@drewjk.bsky.social

My "American Week" for @tomswarbrick.bsky.social's Friday programme on the UK's @lbc.co.uk This week: - Republicans revolt after Trump creates a slush fund for his mates sparking. - That ain't no ballroom. It's a Bond villain's bunker. - Remembering Barney Frank 🎧: audioboom.com/posts/890697...

May 22, 2026 - "American Week": Republicans revolt over Trump's "slush fund"

Simon's weekly chronicle of the American story for Tom Swarbrick's Friday drivetime programme on the UK's LBC.

audioboom.com

Still a big disconnect between the “people talking about energy supplies” part of the newspaper and the “today in the markets” part. Still impossible to call how this tension gets resolved.

"People are still thinking that this will be over within two or three weeks one way or another and the Strait of Hormuz will reopen miraculously," said Anne-Sophie Corbeau, a former head of gas analysis at BP who is now at Columbia University's Center on Global Energy Policy. "This may be the case but there's also a high probability that this won't be the case."The futures price is giving those in charge a false sense of security. The real price of oil is the price refiners and sellers are transacting at and that they will ultimately pass through to consumers.
US average retail gasoline prices have already risen sharply, and diesel prices are nearing record highs even if futures prices have remained relatively benign. Moreover, holding down futures prices will be an exercise in futility if the war does not end quickly.
The lower the futures price is today, the higher it will need to get down the line as it is not sending the appropriate market signals today to balance demand with much-curtailed supply.