If that is the case, then why has there been an obvious correlation between the operation in Iran (specifically the Strait of Hormuz) and the price of gas in the US?
I get that the market is freaking out, but I would think that Venezuela’s oil that we weren’t getting before would also be added to what we produce and that would put us at a surplus vs the Middle East. That should result in a huge price drop and a glut of oil.
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If that is the case, then why has there been an obvious correlation between the operation in Iran (specifically the Strait of Hormuz) and the price of gas in the US?
I get that the market is freaking out, but I would think that Venezuela’s oil that we weren’t getting before would also be added to what we produce and that would put us at a surplus vs the Middle East. That should result in a huge price drop and a glut of oil.