""The levers that we have in the short term are very limited. The worst time to try to be solving a crisis is when you're in a crisis.""
""It's production that's basically ready to go that they're just not using, because OPEC has agreed that they're not going to produce that much.""
""Spare capacity is only as good as the ability to get the oil out of where it's being produced.""
The disruption in the Strait of Hormuz, a crucial oil passage, has led to crude oil prices exceeding $110 per barrel. This spike has affected U.S. gasoline prices. While global energy markets and U.S. policymakers are attempting to mitigate the impact, their options are limited. Spare oil production capacity is primarily located in Saudi Arabia and the UAE, but logistical challenges hinder its immediate use. Alternative shipping routes exist, but their capacity is constrained, complicating the situation further.
Read at www.npr.org
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