The conflict in Iran represents both an expression of US “energy dominance” and a profound test of it. Resurgent domestic oil and gas production promised insulation against the fallout from a new war in the Middle East. The same war is casting doubt on that promise.

The issue of American energy independence — the older, slightly less ambitious cousin of dominance — has tended to center on oil due to the legacy of the 1970s’ supply shocks. Yet, despite the US now being firmly established as a net exporter of oil, gasoline looks set to cross the $4-per-gallon Rubicon just a few weeks into this war. Natural gas, not oil, is where the US really stands aloof from the world’s troubles.

© Bloomberg