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Friday, Apr. 17, 2026

Does the United States control oil prices?

Clinton Engelberger | Suncoast Searchlight, Suncoast Searchlight
no

The Iran war is putting a strain on American drivers – leading Iran to block commercial access to the Strait of Hormuz, a passage where about one-fifth of the world’s oil supply flows.

The U.S. may be the largest oil-producing country in the world, as stated in an April 1 Sarasota Herald-Tribune letter to the editor, but it doesn’t set oil prices. Oil is priced globally by traders bidding for it. 

Therefore, when conflict happens outside of U.S. soil, American drivers can still feel the pinch of rising gas prices.

President Donald Trump initiated an attack on Iran in February. The attack sparked an ongoing conflict that is now impacting oil prices.

The average gas price in Sarasota as of April 15 was $4.17 per gallon.

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