History of the United States Oil Industry since 1946

摘要

A review is performed on the history of the oil industry since 1946. It is found that the oil industry certainly does profit from high oil prices; but does not have any noticeable effect on the overall economy, except for inflation. Recently, oil prices hit all time highs; nevertheless, oil imports surge to ever higher levels in the face of declining national oil production. High oil prices do not cause unemployment; rather, the Federal Reserve through high interest rates.