Retail gasoline has eased to about $4.01 a gallon as oil retreats from its Iran-war peak above $100 a barrel. White House economic adviser Kevin Hassett credits Navy escorts in the Strait of Hormuz, higher U.S. output and a Jones Act waiver moving Gulf Coast crude to both coasts.
Gasoline at the pump has eased to about $4.01 a gallon, down from $4.09 a week earlier but up from $3.15 a gallon a year ago. Oil has moved the same way: Brent crude hovered at $83.55 a barrel and WTI traded around $77 a barrel as of Friday, both down from a recent Iran war peak above $100 a barrel.
White House economic adviser Kevin Hassett attributed the decline to several factors, starting with the U.S. Navy escorting commercial vessels through the Strait of Hormuz and increased U.S. oil production. He also pointed to a waiver of the Jones Act that lets 100 million barrels of oil produced along the Gulf Coast ship to the East and West coasts.
As of Thursday, the Navy had redirected 53 commercial vessels in the Strait of Hormuz and disabled and boarded two vessels each, according to a U.S. Central Command update issued Saturday. It also allowed more than 30 vessels through the blockade for humanitarian aid.
Source: Barrons.com
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