America Will Pay Dearly for Its Energy Arrogance

In January 1980, President Jimmy Carter made a bold promise: If any foreign power tried to dominate the Persian Gulf or the region's vast oil reserves, it would be met with American military force. By guaranteeing the free flow of oil through the Strait of Hormuz over the next 45 years, America signaled to the rest of the world that oil from the Middle East, even with all its volatility, was a secure bet.
In just two months, the United States has transformed from a bulwark of the international energy system into its biggest source of insecurity. And while America may emerge relatively unscathed from the energy crisis it started by going to war with Iran, the long-term implications for its oil-based economy could be profoundly destabilizing.