Everybody's Business Those Gas Prices Aren’t Going Anywhere
Mar 13, 2026
Ben Steverman, a Bloomberg Businessweek reporter who covers money and culture, chats about why high oil prices may stick around. Short segments explain the Strait of Hormuz, the ’20-cent rule’ for pump prices, and political fallout for midterms. He also explores wild white-collar salary gaps, AI-driven job anxiety, and the rise of portfolio careers.
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Brooklyn Truck Driver Faces $500 Daily Diesel Bills
- A Brooklyn truck driver described daily diesel fills costing $500 and refilling every day because his route requires a half tank.
- He hadn’t followed geopolitics until prices hit him directly and now watches events for their impact on costs.
Strait Of Hormuz Acts As Global Oil Choke Point
- A single choke point, the Strait of Hormuz, handles ~20% of global oil and can tighten global supply quickly.
- Disruptions there cause backlogs and allow U.S. producers to command global prices even if U.S. consumption is stable.
The 20 Cent Rule For Pump Prices
- Use the 20-cent rule: roughly every $10/ barrel rise in oil translates to about a $0.20 increase per gallon of gasoline.
- Hosts applied it: a rise from $65 to $85/barrel implies about a $0.40/gallon pump increase, matching recent observations.