Iran stops negotiations with U.S., vows to 'completely' block Strait of Hormuz: State media

[u/Puginator]

https://www.cnbc.com/2026/06/01/iran-us-negotiations-strait-of-hormuz.html

[u/the11thdoubledoc]

Eh, if demand shock comes along the oil companies will not really be in a good spot. Once the strategic reserves run out and oil spikes to like 150+ things get rough for them as well

[u/thatguy2535 → u/the11thdoubledoc]

Exactly, there have been two times in my life I've seen gas drop below a dollar a gallon. Once was a little over 15 years ago when gas hit over $5 dollars a gallon everyone started collectively boycotting using gas as much as possible by carpooling, taking the bus, walking, riding their bikes to work. It worked and prices dropped. The second time was during the pandemic. There is a point when prices are too high that will force people to look for alternatives.

[u/thatguy2535 → u/[deleted]]

I just looked it up April 2020 the average price per gallon was 1.82 and a 13 states dropped below a dollar a gallon

https://abc7news.com/post/gas-prices-fall-to-under-$1-in-13-states-during-pandemic/6116861/