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Prolonged conflict with Iran raises oil prices and could mean more drilling in the US.
Reserves can offset short-term disruptions to the global market. Beyond that, higher prices could encourage American companies to ramp up production in coming months.
Trump campaigned on a promise to “drill,” promoting “American energy dominance.” Asked if he’s worried about oil prices ahead of US strikes on Iran, Trump responded, “I’m not concerned … I’m concerned about long term health for this country.”
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