America will pay dearly for its energy arrogance
Gregory Brew writes: Even if the Strait of Hormuz reopens, markets will remain on edge, waiting to see if Iran closes it once more. Oil coming out of the Gulf will be viewed as more risky — and likely more expensive as a result. Countries will almost certainly rethink their energy security plans and shift their economies away from dependence on imports, including of oil and natural gas. This could prove to have the most profound consequences for the United…