Publications: The Petroleum Economics Monthly

Morning in America: The Global Market Impacts of US Energy Independence (July 2013)


The United States' pending independence from oil imports will break the link between US economic activity and crude prices. Indeed, freeing the US economy from the impacts of oil price fluctuations will be by far the most important result of our independence. This freedom means that US economic planners—unlike those in China, Europe, Japan, or many of the rapidly emerging economies—need no longer be concerned with political developments in the Middle East or in other major oil-exporting nations.


As we explain in this report, the United States has taken, mostly by chance, the best possible steps to protect itself from the world oil market. Our success in this has been bolstered by luck. To put it simply, the US won the world resource lottery thanks to the ingenuity of its entrepreneurs and geologists. Here we provide a roadmap for the coming energy independence. In our view, ten years from now the US as a nation and an economy will enjoy a unique position, one that will allow us to take a far stronger leadership role in the world.


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