To hear Sean Hannity tell it, you would think that Donald Trump single-handedly revived America’s oil patch and energy sector and made the US energy independent after decades of heavy import dependency.
Alas, he did no such thing. Mr. Market did—with considerable help from the money-printers at the Fed (see below).
The fact is, the petroleum and energy industries are driven by the vast supply/demand forces of the global market and the market clearing price that results from them at any point in time. The latter, in turn, became increasingly conducive to US energy investment, oil drilling and production after 2005, thereby creating the break in the curves shown below.