The Hill
Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years.
Speaking to Fox Business’s Larry Kudlow on the sidelines of the Group of 20 finance ministers’ summit in North Carolina, Bessent argued the key waterway is “not a choke point” for the U.S.
In 2024, the country imported roughly half a million barrels of crude oil per day from Persian Gulf countries through the strait, accounting for 7 percent of total U.S. crude oil, according to the Energy Information Administration.
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