From:
Columbia Business School's Professor Brett House was quoted in The New York Times examining the lag between falling crude prices and relief at the gas pump following the reopening of the Strait of Hormuz. In the piece, House cautions that U.S. drivers are unlikely to see immediate price relief despite Brent crude falling to prewar levels, even as the country heads into peak summer driving season. He points to the depletion of the government's oil reserves during the conflict as a key factor constraining how quickly lower crude costs will translate into cheaper gasoline for consumers.
