Shale Helps Insulate U.S. from Oil Shocks—But Not Entirely

The Arab oil embargo from 1973 is a painful memory for those who lived through it. It was the reason for creating the Strategic Petroleum Reserve in the United States and the International Energy Agency as means of, if not shielding oil-consuming countries, then at least cushioning any future blow. The U.S. shale revolution changed all that, and it changed it radically. The U.S. has gone from a top importer to the top producer, even as it continues importing quite substantial amounts of crude. The rate of production, made possible by shale projects,…