Unemployment

U.S. Energy Independence Is Almost Here


Every president since Richard Nixon has chased the dream of energy independence, promising to break the U.S. reliance on foreign oil. Today the U.S. is more energy-independent than it’s been in 20 years. But don’t give President Obama too much credit. He came into office promising to jump-start renewable energy and directed billions in subsidies toward the green economy. Meanwhile, a separate energy revolution took hold in the oil and gas fields. New drilling techniques unlocked vast reserves unreachable just a few years ago. Oil and natural gas production in the U.S. is increasing at its fastest rate in 50 years, while imports from OPEC have been cut by a quarter in the last four years.

Sources: U.S. Energy Information Administration, American Petroleum Institute, Bloomberg, Bureau of Labor Statistics
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Philips is an associate editor for Bloomberg Businessweek in Washington. Follow him on Twitter @matthewaphilips.

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