It depends on how you define it.

Take oil, for example. The recent, sustained downturn in U.S. oil imports is already the talk of the town, but to recap: The United States is importing far less foreign oil to satisfy its domestic needs than it was even a few years ago. This trend is very likely to continue in the coming years. Read more »

The new secular reality in the U.S. oil market—declining net imports, driven by increasing domestic production and lower demand—has been making headlines for some time now. But what does decreasing dependence on imported oil mean for U.S. foreign policy? Read more »

The Wall Street Journal delivered some disturbing news yesterday: South Korea “sharply boosted imports of Iranian crude” in April, buying 42 percent more than a year before, and 57 percent more than in March. Analysts have speculated as to whether Seoul was attempting to sneak in extra oil before European sanctions begin to bite. A more careful look at the data, though, suggests that the spike in Korean imports is less peculiar than meets the eye. Read more »

Perhaps my visit to Vienna last week has left me with too much Freud on the mind. But, as I talk to more people about the consequences of the U.S. oil and gas boom, I can’t help but conclude that we don’t need economists or geologists to help us figure what’s going on – we need a team of psychoanalysts. Read more »

Anticipation is heating up around another release of oil and petroleum products from the U.S. Strategic Petroleum Reserve (SPR), likely in coordination with the United Kingdom, France, and possibly others. Read more »

Cliff Krauss and Eric Lipton have an epic, must-read piece in today’s New York Times on the boom in U.S. oil and gas. It includes a quote from me that I ought to briefly expand on: Read more »

As the Iranian oil embargo begins to bite, the widespread assumption is that this should hurt Iran’s oil revenues and government budgets, hopefully inflicting enough economic pain to bring them to the bargaining table. But rather counterintuitively, some basic economics suggest Iran may have cause to thank the United States, European Union, and embargo participants for helping raise their total oil revenue! Read more »

Given how oil is back in the media spotlight and as oil markets brace for the implementation of the Iranian oil embargo, it seems as good a time as any to revisit the question of high oil prices and their impact on the U.S. economy (as well as revitalize my hitherto moribund blog output), discussed at length in this post. Read more »

Some readers of my post on Friday about record-high seasonal gasoline prices asked a good question: Were those data adjusted for inflation? Read more »

Gasoline prices are the talk of the town right now. Lots of stories are circulating about where prices are on a historical basis and what this summer might bring. $4 a gallon? $5? Some have predicted even $6 a gallon. Wait, it gets better. You’d think you were at a horse auction the way analysts are talking these days. Read more »