How Trump's energy dominance turned into hubris: Bousso
USO•The Iran war has exposed the limits of President Donald Trump's energy-dominance strategy: despite the United States being the world's top oil and gas producer, global energy prices rose sharply and U.S. gasoline topped $4.60 a gallon in May. The conflict has made fuel costs a political liability ahead of the November 3 midterms.
1. Energy dominance doctrine
Trump made energy dominance a central policy after returning to office, prioritizing oil, gas, coal and nuclear power. U.S. crude production has climbed from about 5.5 million barrels per day in 2010 to nearly 14 million today, while the country accounts for more than a quarter of global LNG exports.
2. War disrupts energy markets
The war with Iran, launched on February 28, led to the effective closure of the Strait of Hormuz, through which roughly one-fifth of global energy supplies used to flow. Brent crude nearly doubled in the conflict’s first two months, peaking at $118 a barrel in March, and was trading around $110 even as Middle Eastern crude flows mostly recovered.
3. Household fuel costs rise
U.S. gasoline prices rose above $4.60 a gallon in May, their highest level since 2022, while diesel reached a record $6.50 a gallon in September. The administration considered measures including easing biofuel blending mandates and a diesel supply agreement with Russia, but officials rejected a proposed diesel export ban. The article argues that U.S. energy production does not insulate consumers from prices set in global markets.
