Something’s different about America since the early 2000s and it has to do with drill, baby, drill

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.

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