Gas prices soared when Russia invaded Ukraine, but the U.S. produces more oil than any other country and imports little from Russia. Here is what happened.
For years politicians have said the booming American oil industry would make the country "energy independent."
"Oil is a global commodity," said Patrick De Haan, who is head of petroleum analysis at gas price tracker GasBuddy. "We can't fence the U.S. or take us out of that global system. Just like we're seeing computer chip shortages — we can't remove ourselves from that situation either. Even if we produce some supply computer chips here, that doesn't fix what's going on outside our borders with drastic impacts to supply and demand.
Russia is one of the world's largest oil exporters, but only about 8% of U.S. oil imports come from Russia. Russian oil accounts for about 3.36% of the 20 million barrels the U.S. uses each day. For comparison, 50% of imports come from Canada, according to the U.S. Energy Information Administration. The oil which the U.S. mostly produces today tends to be lighter, sweeter crudes — meaning they tend to flow at a faster rate and contain lower levels of sulfur than many other varieties.
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