Under the Biden admin,.the US has done what it's talked about for decades .... It looks like independence was reached though an increase in production and decrease in fossil fuel demand.
The U.S. is now energy independent
For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing.
The intrigue: It's elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021, according to the Energy Information Administration.
Why it matters: The surge in oil prices taking place in 2022 has radically different implications for the U.S. economy — and for key geopolitical relationships in the Middle East and Russia — than in past episodes when energy prices have risen.
The big picture: In the past, when oil prices spiked, the impact on the U.S. economy was straightforward: It made America poorer, as more of our income wentoverseas to pay for imported energy.
The U.S. is now energy independent
For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing.
The intrigue: It's elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021, according to the Energy Information Administration.
Why it matters: The surge in oil prices taking place in 2022 has radically different implications for the U.S. economy — and for key geopolitical relationships in the Middle East and Russia — than in past episodes when energy prices have risen.
The big picture: In the past, when oil prices spiked, the impact on the U.S. economy was straightforward: It made America poorer, as more of our income wentoverseas to pay for imported energy.