Sunday, June 21, 2026

“Real Relief”

Sen. Dave McCormick: "The other thing that's happening in the economy, which is great, is that gas prices are down under $4 in Pennsylvania. I think people understood that we needed to take action against Iran to protect our children. But man, those gas prices hurt working families, and they're seeing real relief."
Gas prices are not down to where they were in January. Let’s hope they continue to go down. But WTI and Brent crude are both trending up again.
Energy Secretary Chris Wright: "The president has been advised all along, despite the media proclamations, that there was enormous risk to energy flows to engage the Iranians on their nuclear program in a military fashion ... he knew he was going to drive up energy prices in the short run. He had the courage to take the action anyway."
To get us back to where we almost were under the JCPOA? (Which included oversight by the IAEA. Word is the IAEA is not welcome in Iran. So: back to where, exactly? Square Zero?

And by the way, the Strait is closed.
According to vessel tracking data from http://MarineTraffic.com, the Strait of Hormuz appears to have effectively closed just before 1700 UTC yesterday, with no transits observed after that time. At approximately 1650 UTC, the tanker 'Starbound Explorer' was turned around in Iranian waters before completing its transit and returned to the Persian Gulf. Around the same time, the container ship 'MSC Qingdao', which was exiting via the U.S. established shipping route through Omani waters, reversed course back toward the Persian Gulf before later turning around again and ultimately exiting the Strait.
Which is sure to affect the price of oil futures.
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