The Compound and Friends Why Gas Prices Can’t Wreck the Market
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Apr 3, 2026 Dan Greenhaus, chief economist and strategist at Solus, offers macro and credit perspective. Alexandra Semenova, Bloomberg reporter on U.S. stocks, provides market reporting and analysis. They discuss why oil price spikes haven’t toppled markets. Conversation covers how earnings, consumer spending share, private credit dynamics, SpaceX IPO timing and retail access, and short squeezes shape market reactions.
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Logistics And Inventories Delay Full Oil Impact
- Physical logistics and alternative pipelines have blunted immediate Gulf shutdown risks, delaying full price and supply effects.
- Dan Greenhaus mapped East-West pipelines, Fujairah exports, floating storage and transit times as buffers now being worked down.
Energy Is Less Central To Consumer Budgets
- Energy is a much smaller share of consumer spending than decades ago, reducing macro sensitivity to higher oil prices.
- Alexandra noted energy made up 3.7% of consumer spending in January 2026 versus ~6% in the early 1990s.
All Income Deciles Spend Less On Gas Than Before
- Lower-income households still spend a bigger share on gas, but everyone spends less on energy now compared with 2012.
- Dan presented decile charts showing every income cohort reduced gas share of spending since 2012.