Victoria Craig

But despite the boosted production, there is still no plan to reopen the Strait of Hormuz.

And that has the world wondering where it can turn for more supplies longer term if needed.

The answer, at least for now, seems like it's not to U.S.

oil majors.

Stephanie Findley is our correspondent in Houston, Texas.

She's been talking to a couple of the biggest American oil producers and joins me now.

Hi, Stephanie.

Hi there.

So ExxonMobil and Chevron told you they do not have plans to increase production.

Why?

On the consumer side of this equation, you know, we've seen gas prices here in the U.S.

soar to more than $4 a gallon on average.

In some places, it's much higher than that.

since the start of the war.

If domestic companies do decide that they want to pump more, would that make a difference to prices at home?

And how quickly might that happen?

Yeah, that's a great story.

And we will pop a link to that in our show notes today.

Stephanie, I do want to ask you one more question before we go.

One of the world's biggest oil traders told the FT that there's going to be, quote, huge pain if countries stop using fuel and that something will have to give by what he sees as a June tipping point when it comes to those energy supplies.