Daniel Yergin

Why is this dish here?

Who was here before?

What kind of life did the peasants have?

That's why this dish is the way it is.

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Somewhere in between, we'd say relatively independent.

And we can see that, you know, our gasoline prices have gone up, we should say 30%, but our gas stations are not empty of fuel.

but we are part of a global market, and global prices do get radiated back, and inventories are coming down in the United States, and jet fuel prices go up.

That flows back into the economy.

So the sort of global prices flow back, and still, at the end of the day, there is just one price.

I mean, we need to—we export—

some qualities of oil and import others because it runs more efficiently in our refineries.

But so we are, you know, we still are part of a global market and we're not, it's not like we have a Berlin Wall all around our economy.

And the concern is that, you know, if this continues a month from now, we'll feel those pressures more.

And of course that becomes a huge political issue.

There's no price in the United States that matters more politically than the price of gasoline.

Well, that's why I think it's so volatile and not really predictable about what's going to happen because, you know, there are many factors from Iran's nuclear capabilities to the Strait of Hormuz to drone warfare, shipping, but also in that mix is what happens in gasoline prices and, you know, we're moving into an electoral season and, you know,

you're going to hear from a lot of Congress people about the price of gasoline.

So I think this is a very difficult sort of vector in which to make decisions.

And at the end of the day, it's really going to be one guy who decides here.