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You’re reading Dispatch Energy, a regular dive into the politics, policy, and innovation shaping America’s energy future, featuring a roster of subject-matter experts including Alex Trembath, Philip Rossetti, Lynne Kiesling, Rory Johnston, and Roger Pielke Jr.
Editor’s Note: Beginning this week, Dispatch Energy will be in your inbox every two weeks. So keep an eye out for the next edition on August 25.
Welcome to Dispatch Energy! Crude oil prices remain below $100 a barrel despite the near-constant closure of the Strait of Hormuz for more than five months. Much of the initial alarm about what such a prolonged closure would mean for global oil prices has simply yet to be realized. Yes, pump prices are still very high thanks to a parallel crisis in refining capacity, as I explored in my last installment of this newsletter. But even including current record-setting refining margins, pump prices are still below where they stood from March to April, much lower than we would expect this long into such an acute supply shock.
