​​​​​​The legacy of the crisis will result in the construction of infrastructure to bypass the Strait of Hormuz,” Hamad Hussain, commodities economist at Capital Economics, told the Wall Street Journal. “The genie is out of the bottle given that the longstanding threat of Iran effectively closing the strait has now materialized.”

Many observers seem to believe that even when the war ends, one way or another, the oil landscape will change for good, with exporters investing in what the Wall Street Journal described as “an export network with multiple exits”—a real-life demonstration of the principle of distributing eggs to multiple baskets. As summed up by ADNOC’s head and the UAE’s energy minister, Sultan al-Jaber, “Energy security is no longer just about your ability to continue to produce. “It is about routes, access, storage and redundancy.”

Meanwhile, as warnings about a severe oil supply crunch multiply and get louder, some see relief on the horizon. Kpler, specifically, recently described a scenario in which Venezuelan, Iranian, and Russian oil all return to the market in greater volumes—which is already happening.

“Geoff Bennett: Lessons learned. I mean, has the fact that America is now this major energy producer, as you point out, has that fundamentally changed the country's vulnerability to global conflicts?

Daniel Yergin: I think it's not changed it, because, at the end of the day, it's one global oil market, but it's given us insulation and it's made the United States such a dominant player that we were not before. So that's such a dramatic change from previous crises.

Geoff Bennett: As we've covered on this program, a swift reopening of the strait does not necessarily mean a swift return to normal.

At day 100, how much longer do you estimate recovery would take if the strait reopened tomorrow?

Daniel Yergin: Well, I think you use the right word. It's not going to be a swift recovery. We estimate at S&P that it would take as much as six months to get back to 80 percent of where we were before. You got to get tankers out of the gulf. You got to get new tankers in.



“Geoff Bennett: What are you watching for as this progresses?

Daniel Yergin: I'm watching what happens with inventories is I think the number one thing. And, obviously, what is the state of the negotiation? Is there a deal or not a deal? And it keeps coming into focus and then going out again.

And Iran is really determined, I think, not to give up control of the strait. They want to turn what was an open, free navigation international waterway into an Iranian canal. And that's not acceptable to the Arab producers and it's certainly not acceptable for the world economy.

“Geoff Bennett: Lessons learned. I mean, has the fact that America is now this major energy producer, as you point out, has that fundamentally changed the country's vulnerability to global conflicts?

Daniel Yergin: I think it's not changed it, because, at the end of the day, it's one global oil market, but it's given us insulation and it's made the United States such a dominant player that we were not before. So that's such a dramatic change from previous crises.

Tax Avoidance Strategies of US Corporations

Since early 2025, American corporations have managed to evade over $40 billion in taxes following the Trump administration's exit from a global initiative aimed at reducing offshore tax evasion, as reported by a leading news outlet. The investigation reveals that numerous multinational firms have redirected profits to low-tax regions like Malta, Bermuda, Cyprus, the Cayman Islands, and Switzerland, frequently utilizing subsidiaries that operate with minimal or no workforce, offices, or actual business activities. his trend emerged after President Trump opted out of the OECD-supported global minimum tax framework, known as Pillar 2, on his first day back in office. This agreement aimed to establish a 15% minimum corporate tax rate globally to deter profit shifting to tax havens.

Companies from nearly every significant industry have employed offshore strategies to drastically lower their tax obligations. Notable firms mentioned include American Express, PayPal, Walmart, Uber, PepsiCo, Honeywell, and Abbott Laboratories.

Malta has been identified as a key location for tax savings, with allegations that Abbott Laboratories funneled global profits through a Maltese subsidiary that has no employees, significantly slashing its tax liabilities by hundreds of millions.

This analysis is based on recent disclosures in corporate SEC filings, which mandate public companies to disclose tax savings associated with foreign operations. Critics contend that the withdrawal from the global tax agreement has undermined efforts to combat aggressive offshore tax strategies, allowing companies to broaden such practices.