“If the Strait closes, tankers will just go the long way around.”
Yes, about 11,000 extra miles at a much higher cost and slower rate of travel. Also, not all tankers can make the trip due to range issues.
“We also produce quite a bit of oil”
Yes, we produce 16.3mm gallons a day. We can refine 17.9mm barrels a day. Unfortunately, we consume 19.4mm barrels a day.
Oops.