Bad policies almost always start with bad stories. Few economic narratives have been as persistent or as wrong as the idea that the United States remains dangerously dependent on oil.
Twice in recent years the nation has been warned that an oil shock would cripple the global economy. First, Russia’s 2022 invasion of Ukraine, and today the Strait of Hormuz closure have led to predictions of economic disaster. In both cases, the panic was loud, the economic damage was not.
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