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Gas prices are up, but other forces may limit the economic harm to the U.S. Frederic J. Brown/AFP via Getty Images

US is less prone to oil price shocks than in past decades

Oil prices affect the US economy differently than in past decades. Nowadays, the US is less reliant on oil imports and uses less oil to produce more economic output.
Secretary of State Mike Pompeo with Guyana’s president, Mohamed Irfaan Ali, Sept. 18. Pompeo is the first U.S. secretary of state to visit the tiny South American country. AFP via Getty Images

Pandemic crushes Guyana’s dreams of big oil profits as ‘resource curse’ looms over oil‑producing nations

Tiny Guyana hoped to see unprecedented wealth this year as ExxonMobil’s offshore wells began pumping out crude. Instead, it got a pandemic and political strife. Other oil states are struggling, too.

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