3 Decker, Flaaen, and Tito (2016) explore reasons for the resilience of production, even in light of declines in oil prices. 4 Department of Energy (2018).
-4Energy Information Administration projects that this month, for the first time in many decades, the United States will be a net exporter of oil.5 As monetary policymakers, we closely monitor developments in oil markets because disruptions in these markets have played a role in several U.S. recessions and in the Great Inflation of the 1960s and 1970s.