In this Blaze Media article, Glenn Beck and oil and gas expert Tim Stewart discuss why gas prices are climbing amid the Iran crisis and why relief at the pump may arrive sooner than many Americans expect.
- Stewart says the blockade of the Strait of Hormuz has created severe pressure on Iran’s oil system, forcing the regime to slow production and burn off or move oil in inefficient ways.
- Iran’s aging “legacy fields” could struggle to return to full capacity after being throttled down, potentially creating long-term damage to its oil output.
- Stewart argues the United States is already the world’s largest oil producer, but American refineries have long been structured around imported heavy sour crude rather than domestically produced light sweet crude.
- He says that dynamic is beginning to shift as companies invest in refineries capable of processing more American oil.
- Despite the positive direction, Stewart warns that the world is still facing a major oil shortfall, which means prices may remain volatile.
- Beck raises the obvious concern that American energy companies may profit while ordinary Americans suffer under high gas prices.
- Stewart says many oil producers are smaller independents who do not set the market price, comparing them to farmers sending cattle to auction.
- Stewart says stable oil prices in a “Goldilocks zone” are better for producers and consumers alike, estimating that this could translate to roughly $2.85 to $3.15 per gallon gasoline.
- Immediate relief, Stewart argues, would likely need to come from states lowering or suspending fuel taxes and fees.
- If the Strait of Hormuz reopens and the crisis eases, Stewart believes Americans could see lower gas prices this summer.
Read the full story: https://www.theblaze.com/shows/the-glenn-beck-program/gas-prices-climbing-relief-may-come-sooner-than-you-think
