While the U.S. produces more oil than it consumes, refineries are reliant on using some imported heavy crude.
INDIANAPOLIS — On April 1, President Donald Trump addressed the nation on the war in Iran.
In the aftermath of that speech, oil prices jumped, and the stock market slipped.
Brent crude rose more than 7% to over $108 a barrel. The U.S. benchmark rose 7% to about $107 a barrel.
During this speech, the president said the following:
“The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future. We don’t need it.
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