America is the oil king of the world. So why is the Iran war sending gas prices higher?

Chris Isidore, Matt Egan

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The United States is producing more oil than any country in the history of the planet. Yet the war with Iran has sent gas prices up 20 cents a gallon, or 7% in just a few days.

Why?

No matter how much crude the United States produces domestically, oil is traded in a global market – one that President Donald Trump just upended. Without all of the United States’ substantial crude production, Americans could already be paying $4 or even $5 a gallon for gasoline. But the United States exports nearly a third of the oil it produces, and it imports nearly a third of the oil it consumes, according to the US Energy Information Administration.