US is less prone to oil price shocks than in past decades

Oil prices affect the US economy differently than in past decades. Nowadays, the US is less reliant on oil imports and uses less oil to produce more economic output.

By: Amy Myers Jaffe, New York University; Tufts University, The Conversation

Outlets: The Conversation

Published: March 9, 2026

Words: 931

Last Updated: 12 hours, 9 minutes ago

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By Amy Myers Jaffe, New York University; Tufts University

Oil is a global market, so when prices rise in one place, they rise everywhere. The current war against Iran has already raised oil prices significantly.

Mideast oil production has been slowed by efforts to close the Strait of Hormuz, a key route for oil tankers from the Middle East to the rest of the world, as well as by attacks – and fears …

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