"The United States imports almost no oil through the Hormuz Strait and won't be taking any in the future. We don't need it. We haven't needed it and we don't need it."
"Less than half of U.S. consumption of petroleum products was gasoline. Add in soaring costs for fertilizer and feedstocks for plastic, and the surge in gas prices, even though it dominates headlines, is well under half of the economic story."
"While Trump claims the U.S. isn't reliant on the Strait of Hormuz, roughly a fifth of the world's oil and natural gas supply passes through it daily. And so do other resources critical to the American consumer."
President Trump portrayed the U.S. military effort in Iran as a demonstration of strength, but left the timeline for the war's conclusion unclear. He claimed the U.S. does not depend on the Strait of Hormuz for oil imports. However, experts argue that the strait is vital for trade in essential resources like diesel, jet fuel, and fertilizers. Rising gas prices are affecting consumers nationwide, with prices surpassing $4 a gallon, while a significant portion of the world's oil and gas supply flows through the strait.
Read at Fortune
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