The U.S. has shaken off its reliance on imports of fossil fuels for the first time in 40 years, according to recent analysis by J.P. Morgan, at a time when global conflicts have led to increased demand for energy elsewhere in the world.In a report published on March 5, Michael Cembalest, chair of the bank's market and investment strategy arm, declared that 'the U.S. has achieved energy independence for the first time in 40 years while Europe and China compete for global energy resources.
Subsequent attacks by Houthi rebels on international shipping in the Red Sea placed further strain on energy prices.The J.P. Morgan report noted that China was increasing its energy consumption while the West's remained relatively stagnant, increasing Beijing's energy import demand. But while China was increasing its renewable energy sector and could rely on the rare earth minerals needed to do so, the U.S. and other Western nations are still reliant on imports of the materials.The U.S.
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