Too many people are too lazy to have anything other than one dimensional, ultra simplistic thoughts on what is a complex and nuanced issue. Throw CINC into that bucket as he stated yesterday that the US doesn’t “need” the straight of Hormuz. While we technically produce a lot of our own energy & get most of the rest from the western hemisphere, the energy market is global. That means energy independence doesn’t really matter if you allow something like the Hormuz closure. 20 percent less oil on the market (and a huge chunk of global natural gas production) is going to have an impact on gas, diesel, and jet fuel prices at home no matter how much you “drill baby drill”. Not only that, but with 1/3 of production infrastructure in the gulf having been destroyed, this is going to be a long term problem, even if the straights are open tomorrow.

All of that is really difficult to condense into a catchy soundbite though, so we end up with a bunch of Americans who are too lazy to read anything thinking that it’ll all get worked out in a couple weeks. Markets are not factoring real world events folks. We’re in for a tough next few years IMO. Hope I’m wrong.