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<v Speaker 1>Edward Jones, a veteran, a marine, expertise in the Middle East,

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<v Speaker 1>expertise in international situations, puts it into English that Walter

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<v Speaker 1>Sterling can actually understand. Edward Jones, Welcome to the other

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<v Speaker 1>side of midnight. Which side do you think you're on

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<v Speaker 1>right now?

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<v Speaker 2>I'm on the other side right now, on the other side.

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<v Speaker 1>You're a dimensional being. You're a multi dimensional being.

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<v Speaker 2>That's right, I am, I said you last week, or so,

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<v Speaker 2>I said I looking at the Middle East, I think

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<v Speaker 2>I'm watching a fief of soccer match, but twelve nations

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<v Speaker 2>teams on the field at the same time. This week

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<v Speaker 2>has been that way.

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<v Speaker 1>Have you ever noticed that when there are Muslims promoting

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<v Speaker 1>Sharia law explaining that Sharia law is just fine, it

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<v Speaker 1>is never a woman who says that.

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<v Speaker 2>I've noticed that, Walter, and I noticed that men say

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<v Speaker 2>a lot of things in the Middle East. And law

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<v Speaker 2>is part of a religion which is actually a political system,

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<v Speaker 2>and it has its own law and customs, and yeah,

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<v Speaker 2>it's very different than than what we have in the West.

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<v Speaker 1>And it's interesting. The leadership of the United Emirates has

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<v Speaker 1>no interest in, it doesn't believe in, it doesn't support

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<v Speaker 1>it and warns us against it.

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<v Speaker 2>Yeah, you're absolutely right. They have come around in a

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<v Speaker 2>big way on that and they're going their own way actually,

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<v Speaker 2>and they did something last week which is really remarkable.

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<v Speaker 2>They cut off all trade with Iran. They had to

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<v Speaker 2>cut off you know, oil, but now they've just stopped

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<v Speaker 2>all trading with Iran completely, and in a way, they

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<v Speaker 2>stood up. There were the first ones to stand up

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<v Speaker 2>to Trump's new economic pressure.

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<v Speaker 1>You know, they owe us, the United Emirates and Saudi

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<v Speaker 1>Arabi they kind of owe us, you favors. Edward Jones

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<v Speaker 1>has been I got to turn on my headphones. Edward

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<v Speaker 1>Jones has been following the situation in the Middle East

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<v Speaker 1>with an educated eye and a sharp ear. And I'd

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<v Speaker 1>like you to give us an update on what you

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<v Speaker 1>think the situation is now relative to Iran, but more importantly,

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<v Speaker 1>what is the situation in Iran relative to the price

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<v Speaker 1>of gas.

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<v Speaker 2>Yeah, that's right, welld right, we'd like to put the

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<v Speaker 2>pocketbook issues up up front. They're putting the pocketbook issues.

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<v Speaker 2>You know, gas prices right now, you know, they're holding

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<v Speaker 2>roughly where they were last week, but regular right now

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<v Speaker 2>yesterday with four to ten four dollars ten midside mid range,

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<v Speaker 2>I'm sorry, four point fifty nine. The premium as hitting

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<v Speaker 2>almost five dollars four ninety eight. These are national averages now,

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<v Speaker 2>so they very pretty much differently in different most of

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<v Speaker 2>the country. Diesel is at five sixty one, and our

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<v Speaker 2>heating oil, which I've put into the mix now is

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<v Speaker 2>a five twenty six. So there we go. But I

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<v Speaker 2>can tell you I can spell a little bit that

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<v Speaker 2>regular is up forty one percent since February. Mid range

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<v Speaker 2>is up thirty seven percent, premium is up twenty nine percent,

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<v Speaker 2>diesel is up fifty one percent, and heating oil is

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<v Speaker 2>up forty one percent. I'm keeping my eye on diesel

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<v Speaker 2>particularly because there's an anomaly right now. It just to

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<v Speaker 2>explain a little bit, the six month contract price futures

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<v Speaker 2>on diesel has actually gone down. It's down a dollar

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<v Speaker 2>eighty eight a gallon, and that's rarely seen. I mean

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<v Speaker 2>it's seen in the options markets, but the futures markets.

