Amy Jaffe

Dana, thanks for having me.

So for every $10 increase in the price of oil, we can expect about a 25 cent increase at the pump.

And for many Americans, an extra 25 cents for gasoline is really burdensome.

I try to remind people that the Strait of Hormuz is not only an important waterway in terms of oil, because it's something like 30% of the world's oil travels through that waterway.

But we're also talking about important petroleum products like naphtha, which is a major component in petrochemicals.

We're talking about liquefied natural gas, which is used all around the world.

for petrochemical manufacturing, for heat, for electricity.

We're talking about helium.

It's something like 20 or 30% of the world's helium supply comes from Qatar.

We all think of helium as sort of birthday party balloons, but helium's needed for...

medicine, medical, MRI devices.

There's a material called urea, which is used for fertilizer.

So the ramifications of having Strait of Hormuz stay closed are quite enormous.

Absolutely.

Iran stands alone, I think, in the globe wanting to squeeze these exports.

Maybe the other beneficiary to this whole story would be Russia, because Russia has had its exports sanctioned by the West.

And when there's no oil flowing from the Middle East, that's harder to do.

But we're talking about the oil exports of countries like Kuwait, United Arab Emirates, Saudi Arabia, Iraq.

And these countries supply many different places around the world.

Ironically, one of the countries that is going to be most