US Oil Dependence: A Problem That Refuses to Be Solved
US dependence on Middle East oil has been an ongoing issue for decades. Despite numerous promises to reduce this reliance, the country remains tied to Iran and Saudi Arabia for a significant portion of its oil needs.
A recent Wall Street Journal headline highlights the Gulf States' resignation to Iranian control of the Strait of Hormuz.
The US primarily produces light, sweet crude from shale formations, while the Middle East supplies heavier, higher-sulfur crude. Old US refineries were not designed to process this type of oil, making it expensive and difficult to upgrade them.
President Trump has proposed tapping into North Sea oil reserves as a potential solution. He claims that if the UK's new prime minister, Andy Burnham, allows more light, sweet crude production, it would greatly boost the British economy.