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<v Speaker 2>But it's very prominent because right now diesel is under

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<v Speaker 2>a lot of pressure. Five dollars and twenty six cents

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<v Speaker 2>under a lot of pressure because diesel refining capacity in

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<v Speaker 2>the world has really been cut down. Uh, and uh,

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<v Speaker 2>the price all these prices reflects international market prices. So

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<v Speaker 2>the the the Ukrainian has taken out Russian diesel refining

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<v Speaker 2>has put pressure output pressure on these prices. Now the market,

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<v Speaker 2>the traders are saying, uh, the the industry is going

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<v Speaker 2>to react to this positively in a big way quickly.

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<v Speaker 2>And the industry, the traders are looking at the industry

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<v Speaker 2>bringing a lot of diesel refining capacity online. So the

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<v Speaker 2>good news for everyone out there, uh, you know, pushing

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<v Speaker 2>eighteen wheelers around the country and we're looking at the

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<v Speaker 2>market saying the diesel is going to be going down

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<v Speaker 2>over the next six months. So so that's that's good

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<v Speaker 2>news there in the diesel. But you know what this is,

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<v Speaker 2>what we're seeing here right now is I don't want

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<v Speaker 2>to call it a war tax. That's probably a little

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<v Speaker 2>bit too brutal, but but the cost of this war

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<v Speaker 2>to the to the average consumer in the kitchen at

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<v Speaker 2>the kitchen table, a home that's using obviously gas for

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<v Speaker 2>the cars and heat for the home in the Northeast

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<v Speaker 2>is going to be paying about five hundred to one

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<v Speaker 2>thousand dollars a year this year, more than they paid

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<v Speaker 2>last year. And you know that's you know, that's a

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<v Speaker 2>premium for what's going on in the Middle East right now.

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<v Speaker 1>Edward Jones. When diesel cars were first manufactured and sold

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<v Speaker 1>to Americans in the early nineteen seventies, it was because

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<v Speaker 1>diesel gas was so much cheaper. It was at the

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<v Speaker 1>point of the price wars for gasoline. The price of

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<v Speaker 1>gasoline became prohibitive to many people and diesel was much cheaper,

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<v Speaker 1>and they started to manufacture diesel motor cars. How did

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<v Speaker 1>it become more expensive than gas?

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<v Speaker 2>Again, it's demand versus supply is what it is. And

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<v Speaker 2>in those days you had the oil shocks which were

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<v Speaker 2>putting heavy pressure on on on gasoline prices. So people

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<v Speaker 2>thought they could they could shift. There's always a shift

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<v Speaker 2>a substitute. But I think that's what happened then. But

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<v Speaker 2>you know there's a bad thing too. People things become

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<v Speaker 2>popular and they want to do this, they want to

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<v Speaker 2>try something different, and that's what happened. But but diesel

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<v Speaker 2>right now, not a lot of cars using diesel, but

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<v Speaker 2>I keep a really close eye on it because of

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<v Speaker 2>the uh the diesel fuel prices are transportation for consumer goods,

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<v Speaker 2>everything in the in the supermarkets, you know, Long Island

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<v Speaker 2>for example, is served by trucks. There's no railroad out

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<v Speaker 2>there carrying freight, but but trucks, so so consumer prices

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<v Speaker 2>are going to be reflected. That the higher consumer price

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<v Speaker 2>reflected in in higher diesel. It's going to go right

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<v Speaker 2>right to higher right to inflation.

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<v Speaker 1>Now, Edward Jones, what do you predict as the end

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<v Speaker 1>to the conflict with Iran? How do you think this

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<v Speaker 1>is going to end?

