Iran's saber-rattling in the Straits of Hormuz is taking cash out of our pockets.The energy traders on Wall Street are worried. They probably should be. Iran is declaring it can control one of the choke points in the world's supply of oil.
The U.S. Navy is standing by to stop the Iranians if they try, but if it comes to that, that's a shooting war.
Shooting wars disrupt business. That's already driving up the price of crude oil - it went past $100 a barrel today - and the futures price of gasoline.
Given that increase, I think we can expect a retail price move within the next couple of days, probably to a prevailing major-brand price of at least $3.559 a gallon in Michigan. There's still a little play in the prices, for now, but unless something changes drastically, what you see today might be the best you get for a while.
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