America is a net EXPORTER of oil thanks to drill baby drill, and the chart below from a just-released report shows our production here at home has smashed all records:

But the global energy supply is still highly dependent on oil flows that travel through the Strait of Hormuz.

This chart from the Visual Capitalist shows about one-fifth of all the barrels of oil produced each day pass through this two-mile wide shipping lane. In addition, one third of the world’s fertilizer goes through the Strait.

We’re sticking with our prediction that within a month or so we will have commerce back close to normal and the oil price will fall from $110 a barrel to closer to $60 to $70, which means the gas price by mid-summer will fall to or below $3.50 a gallon. Keep the faith.