The {Iran} War Is Going Better Than You Think

Most Americans probably don’t look back at March 2012 — if they remember it at all — and think of terrifyingly high gas prices. In the month when “The Hunger Games” ruled the box office and President Barack Obama was on his way to a comfortable re-election, the price of Brent crude closed the month around $123 a barrel. That would be about $175 a barrel in today’s dollars. As of Tuesday, despite Iran’s effective closure of the Strait of Hormuz and its attacks on its neighbors’ energy facilities, it’s hovering around $100, slightly higher than the average inflation-adjusted price...