If US produces so much oil, why does the Strait of Hormuz matter?

Days into the war on Iran, oil tankers were bottlenecked in the Strait of Hormuz, sending up oil prices and threatening the global economy. CNN’s Gianna Toboni explains what this means for Americans – at the pump and beyond. 0:00 Tanker traffic in the Strait of Hormuz has effectively stopped 0:39 If America has its own oil, why are prices going up? 2:38 How bad could this get? 3:57 "It's like a huge sudden tax increase" 5:20 What should President Trump do? Watch more news explainers on the CNN app: https://cnn.it/4qA8ez3 #Iran #Oil #News