OPINION — Since everyone seems to have a sticker-shock story lately, I rolled one of my motorcycles up to a gas pump yesterday and, for the first time ever, spent more than $5 to fill the tank. Small bike, small tank. I paid $5.67 for 1.1 gallons of premium.
The obvious reason is, well, obvious.
Since the U.S. war on Iran began, oil and gas prices have skyrocketed. It’s the flip side of the Otto T. Mallery paraphrase: “When goods don’t cross borders, armies will.” In this case, the engagement of armies — attacks on energy facilities, the near-closure of the Strait of Hormuz — is hitting the global intertwined supply side of oil and its associated products rather than vice versa. Same concept, different application.
