Publications: The Petroleum Economics Monthly

What Will the US Do with Its Surplus Crude Oil (April 2012)


What will the United States do with its surplus crude oil? This is not a question energy policymakers thought they would ever face. Certainly no one focused on energy in 1973 during the Arab oil embargo ever dreamed the United States would have a surplus. None of Richard Nixon’s economic or energy policy advisers believed the US would become energy independent, even though they gave lip service to his Project Independence. Nor did any advisers to Gerald Ford, Jimmy Carter, Ronald Reagan, George H. W. Bush, or Bill Clinton ever think we would be free of our dependence on foreign energy. Yet in 2012 it is becoming increasingly apparent that energy markets are experiencing tectonic shifts.


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