Dr. Carole Nakhle, CEO of Crystol Energy, spoke to Newsweek about the forces keeping US gasoline prices elevated as disruption in the Strait of Hormuz continues to affect global oil markets. She highlighted Hormuz as the main factor behind higher oil and gasoline prices, while noting that markets are also reacting to changing expectations around diplomacy and the duration of the conflict. Progress towards restoring normal passage and physical oil flows could ease pressure relatively quickly, while prolonged disruption or further attacks on energy infrastructure would increase upside risks.
US gasoline prices
Beyond Hormuz, Dr Nakhle noted that several risks are overlapping, including the drawdown of the US Strategic Petroleum Reserve. While a smaller reserve does not directly raise today’s oil price, it leaves the US with a smaller buffer to respond to an additional or prolonged supply disruption, increasing its exposure to further shocks.
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