Jason Bordoff

Because that increased consumer spending is flowing to domestic producers and their shareholders, and they're spending some of that money in our economy too.

It's not flowing overseas the way that it used to.

Well, U.S.

producers are making a lot of money, and we should remember some of those are global, too, and they own assets.

But yes, U.S.

companies, their shareholders, their workers, oil producing states, of course, they all benefit from high prices.

Well, there are the so-called physical markets and then paper markets, meaning like there's the price we see as a result of trading activity.

And that is based a lot on expectations, not just the physical reality at any given moment.

And so the price you're seeing includes what's happening, but also expectations about what is going to happen.

And as I said a moment ago, if Trump tomorrow declares mission accomplished, we've done what we need to do.

It's time to pull back, reopen the strait.

It would take a couple of weeks, but eventually, you know, supplies come back reasonably quickly.

And I went to bed, made a few notes last night before coming on your show about how high the oil price was and woke up to find oil prices had fallen dramatically because President Trump made some comments about how he had had very productive discussions with the Iranians and we were close to a resolution.

The fundamental reality hasn't changed in the last 24 hours, but market prices fell dramatically.

enormously because people had an expectation that things would come to an end reasonably quickly.

So I think that helps to explain the disconnect.

It also takes time for the physical disruption to show up in the market.

You know, you load a tanker with a bunch of crude from Iraq or Saudi Arabia, and it can take two weeks to get to its destination.

So we still have some

that were loaded before this all happened that haven't even reached their destination yet.