Steelman · slot C
The shale-buffer case
A U.S. energy security hawk would argue —Look at what's actually happening in the data. Hormuz is closed, oil is at $126, and American equity markets are essentially shrugging — a reaction that would have been unimaginable in 2007, when a far smaller disruption sent prices to $165 over a year. The reason is structural: the U.S. is now the world's largest producer of both oil and natural gas, our vehicle fleet uses dramatically less fuel per mile than it did two decades ago, and our gas supply is effectively domestic. Europe and Asia are absorbing the real shock. This is the dividend of the shale revolution and efficiency standards working exactly as designed, and it is why energy independence was never just a slogan.