Scott Jennings: The Strait of Hormuz ‘Is Not Closed Now … Eventually, Gas Prices Will Come Down’

EXCERPT:

JENNINGS: "Well, there's tankers going through at the escort of the United States Navy, 750 million barrels of oil come through."

PHILLIP: "Okay. I know, but you're not answering my question. It used to be 110 a day. Now it's 10."

JENNINGS: "We don't need as many to go through right now."

PHILLIP: "So, if it's — "

MATTHEWS: "Tell that to the American people who are paying record high gas prices for all this."

PHILLIP: "That is a small fraction of what it was before. Is that not emblematic of a Strait of Hormuz that is not in fact open?"

JENNINGS: "I mean, I'll give you a strategic reason why ultimately it doesn't matter, because we have, a) figured out how to move oil out of the region — "

PHILLIP: "So, then why haven't gas prices gone down, Scott? You just said it doesn't matter."

JENNINGS: "So, we have figured out how to move oil out of the region, not entirely through the Strait of Hormuz, is number one, and so we have basically taken away the strategic advantage of being able to close it."

PHILLIP: "Okay. But gas prices are still elevated in this country as a result of the war."

JENNINGS: "Yeah. And they'll eventually come down."

PHILLIP: "So, what you're saying and the reality that Americans are living with are not the same thing."

MATTHEWS: "They're eventually going to come down, just like Trump said this war would only last four to five weeks, and now it's dragged on for nearly seven months."

JENNINGS: "And all of this is happening at the same time that we produce enough oil to make ourselves energy-independent."