Asks for big picture on global energy markets given Middle East war.
Carol Massar
Ellen Wald
Short-term: on precipice of global energy crisis. If traffic doesn't move through Strait of Hormuz by end of next week, looking at shortages across Asia and dislocations.
Asks what Trump administration could do.
Tim Stenovec
Ellen Wald
Need concerted military effort to protect ships, reroute shipping lanes, remove Iranian troops from islands in strait. Drones hitting oil infrastructure making things worse.
Asks about historical parallels and US energy independence.
Carol Massar
Ellen Wald
US somewhat isolated but other countries will feel effects sooner. Should look to Suez crisis coordination as model.
Asks about Saudi Arabia's competing interests with oil prices up.
Tim Stenovec
Ellen Wald
Only good for Aramco if they can sell oil. Can send 7M barrels/day via Red Sea but can't get more out of Persian Gulf. Real winners are Russia and US oil industry.
Asks about China's role and refining.
Carol Massar
Ellen Wald
China getting huge amounts from Middle East, also invested in Saudi refineries. Now suspending diesel/gasoline exports, leaving other Asian customers high and dry.
Asks what 'full-blown crisis' means for oil prices.
Tim Stenovec
Ellen Wald
Triple digits. $120 possible. If nothing moves, could see $100 by early next week.