Why the U.S. is now more resilient to oil price shocks

Oil is a global market, so when prices rise in one place, they rise everywhere. The current war against Iran has already raised oil prices significantly.

Mideast oil production has been slowed by efforts to close the Strait of Hormuz, a key route for oil tankers from the Middle East to the rest of the world, as well as by attacks—and fears of attacks—on oil production, storage, and shipment installations.

This war has also disrupted the flow of liquefied natural gas from Qatar...