Joseph J. Schatz
When President Donald Trump announced Wednesday that he’s winding down the U.S. war on Iran and washing his hands of the embattled Strait of Hormuz, he invoked what he likes to call America’s “energy dominance”: The United States has become the biggest oil producer in the world, and no longer needs to secure the Persian Gulf by force.
“The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future,” he declared. “We don’t need it.”
That’s news to the oil and gas industry. Trump is right: The flow of oil from the Persian Gulf to the U.S. is far less than it used to be. But no matter what he says, the industry is keenly aware of how important that oil still is. That’s why CEOs have been pleading with Trump for weeks to end Iran’s stranglehold on the Strait, which remains vital to the global market in which they operate.
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