The United States is the world’s largest oil producer, pumping some 13 million barrels every day. Yet the U.S. is also the biggest consumer of crude, a major exporter, and a country with an empty strategic petroleum reserve. Continental Resources founder Harold Hamm called the U.S. “unusually vulnerable” to an oil shock.Just a month ago, such a shock looked rather unlikely. The war in the Middle East had been going on for a year now, and oil supply had not been disturbed. It all changed this week after Iran carried out a barrage of precision missile strikes against Israel, Israel said it would retaliate, and Iran said it would respond to that retaliation.
In a matter of hours, oil supply from the Middle East stopped being secure. A day later, it became even less secure, after President Biden told media the White House was discussing attacks on Iranian oil facilities with Israel. While not specific—the literal remark Biden made was “We’re discussing that. I think…
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