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.
Worth noting: To the degree the U.S. does still import oil, more of it is coming from our closest ally. Canada was the source of 51% of U.S. petroleum imports in the first 10 months of 2021, compared with 8% from the Persian Gulf.
- Higher oil prices no longer depress overall measures of prosperity like GDP and national income, but rather shift it around toward certain regions. Texas and North Dakota win; Massachusetts and North Carolina lose.
The bottom line: When oil prices spike, it’s no longer a problem for overall growth—but because energy is a global market, it still means pain for American consumers and the sitting administration.
https://www.axios.com/us-energy-independent-petroleum-2982ed18-9110-4c31-ad67-82abe643f661.html