The US exported 5.2 million barrels of crude oil per day in April, according to the commodities data firm Kpler—a new record, and a 30% increase from the month before the Iran war began. But as prices at US gas stations continue to rise, Americans are making like Mr. Incredible and wondering if someone changed math.

Math is still mathing. The issue is more refinement misalignment. US refineries are set up to handle heavy, sour crude. Texas, Louisiana, and North Dakota primarily pump out light crude. Alaska is home to medium crude. All that gets exported to countries better able to refine it.

Additionally, gasoline prices are influenced by the global market, so even though the US achieved net exporter status—which means it’s exporting more than it’s importing—that “has essentially no impact on the prices Americans pay at the pump,” an analyst for the Institute for Energy Economics and Financial Analysis recently told Poynter.

Strait-laced

America’s popularity as an oil exporter got an uptick from the situation in the Strait of Hormuz. Bloomberg reported that the US has overtaken Saudi Arabia as the No. 1 crude exporter in the world, but it also said that the countries snapping up US crude, especially in Asia, are doing so as a “last resort.”

Matt Smith, the director of commodity research at Kpler, told CNBC, “Asian markets are buying whatever they can get their hands on, so they’re taking a lot of light sweet crude,” while the Strait of Hormuz is blocked. But this will likely change once the strait reopens. He said that Middle Eastern crude is “a hole that can’t be plugged” and that the only sustainable answer is ensuring secure supply from the region for the long term.

That’s probably a ways off. As part of an attempt to get the Strait of Hormuz reopened, President Trump said yesterday evening that, beginning this morning in local time, the US would guide ships currently stuck in the strait from countries that have nothing to do with the conflict “so that they can freely and ably get on with their business.”

• Iran’s state-run media responded by calling the plan “delirium,” and Major General Pilot Ali Abdollahi released a statement that said, “We warn that any foreign armed force, especially the aggressive military of America, should they intend to approach or enter the Strait of Hormuz, will be subjected to attack.”

Zoom out: The international Brent crude oil benchmark is up 89% since the beginning of 2026. The Wall Street Journal estimated that Americans spent $125 million more filling up their gas tanks on May 1 than they had the Friday before.—HVL

GameStop is offering to buy eBay for $56 billion, Ryan Cohen told the WSJ. The GameStop CEO’s unsolicited bid may seem fanciful, but Cohen was a co-founder and CEO of online pet juggernaut Chewy, and he apparently sees big potential in a GameStop–eBay tie-up. “It could be a legit competitor to Amazon,” he told the Wall Street Journal regarding the World’s Online Marketplace. “EBay should be worth—and will be worth—a lot more money,” he added, elaborating that he would turn it into something worth hundreds of billions of dollars.”

Greg Abel held down the Berkshire Hathaway meeting, ft. Warren Buffett. The crowds at Berkshire Hathaway’s annual meeting were much smaller than in years past, according to Reuters, but the outlet reported that those who stuck around to hear new CEO Greg Abel largely came away impressed. And while he’s no Buffett, his wisdom might have felt old-timey in its own way. He told the crowds that Berkshire wasn’t “going to do AI for the sake of AI.” Buffett himself sat in the audience. During the lunch break, he described markets today as “a church with a casino attached,” meaning value investing remains, but options like prediction markets are enticing. He said, “If you’re buying one-day options or selling them, that’s not investing, it’s not speculating—it’s gambling.”

Iconic internet company Ask.com quietly closed. Ask not what Jeeves can do for you, because the company behind the internet’s most iconic butler and the golden-age search engine Ask Jeeves is donesies. Jeeves actually hung up his three-piece suit in 2005, when holding company IAC acquired Ask Jeeves and renamed it Ask.com. In a statement on the Ask website, IAC said it was getting out of the search business and had ceased operations on May 1, but ended its sign-off with, “Jeeves’ spirit endures.” Here’s hoping he uses all his knowledge to cash in on the prediction markets before hitting the beach.—HVL

Look away, Norman Greenbaum: Spirit is no longer in the sky. After two bankruptcies and a failure to strike a last-minute bailout deal with the Trump administration, the 34-year-old budget airline closed up shop on Saturday morning, and people found out the hard way. Flights were abruptly canceled, trips were called off, and 17,000 workers lost their jobs. What happens next is, ironically, still up in the air.

Fare play: Spirit’s fares were so low that they helped set a price floor for other airlines. With that tether gone, other airlines are free to raise prices. Then again, Spirit shrank so much in recent years that the impact of its loss could be limited. According to the New York Times, citing Cirium data:

• In May 2024, Spirit operated 3.4% of all domestic flights.
• This month, that number was expected to shrink to 1.1%.

Kindred spirits: Low-cost competitors (like former dance partner JetBlue) could benefit by inheriting some of Spirit’s customers, but they also face some of the same headwinds, like high fuel costs amid the Iran war. Last week, a trade group representing several budget airlines (including Spirit) cited fuel prices when they asked the government for $2.5 billion in relief.

Arrivals and departures: Demand is high in the industry for pilots and mechanics, so both Spirit’s competitors and ex-employees could end up with a silver lining.—BC

The US at work: The stock market ripped last month, but what about the labor market? We’ll find out on Friday, when the April jobs report will be released. Monthly jobs have been seesawing between positive and negative territory for about a year now, so analysts will be watching to see whether the US economy can post a second straight month of growth.

Checking in on consumers: This week’s earnings slate may not be as Magnificent as last week’s, but it’s still pretty splendid. Palantir will deliver results later today, and Advanced Micro Devices (AMD), Pfizer, and PayPal are up tomorrow. Then, some consumer heavyweights take the stage later in the week. Disney, Marriott, Uber, CVS, and DoorDash report earnings on Wednesday, followed by McDonald’s and Airbnb on Thursday.

Luke, you are mi madre: Star Wars fans may have their celebratory day today, but tomorrow, fans of telling people that Cinco de Mayo is not Mexico’s Independence Day get their holiday. Then, on Sunday, it’s all about the moms. According to a survey released by the National Retail Federation and Prosper Insights & Analytics, Mother’s Day spending is expected to hit a record $38 billion this year. Flowers and greeting cards are the most popular gifts, while swords are probably the least popular.

But wait, there’s more:

• A limited series adaptation of Lord of the Flies lands on Netflix today.
• The second round of the NBA playoffs starts today, while the NHL's second round began on Saturday and continues through the week.
• Choose your destiny: Mortal Kombat II, starring Karl Urban, and The Sheep Detectives, starring Hugh Jackman and Brett Goldstein, both hit theaters on Friday.

Mondays are bad enough, so the Brew’s own Brendan Cosgrove scoured the internet for a positive news story to help you start the week off right.

Horse racing fans had plenty of reason to tip their fancy hats at Churchill Downs on Saturday, when Cherie DeVaux became the first woman to train a Kentucky Derby winner. Long-shot horse Golden Tempo hoofed it from last to first and cemented DeVaux’s place in history. Golden Tempo could not be reached for comment, but his hustle was surely worth it, as evinced by this reaction from DeVaux.

There was also plenty of brotherly love, as sibling jockeys José Ortiz and Irad Ortiz Jr. finished first and second, respectively, with Golden Tempo and Renegade. It was José’s 11th appearance in the Kentucky Derby, while it was Irad’s 10th.

Beyond Churchill Downs, there’s plenty of other good news out there, like a new study that shows AI could help detect pancreatic cancer sooner. Plus, the maniacs at Oreo are releasing a new limited-edition flavor that tastes like a firecracker ice pop.—BC