Opinion | America’s Oil and Gas Boom Didn’t Deliver True Energy Security – The New York Times

by | May 14, 2022 | Energy

Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and coal than we consume. In particular, horizontal drilling and hydraulic fracturing — fracking — transformed the United States from the world’s largest oil importer to a net exporter of both oil and gas.This kind of physical energy security is a blessing when conflict disrupts the global energy trade. Europe’s frantic dash to free itself of Russian energy illustrates how deeply problematic it can be to not have it.Yet look at prices at the pump, and you’ll see why we can’t drill our way to true energy security. That’s why the Senate must finalize legislation now that will marshal the full might of America’s energy arsenal to defeat Vladimir Putin, reduce energy costs, secure our economy against the next energy crisis and confront the critical threat of climate change.Oil, coal and, increasingly, natural gas are globally traded commodities, which leaves the U.S. economy dangerously exposed to the vagaries and volatility of energy prices. The decisions of a single autocrat on the other side of the world can send the cost of filling the tank in Des Moines or Denver soaring. Every $10 per barrel increase in the price of oil is a nearly $200 million per day tax on American households and businesses, and soaring energy costs are a primary dri …

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