Something's different about America since the early 2000s and it has to do with drill, baby, drill | Fortune

"Oil is a global market, so when prices rise in one place, they rise everywhere. The current war against Iran has already raised oil prices significantly. Mideast oil production has been slowed by efforts to close the Strait of Hormuz, a key route for oil tankers from the Middle East to the rest of the world, as well as by attacks - and fears of attacks - on oil production, storage and shipment installations."

"Countries that import much of their oil have to pay other countries for that imported oil. That was a problem for the U.S. back in the 1970s through the early 2000s. The U.S. sent billions of dollars a year abroad to oil-producing countries in the Middle East, Africa and Latin America. That money built up other countries' economies or sloshed around as financial surpluses that fueled financial market exuberance and asset bubbles."

"Now, however, the United States is a major producer and exporter of oil and refined petroleum products. Every day, on average, the U.S. exports over 6 million barrels of refined products and over 4 million barrels of crude oil."

Oil operates as a global market where price increases in one region affect worldwide economies. Current Middle East tensions have raised oil prices through Strait of Hormuz disruptions, attacks on infrastructure, and reduced liquefied natural gas exports from Qatar, which supplies nearly 20% of global markets. These disruptions affect fertilizer and aluminum production. Historically, the U.S. suffered significantly from oil price shocks during the 1970s through early 2000s, when it imported substantial oil and sent billions abroad, creating trade deficits and industrial closures. This dynamic has fundamentally shifted as the U.S. now exports over 6 million barrels of refined products and 4 million barrels of crude oil daily, fundamentally altering how oil price fluctuations impact the American economy.

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