Last week President Trump said that the high price of oil is “a very small price to pay" for keeping nukes out of Iran. His Secretary of State, Marco Rubio, added that if Iran got a nuclear weapon, it would have more leverage to keep the Hormuz Strait closed and “make our gas prices like $9 a gallon.”
Trump and Rubio mistake the economics of oil and realistically all market goods, which means they’re mistaking who has leverage. It’s not Iran.
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