US energy independence is on the way out

[Geee]

Fox Business

 

The war to gain our energy independence was fought with blood, treasure and American ingenuity, but that doesn't mean we get to keep it.

Earlier this week, the Energy Information Agency (EIA) reported that the U.S. will now return to importing more crude oil and petroleum products than it will export for 2021 and 2022. That is big news considering the agency reported just a week ago that the U.S. didn’t import any Saudi Arabia crude last week for the first time in 35 years.

 

American energy independence was thought to be an impossible dream but with the emergence of the shale oil and gas revolution, it became a reality.

In fact, because of the demand hit from the COVID-19 pandemic and the promise of more regulations from the Biden administration, the country seems willing to relinquish our energy dominance. U.S. shale oil and gas producers are in retreat and OPEC's sway on the price of oil has pushed prices for West Texas Intermediate crude to the $53-per-barrel level.

With Biden promising more regulations and a transition off of oil, our days of energy independence may be already behind us. This is a major blow considering what it took to achieve the independence that now too many people are taking for granted.