Well, folks, if you are already upset while you are pumping gas for your car, just take a deep breath, get centered a little bit, stop swearing at the Lord for a second. Because guess what? It could get a lot worse really soon if the Strait of Hormuz remains shut. [00:00:16] Because globally, we are running out of our emergency oil supply. And the closer we get to running out of that supply, the more money you're going to cough up. at the gas station, which brings us to our first question of this hour. Cenk, how much are you willing to spend [00:00:34] to fill up your gas? I mean, we're both in Los Angeles. assume it's, what we, $20 a gallon, I guess? So we laugh, but we shouldn't because so yes, gas here in LA is up to $7. And if this keeps going in the way that we're about to explain to you, I think it'll go into double [00:00:51] digits. I think it'll go to $10 here in Los Angeles. And we're going to give you the receipts on that in a second. But how much am I willing to pay uh extra every time I go to fill up my gas just so that Israel can destroy another neighbor, kill their citizens, and try to install [00:01:09] a puppet regime in there that'll completely obey Israel's orders? uh Zero, I'm willing to pay absolutely zero for that. I couldn't care less about Israel's foreign policy demands, but I didn't get bribed by them and they don't have blackmail on me. So that's what separates [00:01:26] me from almost everyone in Washington. Okay, so tell us how much damage they're going to do to us, Sally. I mean, I think you should tell that to this White House. But yeah, the shortage spiked over the past two months in March and April. I wonder what happened. Now, according to data from the International Energy Agency, the global supply of oil dropped 250 [00:01:45] million barrels. This data shows the global supply of emergency oil from 2021 until now. And I don't know if you can tell, but there are two very large lines to the right of it that are plunging downward toward the pits of hell. So you can see how much oil was used [00:02:05] and replaced in the global inventory. You can see the two major drops this year, that's March and April. On this chart, the last consistent drops were in 2021, and we spent a majority of 2025 replenishing the supply. Global oil inventories, which include onshore tanks and [00:02:25] oil floating on tankers at sea and are a measure of the slack and energy markets have fallen at a record pace since the start of the war. They plunged by 250 million barrels over March and April, according to the International Energy Agency. That is equal to around two and a half [00:02:42] days of global oil use. That is from the Wall Street Journal. Who is uh standing to be most affected by this? Well, the countries on the verge of critical scarcity include India and Thailand and Taiwan. As for us here in the United States, our stock of oil is likely to [00:03:02] fall below 100 million barrels in May, which would be the lowest level since 2003. And I recall something else going on in the Middle East around that time, but I can't recall exactly. what it was right now. According to AAA, the national gas price is $4.52 a gallon and [00:03:20] prices could jump over $5 per gallon if the straight does not open. Also, it's not just gasoline for your car, just in case no one's clear on that. The implications of an oil supply shortage are vast. Prices at the gas pump are already touching their highest levels in years [00:03:37] in the US and could shoot higher when stocks run low. Airlines are reorganizing flights to adapt to potential shortages of jet fuel. Central bank decisions over whether to raise interest rates will depend in large part on whether oil markets remain well supplied. [00:03:54] countries are uh working to save that oil by doing a few things. They're imposing fuel saving measures and they are cutting refinery runs and they have restricted product exports conserve domestic supplies. However, and I think this is the most interesting part, if the strait [00:04:10] continues to stay closed, barrels of oil could top $130 to $140 next month. But even if the strait were to suddenly open up all of a sudden, that doesn't mean that the flow of oil is going to bounce right back. Clearing possible mines, repairing infrastructure, and untangling maritime [00:04:32] logistics will push resumption of normal shipping traffic back by at least two to three months. So that all sounds pretty horrible. I can imagine if it's at least two to three months, it could very easily stretch across the holidays, maybe even into the new year. Cenk, what are your [00:04:52] thoughts on this? Yeah, so I think that oil is going to go past $150. I think that us attacking uh Iran again is imminent, it could be as early as tomorrow. um And I would be really surprised [00:05:09] if it wasn't within 10 days. And so when we re-attack, oh all these bad news that you're hearing from Elliott here in regards to the oil industry, you can go ahead and double them, quadruple them. And then you've got the lagging indicators, prices are now rising on [00:05:26] foods and And all other things that oil affects, the coffee's up 19%, flights are up 21%, tomatoes are up 40%. Now take that and double them, because oil is going to go much, much, much higher when we reengage in the war with Iran. So uh I think what's going to happen next, after [00:05:48] that, is a political debacle like we haven't seen in a long time, leading to a nearly physical rebellion. and a political upheaval. Because, Elliot, we're already at people [00:06:05] super angry at these prices. When these prices go up significantly, I don't think people will tolerate it, especially now that most Americans know that it was just for Israel. And today, Donald Trump said we didn't need the war, we did it for Israel. He just admitted it, right? [00:06:24] And when you take that clip, And you put those gas prices next to it, I think the Republicans are going to have a catastrophe on their hands like they've never seen. uh