The Indicator from Planet Money

A lot of gas trapped, oil reserves tapped, and Live Nation gets a (tiny) cap

March 13, 2026

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  • The global oil supply is facing its largest disruption ever due to shipping blockages in the Strait of Hormuz, causing gasoline prices to rise by approximately 20%. 
  • In response to the oil crisis, 32 countries coordinated the largest-ever release of 400 million barrels from the International Energy Agency's strategic oil reserves, though experts doubt this can fully substitute for the blocked shipping lane. 
  • Live Nation Entertainment reached a proposed settlement with the Justice Department that caps service fees at 15% but avoids a full breakup, a resolution some state attorneys general are rejecting to continue fighting the company in court. 

Segments

Indicators of the Week Intro
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(00:00:26)
  • Key Takeaway: The Indicator from Planet Money hosts introduce their weekly segment focusing on key economic numbers.
  • Summary: The hosts are locking in their ‘Indicators of the Week’ predictions. Topics for the episode include rising gas prices, plans to lower them, and a development concerning Live Nation and Ticketmaster. The segment sets the stage for three distinct economic indicators to be discussed.
Oil Supply Disruption
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(00:01:11)
  • Key Takeaway: 20 million barrels of oil, representing 20% of global supply, are trapped due to shipping stoppages in the Strait of Hormuz, causing a 20% rise in gasoline prices.
  • Summary: The disruption in the Strait of Hormuz is the largest in oil history, exceeding blockages during the Iranian Revolution. This stoppage affects 20 million barrels of oil and petroleum that usually pass through daily. The average price of gasoline reached $3.58 a gallon on Wednesday, and while US efficiency is higher than in the 1970s, this global commodity price shock will likely raise costs across the economy.
Strategic Oil Reserve Release
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(00:03:17)
  • Key Takeaway: The International Energy Agency (IEA) initiated its sixth-ever coordinated release of 400 million barrels from member countries’ strategic oil reserves to counter the supply shock.
  • Summary: The IEA’s release is a safety net for major oil consumers like the US, Japan, and European countries, distinct from OPEC production decisions. This reserve is oil already stockpiled, unlike OPEC’s capacity to pump more crude. While the announcement provided a temporary price easing, experts suggest there is no substitute for oil flowing through the disrupted shipping lane.
Live Nation Fee Cap
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(00:06:01)
  • Key Takeaway: Live Nation agreed to a proposed settlement capping service fees at 15% for tickets sold through its controlled amphitheaters, though this avoids a full divestiture of Ticketmaster.
  • Summary: The settlement stems from a 2024 lawsuit by the DOJ and several states alleging an illegal monopoly by Live Nation, which owns Ticketmaster, venues, and artist management. The proposed deal also mandates that up to half of tickets at Live Nation-controlled amphitheaters can be sold on external marketplaces. Some state attorneys general, including New York’s, are rejecting this settlement and plan to continue litigation against the company.