Why I’m not ‘Panican’ over oil markets
We're watching the same failure loop.
Not quite a fortnight into Operation Epic Fury against Iran, and markets still haven’t decided whether President Donald Trump has launched us into World War III. But that hasn’t stopped liberals and their media stenographers from praying that oil markets collapse amid the U.S.-Israel strikes against the Shia Islamic theocracy and its fledgling nuclear program.
A week-plus into the military efforts, overnight March 8-9, premarket trading mass hysteria spurred Brent crude, the international oil benchmark, and West Texas Intermediate, a domestic American benchmark, both to nearly $120 per barrel. That was an Iranian regime boast after it consolidated control over the Strait of Hormuz, through which a fifth of global oil shipments traverse.
Incapable of concealing its glee, CNN reported at the time the Trump White House was “trapped between the specter of a global economic recession and a naval catastrophe” if the United States wanted to take back the Persian Gulf-to-Indian Ocean waterway.
Infographic with a map of the Gulf and the Strait of Hormuz showing attacks on commercial vessels between February 28 and March 11. (Graphic by AFP via Getty Images)
It turns out that histrionics were a tad unwarranted. Oil prices crashed back below $100 per barrel by the March 9 opening bell. And despite volatility across markets, oil prices don’t seem to be creeping back toward catastrophic levels. They probably won’t, even for an extended time period.
In this one domain, keep calm. And don’t be a “Panican,” a Trump-coined phrase from April 2025 to describe Americans he considered “weak and stupid” for panicking about the global tariff regime imposed during his second term.
Much of the March 8-9 scare over oil was an inadvertent byproduct of the media’s intentional propaganda campaign to blame 2022’s near-double-digit inflation on Russia’s invasion of Ukraine. Instead of on the culprit actually responsible, President Joe Biden’s $1.9 trillion American Rescue Plan, which included enhanced unemployment benefits, $350 billion for state and local governments, and child tax credit expansions.
Russia’s war did lead to a $ 45-per-barrel increase in oil prices. Yet a later Federal Reserve study found that, of the 8% inflation the U.S. experienced in 2022, Russia’s impact on gas prices accounted for one-half of one percentage point.
Why was the impact so muted? Because during Trump’s first presidency, the U.S. became a net domestic exporter of oil for the first time since …
We're watching the same failure loop.
Not quite a fortnight into Operation Epic Fury against Iran, and markets still haven’t decided whether President Donald Trump has launched us into World War III. But that hasn’t stopped liberals and their media stenographers from praying that oil markets collapse amid the U.S.-Israel strikes against the Shia Islamic theocracy and its fledgling nuclear program.
A week-plus into the military efforts, overnight March 8-9, premarket trading mass hysteria spurred Brent crude, the international oil benchmark, and West Texas Intermediate, a domestic American benchmark, both to nearly $120 per barrel. That was an Iranian regime boast after it consolidated control over the Strait of Hormuz, through which a fifth of global oil shipments traverse.
Incapable of concealing its glee, CNN reported at the time the Trump White House was “trapped between the specter of a global economic recession and a naval catastrophe” if the United States wanted to take back the Persian Gulf-to-Indian Ocean waterway.
Infographic with a map of the Gulf and the Strait of Hormuz showing attacks on commercial vessels between February 28 and March 11. (Graphic by AFP via Getty Images)
It turns out that histrionics were a tad unwarranted. Oil prices crashed back below $100 per barrel by the March 9 opening bell. And despite volatility across markets, oil prices don’t seem to be creeping back toward catastrophic levels. They probably won’t, even for an extended time period.
In this one domain, keep calm. And don’t be a “Panican,” a Trump-coined phrase from April 2025 to describe Americans he considered “weak and stupid” for panicking about the global tariff regime imposed during his second term.
Much of the March 8-9 scare over oil was an inadvertent byproduct of the media’s intentional propaganda campaign to blame 2022’s near-double-digit inflation on Russia’s invasion of Ukraine. Instead of on the culprit actually responsible, President Joe Biden’s $1.9 trillion American Rescue Plan, which included enhanced unemployment benefits, $350 billion for state and local governments, and child tax credit expansions.
Russia’s war did lead to a $ 45-per-barrel increase in oil prices. Yet a later Federal Reserve study found that, of the 8% inflation the U.S. experienced in 2022, Russia’s impact on gas prices accounted for one-half of one percentage point.
Why was the impact so muted? Because during Trump’s first presidency, the U.S. became a net domestic exporter of oil for the first time since …
Why I’m not ‘Panican’ over oil markets
We're watching the same failure loop.
Not quite a fortnight into Operation Epic Fury against Iran, and markets still haven’t decided whether President Donald Trump has launched us into World War III. But that hasn’t stopped liberals and their media stenographers from praying that oil markets collapse amid the U.S.-Israel strikes against the Shia Islamic theocracy and its fledgling nuclear program.
A week-plus into the military efforts, overnight March 8-9, premarket trading mass hysteria spurred Brent crude, the international oil benchmark, and West Texas Intermediate, a domestic American benchmark, both to nearly $120 per barrel. That was an Iranian regime boast after it consolidated control over the Strait of Hormuz, through which a fifth of global oil shipments traverse.
Incapable of concealing its glee, CNN reported at the time the Trump White House was “trapped between the specter of a global economic recession and a naval catastrophe” if the United States wanted to take back the Persian Gulf-to-Indian Ocean waterway.
Infographic with a map of the Gulf and the Strait of Hormuz showing attacks on commercial vessels between February 28 and March 11. (Graphic by AFP via Getty Images)
It turns out that histrionics were a tad unwarranted. Oil prices crashed back below $100 per barrel by the March 9 opening bell. And despite volatility across markets, oil prices don’t seem to be creeping back toward catastrophic levels. They probably won’t, even for an extended time period.
In this one domain, keep calm. And don’t be a “Panican,” a Trump-coined phrase from April 2025 to describe Americans he considered “weak and stupid” for panicking about the global tariff regime imposed during his second term.
Much of the March 8-9 scare over oil was an inadvertent byproduct of the media’s intentional propaganda campaign to blame 2022’s near-double-digit inflation on Russia’s invasion of Ukraine. Instead of on the culprit actually responsible, President Joe Biden’s $1.9 trillion American Rescue Plan, which included enhanced unemployment benefits, $350 billion for state and local governments, and child tax credit expansions.
Russia’s war did lead to a $ 45-per-barrel increase in oil prices. Yet a later Federal Reserve study found that, of the 8% inflation the U.S. experienced in 2022, Russia’s impact on gas prices accounted for one-half of one percentage point.
Why was the impact so muted? Because during Trump’s first presidency, the U.S. became a net domestic exporter of oil for the first time since …
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