of crude oil per day in 2023, surpassing the all-time global record for average daily output. This milestone is consistent with a boom in crude oil production over theHigh production numbers over the past decade have prompted leaders to claim that the U.S. reached some form of energy independence. Both President Joe Biden and former President Donald Trump claim their presidency has, or nearly has, achieved this goal.
This began to change nearly 20 years ago when innovations in a drilling method called hydraulic fracturing – known asdecline, as the U.S. was fulfilling less than 50% of its petroleum needs domestically. At this point, the U.S. was highly dependent on major oil exporters like Saudi Arabia and Venezuela – two countries not always geopolitically aligned with the U.S.
As both Biden and Trump make it a key talking point on the campaign trail, some say energy independence has become an oversimplifiedin 2019 under the Trump presidency, this achievement came after decades of continued growth in the oil and gas industry. These gains were the result of fracking flourishing under both the Bush and Obama presidencies. Hence, attributing this success to Trump alone may not be entirely accurate.
Harrison Fell, an energy economics expert and North Carolina State University professor, argues that the U.S. must invest in these renewable energy forms, which are not subject to “global price shocks” in the way oil and gas are to be truly energy independent. Overall, he“energy independence” is a “useless term” because it fails to acknowledge oil and gas as part of a global market.
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