“The United States’ rapidly declining crude oil supply has made a stunning about-face”
Pretty Sad when the very first sentence starts out by repeating the BIG LIE. There is more recoverable in California than most of Saudi Arabia, and in the US the amount of recoverable oil is Astronomical. 100% of all Oil Shortages is a result of Government and it started with Jimmy Carter when he created the Dept of Energy to lessen our dependence on foreign oil which at the time was 35% or so, now it is reversed and we only produce 30-35%. Funny how it all coincided with the Saudis throwing out the Brits who by the way Built the Entire Saudi Oil Fields and Infrastructure. The Enemy is our own Government and the Democrat Party as a Whole, with a Majority of Republicans willing to go along with the scam as long as they can make a few bucks in the process..
Sorry, not a lie. Oil supply is not measured by oil in the ground. That is reserves. Oil supply is oil being brought to the market. Regardless of it being constrained by economics, politics or available reserves, oil supply (domestic production) was declining for years.
The shortfall was made up by imports, which now has been declining. We still import too much, and far too much from hostile nations.