President Donald Trump’s supposed weekslong war on Iran has now trudged into months, but while it’s hard to say whether he’s winning his war over the country’s suicidal dictatorship, it’s becoming increasingly clear that, against all odds and a concerted, anti-American psy-op, the White House is winning its war for oil independence.
In a narrative-defying note to investors, analysts at Goldman Sachs last week reported that oil flows through the Persian Gulf have risen to two-thirds of their pre-war levels, with 8 million to 10 million barrels per day of oil specifically transiting the Strait of Hormuz and another 7 to 8 million bpd circumventing the strait through U.S. Navy escorts, the Saudi East-West pipeline, and the UAE’s Fujairah pipeline. All in all, total oil and gas transit is up to 15 to 16 million bpd versus the March nadir of just 5 to 6 million bpd.
Venezuela’s oil fields will reportedly require an investment in the billions to rehabilitate neglected infrastructure. A decrease in the price at the pump is unlikely for some time.
