Camila Dominovsky
👤 SpeakerAppearances Over Time
Podcast Appearances
more than 100 ships passed through the Strait of Hormuz on a typical day.
In the first three weeks of May, it was more like 5 to 15 ships a day, most along a route controlled by Iran, according to the trade intelligence group Kepler.
The world has been tapping into stockpiles to make up for the crude that can't get through the strait, but that can't continue forever.
Even if a deal to reopen the strait is struck soon, a best-case scenario, it could take months for oil markets to fully recover from this disruption.
The app GasBuddy shows drops in states like Michigan and Ohio helped bring the national average down slightly.
Diesel prices, meanwhile, are at $5.64, up from yesterday thanks in part to ongoing refinery issues.
Diesel prices drive up inflation across the entire economy.
President Trump has endorsed the idea of a federal gas tax holiday that would require an act of Congress and would save consumers a little more than 18 cents per gallon on gasoline, which Trump acknowledged was a small percentage of the consumer gasoline burden.
The app GasBuddy shows drops in states like Michigan and Ohio helped bring the national average down slightly.
Diesel prices, meanwhile, are at $5.64, up from yesterday thanks in part to ongoing refinery issues.
Diesel prices drive up inflation across the entire economy.
President Trump has endorsed the idea of a federal gas tax holiday that would require an act of Congress and would save consumers a little more than 18 cents per gallon on gasoline, which Trump acknowledged was a small percentage of the consumer gasoline burden.
Global crude oil futures have been highly volatile since the start of the war.
They spike up on any news that signals a drawn-out conflict and fall down on any hint that a resolution may be nigh.
But traffic through the Strait of Hormuz, that crucial waterway for oil markets, has remained all but non-existent in recent days.