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Rising Oil Prices Threaten Global Economy Amid U.S. Dependence

4/12/2026

47 7 Full Breakdown

Summary

Story summary

Rising oil prices from Middle East conflicts threaten the global economy.
Since the 1973 oil embargo, the United States improved efficiency and reduced oil dependence.
Oil now accounts for about 30% of global energy, down from 46% in 1973.
The United States has become a net petroleum exporter largely due to fracking.
Experts warn that dependence remains high because policy changes under U.S. President Donald Trump may hinder progress.

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Story summary

Rising oil prices from Middle East conflicts threaten the global economy.
Since the 1973 oil embargo, the United States improved efficiency and reduced oil dependence.
Oil now accounts for about 30% of global energy, down from 46% in 1973.
The United States has become a net petroleum exporter largely due to fracking.
Experts warn that dependence remains high because policy changes under U.S. President Donald Trump may hinder progress.