Matt McClain

News Anchor and podcast host. Links & retweets aren't endorsements. Opinions are my own.

[Matt McClain @OverABarrelMatt]

@GasBuddyGuy

[Matt McClain @OverABarrelMatt]

With the U.S. not coming to agreement or terms with Iran, it is likely that the Strait will remain under their control and that oil prices, and thus gasoline, diesel and jet fuel prices keep rising due to the likely continued closure of the Strait of Hormuz.

[Patrick De Haan @GasBuddyGuy]

Set aside some time at 4pm ET/3pm CT as we host an hour long live “Over a Barrel” special session including gas station owner Lonnie McQuirter! We’ll cover lots. Join here or follow here in case the link changes! https://t.co/A7rOj3lpvx

[Matt McClain @OverABarrelMatt]

It's not just the tank of gas for your vehicle that oil prices are impacting....
https://t.co/7UfI1QfyYh

[Matt McClain @OverABarrelMatt]

RBOB wholesale gasoline is up 9 cents a gallon since the end of the speech and climbing.

[Matt McClain @OverABarrelMatt]

WTI is up almost 4% since the end of the speech

[Matt McClain @OverABarrelMatt]

As expected, oil prices are now increasing again. Brent crude is up 4% and climbing just since the end of the speech

[Patrick De Haan @GasBuddyGuy]

the United States has "plenty" of oil- that's why oil prices are... up $30/bbl in the last month, right?

[Patrick De Haan @GasBuddyGuy]

Trump: "the Strait will open up naturally"
clearly there is no plan for the Strait.

[Patrick De Haan @GasBuddyGuy]

WTI crude oil prices now climbing up 2.5% to $102.50- this speech is a nothing burger- seems the administration who was touting sub-$2/gal just 5 weeks ago is fine with the surge in gas prices

[Patrick De Haan @GasBuddyGuy]

quite clearly, there is no plan, this speech was hollow on addressing real challenges with the Strait, leaving it to others, and there is no reason to expect the Strait will reopen anytime soon. no plan- no concern- this will likely start to push oil prices back up.

[Patrick De Haan @GasBuddyGuy]

welp... I wanted to have hope, WTI now up >3%...

[Matt McClain @OverABarrelMatt]

As long as the Strait of Hormuz remains closed, gas prices will remain elevated to the level they are now, or higher. Why? Because 20% of the world's daily oil needs are missing from the overall daily need.

[Matt McClain @OverABarrelMatt]

How high will we go?

https://t.co/WpYpadDQZJ

[Matt McClain @OverABarrelMatt]

Definitely something to watch...
https://t.co/K0aUyMCuYp

[Matt McClain @OverABarrelMatt]

You will start seeing more airlines potentially doing the same thing due to the rapid rise of jet fuel cost.

https://t.co/Tpw5nItiHd

[Patrick De Haan @GasBuddyGuy]

this will have a minimal impact on fuel prices, but does help alleviate the supply chain, providing more options to get fuel to US markets

[Patrick De Haan @GasBuddyGuy]

could be a break through if accurate and holds up- but a very good sign for global oil prices

[Patrick De Haan @GasBuddyGuy]

i estimate the chance of the national average reaching $4/gal in the next month is now 80%

[Patrick De Haan @GasBuddyGuy]

update: now recalculating- the chance of the national average price of diesel reaching $5/gal in the next month is 70% after oil's decline today- again- will shift as situation evolves.