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It’s not 1973 anymore, and that’s a very good thing for the United States.Back then, the United States imported more than a third of its oil, much of it from the Middle East — and it paid the price....“Drill, baby, drill” is arguably the most successful public policy of the last 20 years....On top of sweeping innovations forged by private industry, President Trump has driven a stake through the heart of Joe Biden’s “net zero” energy policy — based on the delusion that we could phase out fossil fuels — and has pursued US “energy dominance” instead. As anyone who has recently filled their car’s gas tank knows, we aren’t immune from the Iran war’s turmoil.But our newly robust energy position provides a cushion....As the US population grew, and energy consumption grew even faster, we needed more. By 1973, imported oil accounted for 36% of domestic consumption.At the same time, domestic production in the continental United States declined in 1972 and 1973.We got slammed during the Arab oil embargo.The federal government adopted a raft of policies intended to achieve energy independence, none of which worked.The United States was importing more than 40% of its oil when the Iranian revolution roiled the global energy market again in 1979....Domestic petroleum production increased from 9.5 million barrels per day in 2010 to 19.3 million in 2019.We are now the world’s largest producer of natural gas.By 2020, the United States had become a net exporter of petroleum products for the first time in 70 years. Our new position makes us less vulnerable to crises; in fact, now we can help other countries weather them.