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Via Committee to Unleash Prosperity:
The oil price has risen to $72 a barrel in the wake of the military assault on Iran. That 8% spike in oil prices was far less than the $80 to $100 a barrel predictions by many analysts.
Why were so many experts so wrong?
One reason is that the U.S. is far less reliant on Middle East oil than it has been in many decades.
The Department of Energy reports:
America leads the world in oil and natural gas production, producing at all-time records.
U.S. crude oil production reached record-high levels of output in 2025 at over 13.6 million barrels per day.
The U.S. is currently producing 24 million barrels per day in oil and liquid fuels production–more than Russia and Saudi Arabia combined.
The U.S. is producing nearly as much natural