Mr. Levi said that the agency’s report was generally “good news” for the United States because it highlighted the nation’s new sources of energy. But he cautioned that being self-sufficient did not mean that the country would be insulated from seesawing energy prices, since those oil prices are set by global markets.“You may be somewhat less vulnerable to price shocks and the U.S. may be slightly more protected, but it doesn’t give you the energy independence some people claim,” he said.
Natural gas was supposed to be the wave of the future. It was going to be a cleaner source of fuel that would provide cheaper prices, and lessen our dependency on foreign oil. But with so much supply hitting the market, the price of natural gas dropped, leaving energy companies to focus more on oil extraction. Okay, so we have our own oil, and that will benefit American consumers. Not quite since "oil prices are set by global markets." Still, we'll focus more on shale formation drilling and abandon coal. No again. Coal will just be re-routed to developing countries.