PerspectiveThe Myth of U.S. Energy Independence Has Gone Up in Smoke

The United States is on the cusp of becoming a net oil exporter—an impressive turnaround from the country’s obsession with foreign-oil dependence, dating back to the Arab oil embargo of 1973. In response to the massive attack on Saudi Arabia’s oil infrastructure this weekend, U.S. President Donald Trump has trumpeted that America’s new oil abundance cushions the disruption and boosts strategic stocks, arguing that building more oil pipelines will help protect Americans from oil price shocks.

Jason Bordoff writes Foreign Policy that in reality, the attack on Abqaiq, the world’s most critical oil facility, is a stark reminder that the United States is not energy independent, nor can it go it alone when it comes to diplomacy in the world’s most critical oil-producing region. Energy security comes from being more, not less, connected with the rest of the world.

In 2006, the United States imported 60 percent of its oil. As a result of the shale boom, it will be a net exporter of oil annually by next year. Trump administration officials have repeatedly trumpeted that freedom from oil imports means what happens in oil-producing countries in the Persian Gulf no longer matters to the United States, whether it is a supply outage such as this weekend’s or an OPEC production cut.

Bordoff writes:

This weekend’s attack—allegedly conducted by Iran, although claimed by the Yemeni Houthis—belies these claims. In response to the sophisticated attacks on the Abqaiq processing facility, Saudi Arabia shut down nearly 6 million barrels per day of production—the largest oil supply disruption on record. Oil prices soared.

The fact is, while the United States may not import oil on a net basis, it still imports a vast amount of oil even as it exports oil and petroleum products. U.S. imports of oil from Saudi Arabia have fallen over the past decade, but only modestly, to just below 1 million barrels per day last year.