Yergin: It is true that the U.S. is still importing a larger share of its oil than it was in 1973, at the time of the first oil crisis. Even with increased domestic production and higher imports from Canada, it will still be part of the global oil market and vulnerable to disruptions and price spikes.
Again, to reinforce: the US is both a seller and a buyer of oil and gas in the global markets, and no matter what we do, that condition will remain the same. We don't set the prices, and we don't get to keep or use all that we make. We buy from many sources, ranging from very friendly to somewhat hostile, and yet there's some significant security in that diversity.
Now for what's gotten better lately and promises to improve even further in the years ahead thanks to some new ways to get at oil and gas.
Yergin: ... the shift in oil sources means the global supply system will become more resilient, our energy supplies will become more secure, and the nation will have more flexibility in dealing with crises. It ... also means that economic benefits—in terms of jobs, manufacturing and services—will register on the ground in North America.Click HERE for the full article, and one more thing: I'll be attending a DY lecture tomorrow afternoon at MIT. If you have a question you'd like me to ask him, please fire away fast.
Image credit: Mitra Encyclopedia