The Fox News Rundown Business Rundown: Growing Pressure At The Pump, But Is Relief On The Way?
Mar 9, 2026
E.J. Antoni, Chief Economist at the Heritage Foundation, offers concise economic perspective. He discusses oil topping $100 amid Middle East conflict and how damaged infrastructure can prolong supply pain. He explores SPR use, insurance limits, and the knock-on effects of energy costs on jobs, tariffs, and inflation. He also outlines the Heritage Index and policy levers like tax cuts and deregulation.
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Fog Of War Makes Oil Price Outlook Unpredictable
- Oil price direction is highly uncertain due to the "fog of war" and unpredictable actions by the U.S., Israel, and Iran.
- E.J. Antoni says attacks on previously off-limits infrastructure make outcomes and price trajectories far more volatile than past conflicts.
Destroyed Infrastructure Prolongs Price Spikes
- Damage to oil infrastructure turns short shocks into long-term supply problems because refineries and facilities take weeks to months or years to restart.
- Antoni notes recent bombing of oil infrastructure in the region means lost capacity may take months or years to repair.
Don't Rely On SPR To Fully Fix Gas Prices
- Be cautious about assuming domestic SPR releases fully shield U.S. consumers because the global oil market reallocates supply internationally.
- Antoni warns foreign buyers will tap U.S. crude and our refineries need specific blends, limiting how reserves help domestic prices.