I'm John Batchler. The price of oil in the United States, the price of oil in Asia. All of that is determined

by the crisis in the Middle East, the Strait of Hormuz. I welcome my colleagues, Jim

McCaig, former Washington editor of Barron's Magazine, is in Lancaster County, where I

watched the price of gasoline. And Lance Gatling, a principal of Nexiel Research, he's in Tokyo, where the Japanese must also

deal with the crisis in the strait, no matter what side of the world you're on, no matter

whether you're involved in the combat or not, no matter if you have a voice at the table

when the negotiations get underway

in these next hours, the price of a barrel of oil is determining the economy and the road

ahead, especially in terms of inflation.

So I begin with a straightforward question.

Mr. McHagg, what is gasoline on these days at this moment in

Lancaster County? Good morning, John. Yesterday evening, I went by a service station, $4.29. I've seen

it as low as $4.19. So it's significantly higher than it was a month ago,

and it's having an impact on the retail trade here in Lancaster County, Pennsylvania.

Now, we're told that there's a great deal of oil sloshing around in the Americas

because we're a superpower, but in any event, it's a global price.

So, Mr. Gatling, a very good day to you in Tokyo. The price of gasoline in Tokyo and the

expectation of the government to secure enough to continue the economy. What's the price now

and what is the government saying about the state of Hormuz?

Good day to you.

Good morning, John, Jim.

The street price for gasoline in the last couple of months has dropped from upwards of the actual price, upwards of 191 Japanese yen per liter, which is about $8,820 per gallon,

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