00:00The U.S.-Israel attack on Iran in late February triggered an oil supply crisis that has pushed
00:06national average gas prices above $4 per gallon, up over 30 percent, while diesel has surpassed
00:13$5 per gallon. Levels that economists warn will ripple through the broader economy via higher
00:19food and goods prices in the coming months. The root cause is a near shutdown of tanker traffic
00:24through the Strait of Hormuz, which previously carried roughly 20 percent of global oil supplies,
00:30forcing Gulf producers to cut output and creating what the International Energy Agency calls the
00:36largest oil supply disruption in history. The Trump administration has taken some steps to boost
00:42supply, including temporarily waiving E-15 ethanol fuel restrictions. But analysts say meaningful
00:49price relief will require oil to start flowing through the strait again. A lever the White
00:54house does not directly control.
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