U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy.
Since the 1860s, the United States has been the world’s largest producer and consumer of oil, which means it has a complicated relationship with oil prices.
Rising oil prices benefit some businesses and workers at the expense of others, and the same has been true about a sharp price fall.
Until after World War Two, the country was a net exporter to the rest of the world, the first era of U.S. energy dominance.
But from the late 1940s and especially the 1950s, the United States turned into an increasingly major oil importer. Read More