The idea that the USA can ever become oil independent is a myth. The US has lots of coal and natural gas. It does not have much oil.
The recession hit US oil consumption like a sledgehammer after 2007. Meanwhile, there has been a slight uptick of oil production in the US. But there is nothing like the production of 1970, and there never can be. The oil is gone. Americans consumed it.
The Third World is becoming the Second World, heading for the First World. The driving resource in this transition is oil. The Third World is consuming more oil. But the developed world is decreasing oil consumption due to the recession and weak recovery.
There is going to be a boom in oil consumption, but not in production. Production has been flat for years. The North Sea oil is now running low.
There is no question where oil prices are headed as the world economy grows: higher.
As prices rise, there will be new energy sources. But this will be a slow process. In the meantime, the budgets of tens of millions of Americans will be squeezed. We are energy dependent. This will not change. Only if there is a nearly miraculous technological breakthrough that is not foreseen today can this be reversed.
There are a lot of myths about American oil independence. Don’t accept them without looking at the facts.