So What's Been Keeping Crude Oil From Reaching $150/barrel [View all]
The US increased exports of crude oil and China's drop in demand for crude oil.
Couple that with countries using their strategic oil reserves.
These are called buffers by the money/market people, that keep crude around $100/barrel.
These buffers will not be enough if Hormuz is not reopened by the end of June. 7 1/2 weeks is all the longer that Iran has to hold out, time is on its side.
Krasnov is going to go to China to beg Xi to force Iran to reopen Hormuz. Krasnov is going to have to give away the farm to get Xi to help him.
Oh and things are so bad that Krasnov is talking about foregoing the federal tax on gasoline and diesel, that amounts to 18 cents/gallon for gas and 24 cents/gallon for diesel. Krasnov is desperate to keep gasoline prices from rising.
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