HHusky
Active poster
“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran,” Bessent added.
About 20% of the oil that the world consumes every day travels via the Strait of Hormuz, which runs along part of Iran’s coast. But since the war began at the end of February, shipping in the channel has come to a halt.
Retail gas prices have risen 93 cents per gallon and U.S. crude oil has soared more than 70% since the start of the year, as geopolitical strategy and economic reality collide.
At current prices, the amount of oil Bessent said the measures would bring to market would be worth more than $14 billion for Tehran.
#debacle
About 20% of the oil that the world consumes every day travels via the Strait of Hormuz, which runs along part of Iran’s coast. But since the war began at the end of February, shipping in the channel has come to a halt.
Retail gas prices have risen 93 cents per gallon and U.S. crude oil has soared more than 70% since the start of the year, as geopolitical strategy and economic reality collide.
At current prices, the amount of oil Bessent said the measures would bring to market would be worth more than $14 billion for Tehran.
#debacle
