Trump says America doesn't need Middle East oil. It's not that simple

President Trump declared that the United States no longer needs to rely on the Middle East for oil. There's no doubt that America's historic oil boom has rewritten the rules of the global energy industry, but the real story is much more complicated.

"We are independent, and we do not need Middle East oil," Trump said during remarks that helped send oil prices tanking because they signaled easing tensions with Iran.There's no doubt that America's historic oil boom has rewritten the rules of the global energy industry, but the real story is much more complicated.It's true that the United States is now the world's leading oil producer, ahead of Saudi Arabia and Russia.

""If we didn't need oil from the Middle East, then why on earth did the president feel compelled to reassure the world, just before markets opened, that we were ready to use the SPR?" said McNally, a former energy adviser to President George W. Bush.Saudi Arabia's success in rapidly restoring production following the attack caused oil prices to sharply retreat. And the brief nature of outage may have altered the perception of America's reliance on OPEC.

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