Oil Prices Soar, US Responds with Reserve Release

0:00Hey, it's Cory with Global News Today, the world's biggest stories every day. Oil prices have spiked to $100 a barrel since the United States started its war with Iran. President Trump has shifted his stance, now calling the surge a win for America as the top global oil producer since higher prices mean big profits for U.S. companies. Meanwhile, benchmark crude has swung wildly as tankers steer clear of the straight of Hormuz. Analysts at Oxford Economics warn that volatility will stick around with no clear end to the conflict, or timeline for reopening the key shipping. Rout. Economists at Goldman Sachs predict tough times ahead, with inflation climbing, growth slowing and unemployment rising by years and due to these. High prices. Drivers across the country are already hit hard by jumping gasoline costs. The White House is responding by coordinating with other nations to release 172 million barrels from strategic reserves, though.

1:00Experts say it will only stabilize prices temporarily. They are also considering waving rules to speed up domestic shipping of energy and farm goods. Energy Secretary Chris Wright admits the conflict is disrupting gas prices short-term, but stresses long-term benefits from curbing Iran's threats. He says Navy escorts for tankers could start soon, but right now, military focus is on Iran's capabilities. Support for this episode comes from our sponsor. See the description. Headphones in a pillow. Once you try it, it just makes sense. S-O-L-I-SOLYPILO.COM