The U.S. is now energy independent

For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing.

The intrigue: It's elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021, according to the Energy Information Administration.

Why it matters: The surge in oil prices taking place in 2022 has radically different implications for the U.S. economy — and for key geopolitical...