Gate News reports that on March 9, market strategist Michael McCarthy stated that the threat to oil refineries is very concerning because it points to the worst economic scenario. He said that if 15% to 20% of global oil supplies are cut off, it will not only slow down growth in all economies worldwide but also trigger inflation shocks. When inflation is combined with slowing growth, it results in stagflation (i.e., inflation and economic stagnation coexisting), which would be an economic disaster.
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