cause a lot of people to no longer be able to afford to service their mortgages. In Australia, we mostly have variable interest rate, unlike the US.
There will be problems growing crops because crops require nitrogen which is dependent on oil production. There will be problems transporting goods because that is dependent on diesel.
In the short term, it is likely that a lot of people in the Global South will die. A lot of people in the developed world will suffer a great deal.
In the long term, I see this as the death knell in the USA's hegemony. Most countries will do anything possible in the next few decades to get themselves off oil and onto other sources of energy like solar or hydrogen. The USA will not have the same influence it once did. This will also mean the decline of the global technology sector, which is only as successful as it is because of US power.
You guys don't see this from where you're sitting, but the government in Australia has been trying to protect us against the harms of social media, only to be threatened time and time again by the US. Without the US oil hegemony, it is unlikely the US will have the power to enforce its tech-monopoly globally.
As an aside, I don't agree with how the social media laws in the UK and Australia dictate the collection of personal data to prove age. But that's beside my point.
Further reading: https://www.baldurbjarnason.com/2026/the-old-world-of-tech-i...