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Strait 'Only Lever' on Gas Prices: Kloza

Tom Kloza, Chief Energy Advisor at Gulf Oil, says reopening the Strait of Hormuz is "the only lever you can pull that has a major impact" on fuel prices, warning gasoline could reach $5 a gallon or higher this summer if it stays closed. He says pausing federal gasoline taxes would have limited impact and could be difficult to reinstate once halted. Kloza also cautions hurricane disruptions could push prices to "an apoplectic level." He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)