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Politics
Does the United States control oil prices?
April 21, 2026
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Posted 3 hours ago by
NO. The Iran war is putting a strain on American drivers – leading Iran to block commercial access to the Strait of Hormuz, a passage where about one-fifth of the world's oil supply flows. The U.S. may be the largest oil-producing country in the world, as stated in an April 1 Sarasota Herald-Tribune letter to the editor, but it doesn't set oil prices.
Oil is priced globally by traders bidding for it. AllSides highlights content from Gigafact, a network of newsrooms that respond to online claims. View the full fact brief on Suncoast Searchlight.
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