In addition to the many brave men and women lost, the Iraq war cost the U.S. an estimated $1.5 trillion.That’s a lot, no matter how you cut it. Before the shale revolution, few questioned why the U.S. needed to be involved in the Middle East. Many remembered how devastating OPEC’s oil embargo was in the 1970’s, when gas prices quadrupled and gasoline had to be rationed.
But things are a bit different now.
Because of the shale revolution, the U.S. is becoming increasingly independent from Middle Eastern oil. Last year, the U.S. passed Russia as the world’s largest producer of oil and natural gas combined. U.S. oil production has increased by around 50% since 2008.
The United States produced around 7.5 million barrels a day last November. According to the Energy Information Agency, the United States is predicted to produce 8.3 million barrels a day this year. Canada’s oil output is projected to double to over 6 million barrels a day by 2030. .
The U.S. is increasingly becoming more energy independent. So why is the U.S. still so heavily involved in the Middle East?