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American energy exports have hit a record high this week.
Exports of crude oil and petroleum grew to 12.9 million barrels a day, according to data from the US Energy Information Administration (EIA).
The EIA also predicted that US liquified natural gas (LNG) exports would grow by 18% this year, and then 10% in 2027.
The huge increase in demand is being driven by the Iran war, which has disrupted flows from the Middle East and the vital Strait of Hormuz in particular, through which 20% of the world’s oil and natura-gas exports normally pass.
The US Navy is currently blockading Iran’s ports on the Strait, and according to US Central Command, 37 vessels have been redirected since the blockade began two weeks ago.
Iranian tankers have also been intercepted at sea and captured by the US Marines.
President Trump has extended a waiver of the Jones Act, allowing foreign-flagged ships to bring fuel to American ports, with the aim of easing price increases.
Although US exports of crude and petroleum have surged, there has been little relief for US consumers.
The average price for a gallon of gas remains more than $4.
A gallon was $2.98 before the conflict began at the end of February.
The Department of Energy is predicting that prices will continue to average around $3.70 for the rest of the year, and then drop to around $3.46 next year.
At present, there appears to be no immediate end to the war with Iran.
On Saturday, scheduled peace talks in Pakistan between the US and Iran collapsed before they even took place.
President Trump canceled his plan to send US special envoy Steve Witkoff and his son-in-law Jared Kushner to Pakistan, saying it was unclear who was in charge of negotiations on the Iranian side.
“I just cancelled the trip of my representatives going to Islamabad, Pakistan, to meet with the Iranians,” Trump wrote in a Truth Social post on Saturday.
“Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their ‘leadership.’ Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!”
President Trump suggested the Iranians were “fighting not to be the leader, because we knocked out two levels of leaders.”
“But I’ll deal with whoever we have to,” Trump added.
“But there’s no reason to wait two days, have people traveling for 16, 17 hours, and we’re not doing it that way.”
The President spoke to reporters as he was boarding Air Force One on Saturday night, to travel from Florida to Washington DC for the White House Correspondents’ Dinner.
“They gave us a paper that should have been better and interestingly, immediately, when I canceled it, within 10 minutes, we got a new paper that was much better,” Trump said.
The President did not reveal any specifics about the deal offered, but said he would not budge in his determination to prevent Iran from acquiring nuclear weapons.
Trump said the Iranians “offered a lot” with regard to their nuclear ambitions but “not enough.”
Iran’s foreign minister, Abbas Araghchi, was already in Pakistan on Saturday, ahead of the talks.
He said he “shared Iran’s position concerning [a] workable framework to permanently end the war on Iran,” but that it still wasn’t clear if the US “is truly serious about diplomacy.”
President Trump extended the ceasefire with Iran last week in order to continue seeking a resolution to the conflict, but maintained the naval blockade of Iran’s ports on the Strait of Hormuz.
