America is lucky it’s no longer a manufacturing powerhouse—it’s what’s protecting the U.S. economy from the worst of the oil shock, top economist says

Americans are reeling from the effects of the Iran war—now entering its ninth week—in which the chokehold on the Strait of Hormuz has effectively stopped the flow of more than 20% of the world’s energy supply and has sent countries globally scrambling to find alternatives. In the U.S., average gas prices exceed $4.45—some even touch $6 in other parts of the country—the highest levels since 2022. March saw the biggest jump in core inflation, 0.7%, in three years amid rising oil prices. Produce staples like tomatoes...