It looks like the president and his team looks like they're close to getting a deal done with the Iranians. You know, I don't want to step in front of the president, but let's be very clear. Once the Strait of Hormuz opens, then oil prices in the spot market, the futures market, is going to come tumbling down. When those prices come down, I mean, we're talking $70 a barrel, could be in the mid-60s. When that happens, you'll see gasoline prices about one to two weeks after reset back to $3 a gallon. (04:49–04:57)
CLAIM
Asserts that opening the Strait of Hormuz will cause oil prices to decrease significantly.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
