bridgeburnerOne question: how come that US gas prices are affected that heavily by the closure of the Strait of Hormuz? Cos unlike Europe, the US has a lot more capacity to produce oil domestically? So can’t they just do that? The US shouldn’t be this dependent on oil from the arab countries compared to Europe?
Simple answer: Money. Because businesses would rather sell it for market price on the global market than for cheap to domestic customers.
Domestic production was one of the perks of North Sea oil exploration that was sold to the British public, but it never led to lowered gas or electricity bills…