The United States is not immune to spiking oil prices, despite what President Trump said in his April 1 address to the nation.  Americans will pay higher pump prices. Americans will pay higher prices overall because oil is critical to the production of most products, either as fuel or as an ingredient in the products themselves.

The President is correct that we are net oil exporters, but some of the oil we produce is not compatible with our refineries. We often need a higher-grade oil produced elsewhere to make our refined petroleum products, such as gasoline and heating oil. Much of that oil is imported from the Middle East.

According to the International Energy Agency (IEA), the United States imports 8 percent of its oil through the Strait of Hormuz. One in 12 barrels of oil used by the United States is imported through the Strait. Despite what the President says, a continued blockade will disrupt the domestic oil market.

Moreover, the oil market is global. If something goes amiss in the oil market anywhere, the price goes up everywhere. So even if we did not need foreign oil, its price increase would still be felt in the United States.

In addition, President Trump, in his April 1 speech, said the United States will stop participating in the opening of the Strait of Hormuz. He said the US doesn’t need oil imported through there, and he no longer wishes to help anyone who does.  He said that those countries denied help when the U.S. needed it. So now that they need help, the U.S. will turn its back. He is, in effect, taking his oil and going home.

Just as the Trump tariffs have been constantly amended, so will the decision to walk away from the Strait of Hormuz. During the oil crisis of the 1970s, oil spiked 400 percent! If that were to be repeated now, it would mean $240 per barrel of oil. Such a price would bring down the global economy. The United States would have to do something about it. Trump would have to change his stance.

Isn’t it ironic that Trump addressed the nation on April Fool’s Day?