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Why Americans Became More Vulnerable to Oil Price Spikes
When prices soared years ago, Americans launched broad efforts to wean the nation off oil and gas to protect households from price swings. But then supply rose and plans fizzled.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.