Stay the Course During the Gulf Storm: No Need to Panic

Originally published by RealClearEnergy.

Since 2019, the U.S. has been a net producer of oil and natural gas. While we aren’t immune to global market fluctuations, our resource advantage and willingness to produce, transport, and refine domestic energy enable us to navigate interruptions in global energy markets effectively. Recent successes in Venezuela have only strengthened our security. Many will try to push panic, but extreme reactions to price fluctuations are neither necessary nor helpful.

In the days following U.S. military actions in Iran, oil prices spiked by about 80%, from the mid $60s per barrel to as high as $119 per barrel for Brent Crude. The immediate response has been a flurry of media activity, finger-pointing, and concerns.

Amusingly, even California Governor Gavin Newsom tried to divert attention away from his failed green energy policies by blaming his state’s chronically high gasoline prices on military actions in Iran. He’s incorrect, but the Golden State governor’s claims offer a useful stepping stone for us to consider the energy concerns he highlights.

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