Another Sort Of Whomp, Whomp

28 may sway oil markets momentarily. But a reckoning is on its way (Politico): Supply of oil — especially in Europe and Asia — is dwindling and a price shock is coming, said Dan Pickering, chief investment officer at Pickering Energy Partners. He said that when the summer driving season begins there will be another gas price shock that “hits people in the face.” “There’s a day of reckoning coming,” he said. “It will be painful because I can tell you that the stock market’s ignoring this.” The rubber will hit the road, in a manner of speaking, in just a few weeks. Another spike in prices around Memorial Day could be a fatal blow to Republican chances for holding onto the House next year, as Americans’ confidence in the economy continues to drop. Trump on Monday was reviewing Iran’s latest peace proposal, which arrived after he canceled his top negotiators’ planned trip to Pakistan for talks. He continues to maintain that a quick resolution to the war with an agreement to reopen the Strait of Hormuz is within reach.