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<v Speaker 2>Right now? Walter, I have to say, I have no idea.

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<v Speaker 2>I'm just following it, seeing how it unfolds. There's a

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<v Speaker 2>lot of stuff going on. I did want to talk

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<v Speaker 2>quickly about the Abraham Lincoln which has been in the news.

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<v Speaker 2>You know, they've been what is that? What is the

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<v Speaker 2>aircraft carrier?

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<v Speaker 1>Aircraft carrier?

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<v Speaker 2>There were they had a lot of trouble with you know,

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<v Speaker 2>the talks about morale there and the ship was it

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<v Speaker 2>I'd see for nine months and just we started to

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<v Speaker 2>return to the US. The reason why it was out there,

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<v Speaker 2>and Walter, I don't know, admitted this might be a

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<v Speaker 2>scoop for you, but the im media really hasn't hasn't

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<v Speaker 2>touched on this, and what happened was early in the war.

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<v Speaker 2>I'm talking March right now. March second is when it started.

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<v Speaker 2>The Iranians started bombing the heck with drone swarms and missiles.

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<v Speaker 2>Our major base. This was the command and control base

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<v Speaker 2>and the port for the aircraft carriers and for about

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<v Speaker 2>the twenty ships ported there in Bahrain. They they destroyed it.

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<v Speaker 2>Really the official Washington speak was it was degraded. Well,

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<v Speaker 2>it wasn't degraded. It doesn't work anymore. They took it

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<v Speaker 2>off the battle space, to use the term the military.

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<v Speaker 2>They took it off the battlespace. Four hundred million dollars

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<v Speaker 2>of damage to this place, the Manama Port at Bahrain

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<v Speaker 2>where our carrier docked, and they docked there for refitting,

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<v Speaker 2>for repairs, for importantly for R and R for the

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<v Speaker 2>crew because Manama and Bahrain is a major major rn RS.

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<v Speaker 2>But I mean the nightclubs there waltered. It's amazing.

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<v Speaker 1>Yeah, But what they did to the ship they didn't well.

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<v Speaker 2>They didn't do anything in the shipping. They just it

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<v Speaker 2>had no place to go. So it stayed in the

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<v Speaker 2>water for nine months is basically what happened. And the

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<v Speaker 2>nearest base that could accommodate it was twenty two hundred

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<v Speaker 2>miles which is a ten day round trip, so I

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<v Speaker 2>couldn't really go.

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<v Speaker 1>There, right, So we weren't abusing our navy men. They

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<v Speaker 1>were stuck in the strait.

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<v Speaker 2>That's right. They were stuck. And I would say that,

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<v Speaker 2>you know, my military looking at it, I'm saying, how

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<v Speaker 2>did this happen? Didn't they harden it, didn't they protect it,

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<v Speaker 2>didn't they they evacuated everybody out of it. There's no

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<v Speaker 2>one there. There's one hundred people skeletons staff there because

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<v Speaker 2>they wanted to show that they weren't giving up the base.

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<v Speaker 2>But the base is effectively out of commission, and this

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<v Speaker 2>is affecting all the other ships, the twenty to thirty

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<v Speaker 2>ships that we have there as well. So you know,

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<v Speaker 2>I would say the Senate Home Services Committee, the House,

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<v Speaker 2>there should be some hearings on this. I mean, you know,

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<v Speaker 2>pull hegseth in pull up can pull exactly.

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<v Speaker 1>Yeah, there should be hearings as long as Senator John

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<v Speaker 1>Kennedy is in charge of those hearings, because then it'll

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<v Speaker 1>be very entertaining. All right, there's Edward Jones, our expert

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<v Speaker 1>in the Middle East, giving us an update price of

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<v Speaker 1>gas when he thinks the thing is gonna be over.

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<v Speaker 1>It's it's a mess in Iran Edward Jones, thank you

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<v Speaker 1>for being on the other side of midnight.