The U.S. is now energy independent

davfor

This change requires a different way of thinking about the impact of energy price spikes.

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 went overseas to pay for imported energy.
Now, after the shale gas revolution of the last 15 years, the impact is more subtle. Higher fuel prices disadvantage consumers and energy-intensive industries, yes. But there is a counteracting surge in incomes for domestic energy producers and their workers.
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.

Link:
energy independent

Crash

wow, thanks for that.

Sven

Thanks. The source of imported oil changed significantly from Middle East to Canada. So there is less geopolitical risk in that region.

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.

stayCalm

Ostensibly a sizable chunk of our military expenditures are intended to protect our energy sources but with the might of the military-industrial complex(as warned by a former President many decades back) this large shift of where we obtain our energy from will hardly make a dent to our military spend. Always a war to be fought somewhere and if not, things can be "manufactured"