US President Donald Trump, who has repeatedly warned of striking Iran’s nuclear facilities if it refuses to reopen the Strait of Hormuz, emphasised that the United States has ample domestic oil and gas reserves and does not depend on the crucial maritime route.ย In his address to the nation, Trump also called on countries that rely heavily on the Strait of Hormuz for oil supplies to “protect and preserve” the passage.
Highlighting his push for increased domestic production under the “drill, baby, drill” approach, Trump asserted that the Us now produces more oil and gas than Saudi Arabia and Russia combined. “Because of our ‘Drill, Baby, Drill’ program, America has plenty of gas. Under my leadership, we are the number one producer of oil and gas on the planet, without even discussing the millions of barrels that we’re getting from Venezuela. Because of the Trump administration’s policies, we produce more oil and gas than Saudi Arabia and Russia combined… that number will soon be substantially higher than that. There’s no country like us anywhere in the world, and we’re in great shape for the future.”
‘USย doesn’t need oil from Hormuz Strait’: Trumpย
Speaking in the Cross Hall at the White House, Trump said that America is in a strong position and does not depend on oil passing through the Strait of Hormuz. He stressed that the country has sufficient domestic energy resources and has not needed oil from that route for a long time.ย
“There’s no country like us anywhere in the world, and we’re in great shape for the future. The United States imports almost no oil through the Hormuz Strait, and won’t be taking any in the future. We don’t need it. We haven’t needed it, and we don’t need it. And the countries of the world that do receive oil through the Hormuz Strait must take care of that passage. They must cherish it. They must grab it and cherish it. They must guard it,” Trump said.
At the same time, he urged nations that rely on the strait for their energy supplies to take responsibility for protecting and securing it. “They can do it easily. We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on. So, to those countries that can’t get fuel, many of which refuse to get involved in the decapitation of Iran, we had to do it ourselves,” he said.
Trump gives two suggestions to oil buyersย ย
Trump gave two suggestions – one, to buy oil from the US as they “have plenty”, and two, to build up the “delayed courage”.ย “The countries that can’t get fuel, many of which refuse to get involved in the decapitation of Iran, we had to do it ourselves. I have a suggestion. Number one, buy oil from the United States of America. We have plenty. Number two, build up some delayed courage. Should have done it before. Should have done it with us, as we asked. Go to the Strait and just take it, protect it, use it for yourselves. Iran has been essentially decimated,’ he said.
Trump said that once the ongoing conflict ends, the Strait of Hormuz will “open up naturally”. “Go to the Strait and just take it, protect it, use it for yourselves. Iran has been essentially decimated. The hard part is done, so it should be easy. And in any event, when this conflict is over, the straight will open up naturally. It’ll just open up naturally. They’re going to want to be able to sell oil because that’s all they have to try and rebuild. It will resume the flow, and the gas prices will rapidly come back down. Stock prices will rapidly go back up,” he said.
The Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas shipments, has been effectively restricted, leading to a spike in energy prices and raising fears of global inflation.
Oil prices surged on Thursday after Trump’s address to the nation did little to soothe investor worries over the closure of the strategic Strait of Hormuz, with the US president calling on other nations to help reopen it. Brent jumped more than four percent to as high as $105.55, while West Texas Intermediate climbed three percent to hit $103.16. Both contracts had been falling before the US president started his speech.
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