The U.S. energy system has helped mitigate the shock loss of oil and LNG supply from the Middle East when the Strait of Hormuz closed to traffic and sent refiners and gas importers worldwide scrambling for alternative supply. The record American crude oil production and huge natural gas production and rising LNG exports were decades in the making, during which companies invested billions of dollars every year to increase oil, natural gas, and fuel supply, the American Petroleum Institute (API) said in an analysis this week. But the role of “the…

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