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Why have oil shocks become less economically important for the United States in recent years?

Why have oil shocks become less economically important for the United States in recent years?

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Answer #1

In the previous years US was heavily reliant on the imported oil to fulfil its demand, these oil was mainly coming from the middle east region.

Now US has its own resources and they can produce those oil and shale gas at its home to fulfil the demand for the local popullace, this has reduce the reliability on imported oil and hence less important economically.

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