Ooohhh... I think he's onto something!

[Ol Janx Spirit]

30. It will go up for sure. How much will depend on whether the U.S. and allies can keep...

...the Strait of Hormuz open--which seems very likely and has to have been in any plans they made. They don't care much about life, but boy do they seem to care about oil.

There are also plus sides to higher oil prices for our domestic producers. And, it makes renewables less attractive which the Administration will love.

The price of oil will ripple through the markets, but that's fairly constant and should not mean big swings. It will not help inflation however.

But, don't forget that the Biden Administration sold a lot of oil from the strategic reserve at the start of the war in Ukraine in order to keep gas prices in-check when the price went up to around $95 per barrel. When the price came back down to around $75 per barrel they replenished the reserves and made billions in profit for the American taxpayers. ( https://thehill.com/policy/energy-environment/4798299-biden-admin-refills-strategic-petroleum-reserve/ )

You can certainly see the current Administration doing something similar to mute the effect of higher oil prices--but pocketing the profits somehow.

Oh, and, that Venezuelan oil remains pretty much unprofitable at less than around $80 per barrel.... Hmm.