U.S. Won’t Run Out of Fuel if Iran Flows Stop

The chief economist of the largest oil trade industry group in the U.S. said Thursday he didn’t expect the country to suffer prolonged gasoline shortages if Iranian oil exports were halted as long as the federal government does not attempt to control prices.

“In all likelihood it will be a tight market,” said John Felmy of the American Petroleum Institute. “But as long as the market system is allowed to work we will have price adjustments that allocate scarce supplies,” he told reporters at a briefing, “I would not expect to see shortages.”

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