Who knew energy would be a key challenge for President Donald Trump? After achieving what was unthinkable just a few years ago – crude oil prices below $60 and gasoline firmly under $3 – the United States is now facing another affordability threat, as a barrel of Texas tea is well above $100 and motorists are enduring pain at the pump. It is not due to a lack of production at home but rather the war in Iran that has effectively shuttered the Strait of Hormuz.
The White House has thrown everything but the kitchen sink to ensure West Texas Intermediate – US-produced, high-quality crude oil – stays in the double digits. But it has proven insufficient, and now a barrel of Brent, the waterborne crude from the North Sea that serves as the international benchmark, is cheaper than its American counterpart.
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