TLDR: due to the conflict in the Middle East, the U.S. is exporting most of the oil that used to fill these tanks. If the conflict ends, or the U.S. stops exporting the oil, the tanks will fill up again, but in the case of the latter there are unpleasant political ramifications for Trump and his supporters so they'd rather see 100% inflation instead.

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vannevar a day ago | parent [-]

>If the conflict ends, or the U.S. stops exporting the oil, the tanks will fill up again...

Not quite. Once the conflict ends, there will a lag of several months before the tanks will start filling up again. So even if it ends tomorrow, we may still have to ban oil exports for some time. I don't think there are any political ramifications for Trump---he has complete control over what used to be the Republican Party, and banning exports would probably actually help him with undecideds. But he will get heat from his sponsors and handlers in the oil industry. Policy-wise, Trump is a blank sheet of paper, continuously filled in by anyone in a position of power who flatters or bribes him. And the oil industry has been a major patron for him.

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RetroTechie 21 hours ago | parent [-]

> Once the conflict ends, there will a lag of several months before the tanks will start filling up again.

This is what most people seem to be missing. A price spike is pretty much inevitable @ this point. Regardless of Iran-US deal or not.

How high the spike(s)? How long? How elastic is world's demand in near-future, as prices spike? We'll find out.

	▲	FireBeyond 20 hours ago \| parent [-]
		And as Trump says, "We'll make millions." He doesn't mean you and I, of course, or the US as a whole. Hell, he barely means Big Oil. We, for Trump = "me, my family and my friends".