It is still early, but the energy market response to war in the Persian Gulf has been moderate with Brent oil up to $83/barrel. While much of the focus has been on oil markets, natural gas seems the bigger upside risk. 1/5 Some oil flows can be redirected if the Strait of Hormuz is closed. Countries like the US and China can draw down on strategic reserves, and China seems have significantly increased its reserves recently. More Russian barrels may be allowed to reach market. 2/5

This morning, the Bureau of Economic Analysis (BEA) released its latest benchmark revisions for the national income and product accounts. 🧵on the work that goes into BEA's efforts to measure the economy: 1/14 As part of our Brookings Paper assessing the climate provisions of the Inflation Reduction Act, we looked at recent trends in power investment in the US, first turning to BEA’s estimates of investment in electric power structures: 2/14 brookings.edu/articles/econo…