The US will suffer more from oil  shock than China, Russia, or EU

President Trump and members of his administration have repeatedly claimed that the United States’ prodigious oil production insulates the country from price shocks stemming from Iran’s closure of the Strait of Hormuz.It’s not clear whether they’re acting as fools or knaves – but either way, they’re wrong. U.S. oil production does not render American consumers immune to fluctuations in oil prices, which are determined by the interplay of supply and demand in a global market. To the contrary, beca...