KenH
Well-Known Member
US Oil Exports and What Americans Pay at the Pump
Author: Phil Wool
“The United States — we produce more oil than we can consume. We’re a net oil exporter.”—Chris Wright, US Energy Secretary, interviewed by Fox News on March 12th
When the Bureau of Labor Statistics released US inflation statistics for March a couple of weeks back, the CPI showed a 0.9% month-over-month increase: a reading hotter than the 0.3% rise in February and one that puts US prices 3.3% higher year-over-year. Driving the action, unsurprisingly, was a 10.9% monthly rise in energy prices, including a 21.2% increase in gasoline prices in March. In light of claims that US “energy dominance” would insulate America’s economy from a shock to Gulf oil prices—exemplified in US Energy Secretary Chris Wright’s quote above—it’s worth unpacking how disruptions to other countries’ oil supply feed back to prices US households pay at the pump.
- rest of article, including overall equity markets analysis at US Oil Exports: Why Americans Still Pay More at the Pump | Sowell Perspectives
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