The U.S. is the world’s largest oil producer. You’ll still pay more for gas.

When the Organization of the Petroleum Exporting Countries and its partners — often known as OPEC Plus — announced a production cut of 2 million barrels of oil on Wednesday, the reaction in the United States was less than positive. In a statement, the White House called the decision “shortsighted” and vowed to look at alternatives for U.S. oil supply.

But the oil cut raised a question. Over the past few decades, various presidents have stressed the importance of U.S. “energy independence.” (Former president Donald Trump famously claimed that under his term, the U.S. achieved energy independence, only to lose it under President Biden.) Since 2018, however, the United States has been the largest producer of oil and gas in the world and a net exporter — the country exports more than it imports. Why, then, do U.S. oil prices hinge on the actions of an international oil cartel?

The answer — like the global oil market — is complex.

The political essence of the decision is a tilt by Saudi Arabia and other Gulf states in favor of Russia, which shares their interest in higher oil prices. The move will not only create economic risks for the United States and Europe but also make it more difficult for them to implement a planned price cap on Russian oil exports in December. All of that can only help Russia pursue its flagging war against Ukraine.

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