COMMENTARY_ American energy is essential to American dominance

THE WASHINGTON TIMES 

American energy is essential to American dominance 

U.S. consumers prefer domestic supply

The United States of America’s energy dominance illustration by Alexander Hunter/The Washington Times more > 

COMMENTARY 

By Michael McKenna - Sunday, July 27, 2025 

OPINION: 


I recently wrote a column arguing that increased American production of oil and gas, which has led to a decrease in our reliance on oil from the Middle East, was part of the reason we were able to attack Iran with impunity a few weeks ago. Unlike in 1973 and 1979, the Arabs (or, in this case, the Persians) have lost the ability to impose a meaningful physical or economic embargo of oil. 

A friend of mine who knows quite a bit about the oil business believes that way of thinking is wrong. He thinks the additional production from North America hasn’t really altered global oil markets all that much, that the real price setters in oil markets nowadays are the Russians and the Mexicans, and that Americans care more about the price than the origin of their oil anyhow. 

Maybe all that is true, but it seems to me that my friend misses a couple of things that are foundational to the psychology of energy and energy markets. Way back in 2010, the world consumed a shade less than 90 million barrels of oil a day. In 2024, that number was around 100 million barrels a day. In that time frame, North American production surged. Canada increased its production of crude from 3.4 million barrels a day to 6 million barrels a day. 

The United States went from producing 9.7 million barrels a day to 22.7 million barrels a day. It feels like simple economic theory would predict that if demand goes up by 10 million barrels and supply increases by 15.5 million barrels, prices should go down. Sure enough, they pretty much have. Oil opened this morning at around $65 per barrel. That compares with an average price in July 2010 of about $112 per barrel (adjusted for inflation). 

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READ MORE: https://www.washingtontimes.com/news/2025/jul/27/american-energy-essential-american-dominance/ 

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