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The myth of US energy independence

Explain It to Me

00:00

We're Not Energy Independent, but We Make a Lot of Oil

We produce more oil than we consume, but are not really independent at all. We sell a lot of oil, it's all steel price on the international market. And there's no us capacity to change or affect the marginal cost of oil in the same way that there is in opec countries. It would like a full re- routing of the industry so much of what we make here goes elsewhere because this kind of oil industry is actually too important to the global energy system.

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