1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20727Updated January 11, 2002Energy Independence: Would It Free theUnited States From Oil Price Shocks?Marc LabonteEconomistGovernment and Finance DivisionGail MakinenSpecialist in E
2、conomic PolicyGovernment and Finance DivisionSummaryOver the past 25 years, the U.S. economy has experienced four large oil priceshocks (1973-74, 1979-80, 1990-91, and 1999-2001). Each has been a catalyst fordiscussions about a proper national energy policy. Many analysts have suggested thatenergy i
3、ndependence should be an integral part of such a policy. Both major parties havesponsored legislation to that end. However, U.S. suppliers of energy participate in theworld energy market. So long as prices are determined in that market, energyindependence will not free the United States from oil pri
4、ce shocks. By contrast, if anenergy independent U.S. no longer participated in the world market, prices wouldbecome less volatile but would likely be higher than at their current peak. Alternativeenergy sources cannot shield the U.S. economy from the oil price entirely. But increasedenergy efficienc
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