Jonathan Ferro

Tax refunds are a big part of the bull case for the U.S.

economy.

I've got the Bloomberg lighting up in front of me right now with energy prices surging.

How those refunds are going to be spent is key, Kevin, with energy bills still climbing.

What's your assessment of the disruption we're seeing to supply in the Middle East?

As you see, we're starting to see a hit to production.

Because we can't move the oil, we're breaching storage capacity in select producers right now.

You saw some of that with Iraq earlier this week.

The Journal reporting moments ago, we're seeing the same thing in Kuwait and UAE and Saudi Arabia.

might follow that's obviously a bigger more acute issue for the asian refiners right now which is why the treasury secretary came out and issued a waiver for the indians to buy from russia the russian crew that's offshore in tankers right now but kevin i wonder what else the white house has got in store

not just to tell people to wait, because in the future it will be better, but what are the remedies that you can produce right now?

The Biden administration, as you know, burned through the SPR, took it down quite dramatically.

Is there space left in the SPR to deploy some of that, to bring down prices just a bit for consumers?

The timing of this is so important to people, though.

They need to understand the duration to understand how acute the problem will be.

It feels very open-ended.

It feels different to what we saw in Caracas.

Tehran is not Caracas.

Iran, as you know, is not Venezuela.

Can you assure people this won't be something that goes on for months?