Staff Reports
Glenn Beck’s new clip with Tim Stewart is the latest warning light flashing on the dashboard of America’s energy debate. On The Glenn Beck Program, Stewart — President of the U.S. Oil & Gas Association — lays out how attacks on Iran’s energy infrastructure are pushing oil markets into wild territory. If you care about what shows up on your gas bill at the pump, you ought to pay attention.
Beck, Stewart Sound the Alarm
Stewart warns that the “ripple effects of this crisis could reshape oil production, refining, and global supply chains for years to come.” He’s not being dramatic for ratings. Independent monitors and outlets report damage to refineries, petrochemical plants and export routes across Iran and nearby Gulf states. Human Rights Watch and other observers note these strikes are real, targeted, and having consequences. Traders saw crude spike and then swing wildly — Brent and WTI have been bouncing in the high ranges, and AAA’s national average for regular gasoline has climbed into the mid-$4.30–$4.55-per-gallon area in early May. Volatility at the top of the supply chain moves quickly to the pump.
Why Some Say Prices Could Still Drop
On the other hand, official forecasters like the EIA and private outfits such as GasBuddy still expect global supply growth to outpace demand through 2026. That matters. If big producers bring spare barrels to market, shipping lanes reopen, or OPEC+ decides to offset disruptions, the risk premium that’s driving prices now can evaporate fast. The EIA’s public notes point to inventory builds and a smaller crude share of retail gasoline as technical reasons average prices could fall later this year. Translation: short-term pain, possible mid- to long-term relief — assuming geopolitics behaves itself.
Don’t Count Your Savings Yet
Keep one hand on the wheel. If the attacks continue, or if retaliatory strikes spread, the so-called downside scenario disappears. Unexpected refinery outages, longer closures in the Strait of Hormuz, or fresh supply shocks could keep the premium baked into crude and wholesale gasoline prices. Stewart’s caution isn’t panic mongering; it’s a reminder that markets respect real physical disruptions. The gap between what forecasters model and what actually happens is wide when tanks and pipelines become targets.
What Drivers Should Watch
Practical advice: watch crude benchmarks (Brent/WTI swings), follow the EIA weekly petroleum reports, and keep an eye on AAA and GasBuddy pump averages. Also track reports on shipping through the Strait of Hormuz and OPEC+ meetings. If you like suspense, watch geopolitics; if you like cheaper gas, hope for inventory builds and calmer seas. Either way, expect surprises. And if you’re wondering whether you should plan your summer road trip now or later — don’t ask Congress for a refund. Pay attention, lock in travel plans cautiously, and don’t let anyone tell you the energy game is simple. It isn’t.
