Jon Quast

You look at the oil reserves.

We've talked about that on a previous show.

It really doesn't do a whole lot for

prices because of how small that is in relation to daily consumption.

The Trump administration right now is talking about waiving the Jones Act, or maybe it officially did waive the Jones Act for 60 days.

This is something that is hoped to mitigate oil prices because it basically loosens restrictions on U.S.

ports, but some are already doing some

estimations here and maybe it's going to save less than a penny per gallon on gas at the pump.

It's really not a material development at all.

There's not a whole lot we can do here other than what Lou said, rebuild the supply chain, but that's going to take time and we can't get started yet until this current phase is over.

Another complicating factor here and another kind of glossary word we have to add is the crack spread.

And the crack spread is basically the difference between the price of oil and the price of what we make with oil.

It's very oversimplified.

Yeah, all of that.

Oil has been relatively calm relative to refined products.

That's because there's a disconnect between where the crude is and where the refineries are, and what refineries are where.

Technically, there is a global surplus of crude, even with what's going on.

If you look at the embargo crude, the ability outside of straight-forward moves to produce, but there isn't the capacity to refine.

And at the same time, a lot of those products are, you know, demand is inelastic because we have to drive to work.

But more importantly,