The Myth Of US Energy Dependence

The Myth Of US Energy Dependence

America learned the wrong lessons from the OPEC embargo and oil shock of 1973. The “shock” was due mainly to America’s own policy response of regulating fuel prices and imposing rationing. Nor is America dependent on Middle Eastern oil: only 9% of supply comes from the region today; the proportion has never been above 15%. “What Americans import from the Persian Gulf is not oil but its price”