U.S. energy independence looks 'tantalizingly close'

A history of oil’s booms and busts

America’s oil boom has put a serious dent in the country’s reliance on foreign oil.

Not long ago, the idea of the U.S. achieving energy independence seemed far-fetched. America’s vast energy needs have long been met by oil imported from foreign powers, some of whom clash with American interests and ideals. It was apparent during the crippling Arab oil embargo on the U.S. during the 1970s, an era symbolized by motorists lining up at the pump and a dramatic increase in gasoline prices.

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