executive chairman at Oklahoma City-based Devon
‘Energy independence' implies that you could build a wall around the United States and not worry about the rest of the world. “Energy independence” is a term that could be misleading. If the price of oil goes up internationally, it is going to affect us. We don't live on an island with any commodity.”
dean of Oklahoma City University's Meinders School
We have trade with other countries because some countries have the ability to generate products or services below where we can produce them. There are competitive advantages to trade with other countries.
OPEC (The Organization of Petroleum Exporting Countries) has had us by the throat for the past 40 years because of their ability to set the price, but that is changing. American producers are changing the face of domestic oil supplies. As a result, we are less reliant on those foreign sources.
But if they can still produce oil at a lower marginal cost than we can over time to the point that we can import that and not be at their mercy to be able to restrict supply, we need to trade with them — unless we have political sanctions against them like what is going on with Iran. But to the extent that they can supply oil at a lower cost, we need to look at it.”