“In response to attacks by the United States and Israel that began Feb. 28, Iran effectively shut off the Strait of Hormuz, through which 20 million barrels of oil — or one-fifth of global production — flowed daily.”

“Lutz Kilian, director of the Federal Reserve Bank of Dallas’ Center for Energy and the Economy, figures that 5 million daily barrels can either be rerouted from the Persian Gulf to the Red Sea or continue to transit through the Strait of Hormuz. But that still means that roughly 15 million barrels — or 15% — of daily global oil production is missing, ` with just 6% in the 1973 embargo and after Iraq's invasion of Kuwait in 1990.”

“In 1973, oil accounted for almost half — 46% — of world energy supplies. By 2023, oil’s share had fallen to 30%, according to the International Energy Agency.”

“Consumption topped 100 million barrels a day last year, up from fewer than 60 million barrels a day in 1973.”

“The United States, in particular, has weaned itself away from dependence on foreign oil.”

“By 2019, America had become a net petroleum exporter.”

“In the early ‘70s, for example, the United States got about 20% of its electricity from oil, Ori said.”