Overview
- CNN Business reporter David Goldman told The Situation Room on May 26 that current oil futures imply Brent crude will not fall below about $70 a barrel until roughly 2032 and that U.S. retail gasoline therefore likely would not drop under $3 per gallon until then.
- Goldman cited specific supply constraints tied to the Iran conflict, saying restarting some Iranian output could take 2–4 weeks while repairing damaged facilities and ports could take years and the Strait of Hormuz bottleneck would slow a return to prewar flows.
- Market data at the time showed Brent trading around $96.50 a barrel and U.S. pump averages remaining elevated in the mid-$4 range, keeping near-term relief unlikely without major supply changes.
- Commentators and partisan outlets pushed back, arguing long-range price forecasts based on futures are unreliable because markets are volatile and can move quickly on news such as cease-fire or negotiation reports.
- Futures reflect aggregated market expectations but are not guarantees; the path from crude to the pump also depends on refining capacity, export flows, regional fuel rules and timing, which will shape how and when consumers see any price relief.