GOOD NEWS: America the Independent: Oil Production Ready to Overtake Imports.

This is excellent news for the US. Greater domestic production is a boon to the economy, and fewer imports gives us more flexibility when dealing with the world’s petrostates. (But as Gal Luft and Anne Korin wrote for The American Interest last July, to speak of true “energy independence” is folly.)

Even if North America becomes completely oil self-sufficient—a possibility if you count Canada’s oil supplies in the equation as well—the continent will still be vulnerable to international oil price spikes. That’s because oil is a globally-traded commodity, and a very liquid one at that. The US has gone out of its way to break down the barriers to global oil trade over the past few decades to ensure a robust, multipolar supply chain. The result is that the price of oil drilled in the US is tied to the price of oil abroad. That’s partly why gas prices aren’t coming down as domestic production rises. It’s also why we can’t expect to be able to completely write off troubled or troubling oil-rich regions. . . .

Having said all that, this is still news to celebrate. It gives the US more flexibility in its Middle East policies and brings the country a new wave of wealth and jobs. That’s yet another reason to be optimistic about America’s future in this still-young century.

Indeed.