THE KOBEISSI LETTER: Meanwhile, US crude oil production stands at ~13.7 million barrels a day near an all-time high, surging +145% since 2003.

Just 2% of our oil comes from the Persian Gulf.

All this noise is Asians lining up to buy West Texas crude. https://t.co/4SYQWrii7x

— Peter St Onge, Ph.D. (@profstonge) March 7, 2026

from Kobeissi Letter,

US dependence on Persian Gulf oil has almost never been lower: US imports of crude oil from the Persian Gulf countries are down to ~500,000 barrels per day, near the lowest on record. Imports from Saudi Arabia, Iraq, Kuwait, the UAE, Bahrain, and Qatar have declined -2.5 million barrels per day since the 2003 peak. Just 9 years ago, the US was receiving ~2.0 million barrels per day from the region. The current level of imports is now only above the 2020 pandemic shock and the 1980s low. Meanwhile, US crude oil production stands at ~13.7 million barrels a day near an all-time high, surging +145% since 2003.

The US is more energy independent than ever.