Marine traffic leaving the Middle East has again dropped from a trickle to barely a drip. This comes after a decision by the U.S. to blockade Iran’s ports in response to threats by Iran to attack energy exports it hadn’t approved leaving the critical Strait of Hormuz choke point.
As Asia struggles with energy shortages that now threaten to spread to Europe, the U.S., meanwhile, remains bountifully supplied with almost record-high crude oil and natural gas production, leading President Donald Trump and others to tout the nation’s “energy independence.” Less than 3% of U.S. oil consumption typically comes from the Middle East—near an all-time low.
