If America is energy dominant, why is the shutdown of a strait thousands of miles away spiking our gas prices?

Following U.S. and Israeli strikes on Iran, shipping traffic through the Strait of Hormuz collapsed nearly overnight. Qatar declared force majeure on liquefied natural gas deliveries. Oil surged past $90 a barrel. Gas prices jumped at the pump.

And yet, America is producing more energy than at any point in our history. What gives?

WHY OIL AND GAS PRICES ARE UP DESPITE US ‘ENERGY INDEPENDENCE’

The answer is not a failure of the Trump administration’s American energy dominance policy. It is a structural reality of global commodity markets that no amount of domestic production can fully escape.

Oil and natural gas trade on global markets. When roughly 20% of the world’s daily oil supply and more than 20% of global LNG trade stops moving through a single chokepoint, prices spike everywhere — including at American gas stations. Energy dominance is real and worth defending. But dominance over production is not the same as immunity from price shocks. The Iran war has made that distinction impossible to ignore.

The good news is that America is already........

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