Suspects have been raised over US President Donald Trump's claim that the blockade of the Strait of Hormuz has nothing to do with the United States. This is because the paralysis of the global energy supply chain caused by Iran's blockade of the strait eventually leads to soaring prices in the United States and a crisis in the industry as a whole.
The New York Times (NYT) emphasized the fact that the global energy markets are closely connected to each other on the 1st (local time). President Trump has been sitting on the sidelines as Iran blocked the strait in response to attacks from the U.S. and Israel, saying, "Victim countries should solve it on their own." He argued that the U.S. is the world's largest oil producer and has low direct imports through the strait.
However, the New York Times noted that global demand and supply determine oil prices. Global energy prices rise as a result of restrictions on traffic in the Strait of Hormuz, which in turn slows US inflation and economic growth. In fact, gasoline prices in the United States have soared 36% in the month since the war on February 28, surpassing the national average of $4 per gallon.
Despite the abundance of U.S. crude oil, the structural limitations of the need for imported crude oil were also revealed. While most U.S. oil is high-quality "light sweet oil," oil refineries in the U.S. are optimized for handling "heavy oil" and "sour oil" in accordance with past import environments. After all, imports of foreign crude oil are still essential to meet domestic fuel demand.
U.S. voters are sensitive to prices, and gasoline prices in particular are observed to be a big variable in the approval rating of state administration. President Trump is set to hold a midterm election, which is a mid-term evaluation of his second term in office.
Meanwhile, Ebrahim Azizi, chairman of the National Security Committee of Iran's National Assembly, said on social media that "the Strait of Hormuz will certainly reopen, but not for you (the United States)."
Reporter Lee Jong-hye (ljh3@munhwa.com )
In the U.S., gas prices exceeded $4 a gallon.
U.S. consumer prices will soon rise 1% per month.