US EditionStopgap Measures Aren’t Enough to Halt Rising Prices as the World Scrambles for More Oil
The emergency release is the largest in IEA history, and experts say short-term U.S. steps cannot fully replace the missing supply.
- The Iran war has halted transit through the Strait of Hormuz, removing 10 million barrels daily from global markets. Despite the International Energy Agency releasing 400 million barrels of emergency reserves, crude prices have soared well past $100 a barrel.
- Before the conflict, roughly 15 million barrels of crude and 5 million barrels of oil products passed daily through the Strait of Hormuz, representing about 20% of global consumption. Middle Eastern nations have halted production as storage tanks fill and tankers remain stranded in the Persian Gulf.
- President Donald Trump waived the Jones Act and temporarily lifted sanctions on approximately 140 million barrels of Iranian oil in transit. However, nearly 70% of U.S. refineries are configured to process heavy, sour crude, limiting the utility of available supplies.
- Increasing domestic production cannot fill the global shortfall, according to Mark Barteau of Texas A&M University. He noted supply patches operate at only 1 to 2 million barrels per day each, far below the roughly 20 million needed.
- Gasoline is averaging $4.14 per gallon in the U.S. as markets remain strained. Michael Lynch of the Energy Policy Research Foundation warned that if the conflict continues for another six weeks, the global economy faces serious trouble.
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Stopgap measures aren't enough to halt rising prices as the world scrambles for more oil
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By CATHY BUSSEWITZ Business Writer NEW YORK (AP) — Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war, which took a record amount of oil off the market when tankers full of crude were stranded in the Persian Gulf and military strikes damaged refineries, pipelines and export terminals. Hoping to ease some pain for consumers, President Donald Trump and other heads of state have been …
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