In President Donald Trump’s vision of American energy dominance, the nation is untouchable by global upheaval. However, reality has set in with rising gas prices that have topped $4 per gallon for the first time in four years.
A report by the Joint Economic Committee reveals that US households spent an additional $8.4 billion on gasoline since Iran blocked passage through the Strait of Hormuz. The oil industry seems less than thrilled, with reports suggesting it’s lobbying against multimillion-dollar tolls on tankers.
Despite a ceasefire agreement, recent missile strikes and ongoing negotiations have left key infrastructure vulnerable. The US Energy Information Administration predicts elevated oil prices throughout 2020, even if the conflict ends by April. Europe and Asia are already feeling the pinch: flights cancelled, gas rationing in place – humanity’s energy dependence is stark.
Trumponomics meets reality as America confronts its reliance on a globally traded commodity. With policies stripping away measures to combat climate change, the US faces an uncertain future where global disruption could have serious domestic consequences.
