And this is with: * Historically large releases from strategic reserves and allied country reserves. * Some supply still existing in the US and en route before the Strait closed. * Expectations the Strait would re-open soon. * $100/bbl oil Even if the Strait opens, if it opens with a controlled tollway, the increased price and decreased output will keep us near $100/bbl long term. If it opens with no tollway, the decreased output from damaged Gulf infrastructure still gets us $80-$90/bbl for at least 6 months. That will impact input costs for at least a year. The question isn’t if this is long-term inflationary or not. It’s how inflationary will it be at a time where we were already struggling to return to that 2% rate.(Adam Cochran (adamscochran.eth))