The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Gabriel Rubin

WASHINGTON, April 1 (Reuters Breakingviews) - American fossil-fuel might is misleading. Sure, gasoline has sunk to 2% of consumer spending as oil production soared. But infrastructure mismatches mean domestic crude fills only 60% of refining capacity, tying prices to world markets. Spurning decarbonization is self-defeating.

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CONTEXT NEWS

The conflict in Iran has all but halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about one-fifth of the world's LNG and crude supply. The International Energy Agency has called it the biggest-ever oil supply disruption.