Donald Trump, the President of the United States, in an interview with Fox News, emphasized the economic impacts of the maritime blockade on Iran and this country's proposals for reopening the Strait of Hormuz. He acknowledged that as soon as Iran surrenders and the war ends, oil prices will sharply fall.
20 Million Barrels of Oil Passed Through the Strait of Hormuz
Trump stated in this interview: "On one of the days last week, over 20 million barrels of oil passed through the Strait of Hormuz, which was even more than the amount before the war began." The Strait of Hormuz, as a narrow passage between Iran and Oman, used to transport an average of about 20 million barrels of oil daily before the war began on February 28, 2025, accounting for about one-fifth of the world's oil supply.
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Rait, the U.S. Secretary of Energy, further mentioned the revival of oil, gas, and petroleum product flows from this waterway and added that the actions of the U.S. armed forces in this regard have been effective. According to him, the current pressure on energy prices is more due to the lack of refining capacity in the world than to restrictions on oil transportation.
Criticism of Biden Administration Policies
Rait also criticized the policies of Joe Biden's administration, pointing out the closure of over 12 refineries during his presidency. He noted that the current government is trying to construct the first new refinery in the U.S. in several decades. Meanwhile, Russian refineries have been severely damaged, and the country's refining capacity has decreased by about 40% compared to the past.
Donald Trump also emphasized the need to increase energy production in the U.S., stating: "Do we want to bring industrial production back to America?" He stressed the necessity of expanding electricity production capacity and increasing natural gas production as the largest source of electricity generation in the U.S.
Prospects for Oil Cooperation with Venezuela
The U.S. Secretary of Energy continued by discussing the Trump administration's policies towards Venezuela and called for turning this country into one of Washington's allies. He stated that the goal is to transform Venezuela into a peaceful and democratic country that, by increasing oil production, provides new opportunities for American companies to invest. Venezuela's oil production had reached over three million barrels per day in the late 1990s but has drastically declined due to a lack of investment and mismanagement.
In conclusion, Trump and Rait emphasized American energy independence and the expansion of exports, acknowledging that the U.S. has not only achieved energy independence but has also become one of the world's largest net energy exporters. This is while global energy markets are interdependent, and any disruption in global supply affects all countries.
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