API’s Sommers: Hormuz Closure Means Pain at Pump

American Petroleum Institute President and CEO Mike Sommers says a prolonged closure of the Strait of Hormuz would keep global oil prices elevated and drive continued pain at the pump for US consumers, emphasizing that reopening the waterway is critical to stabilizing costs. He adds that with President Donald Trump signaling the conflict may last only a few more weeks, he does not expect a near-term increase in US drilling activity. He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg’s “Balance of Power.” (Source: Bloomberg)