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Subscription failed Subscribe for free Thank you for subscribing! 5 hours ago - Economy & Business The U.S. is now energy independent Neil Irwin Neil Irwin Data: Energy Information Administration. Chart: Axios Visuals For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing. The intrigue: It's elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021, according to the Energy Information Administration. Why it matters: The surge in oil prices taking place in 2022 has radically different implications for the U.S. economy -- and for key geopolitical relationships in the Middle East and Russia -- than in past episodes when energy prices have risen. The big picture: In the past, when oil prices spiked, the impact on the U.S. economy was straightforward: It made America poorer, as more of our income went overseas to pay for imported energy. * Now, after the shale gas revolution of the last 15 years, the impact is more subtle. Higher fuel prices disadvantage consumers and energy-intensive industries, yes. But there is a counteracting surge in incomes for domestic energy producers and their workers. * Higher oil prices no longer depress overall measures of prosperity like GDP and national income, but rather shift it around toward certain regions. Texas and North Dakota win; Massachusetts and North Carolina lose. By the numbers: As recently as 2010, America imported 9.4 million barrels a day of oil more than it exported. That had swung to a 650,000 barrel per day surplus in 2020, and preliminary numbers for 2021 show trade pretty much in balance last year. Worth noting: To the degree the U.S. does still import oil, more of it is coming from our closest ally. Canada was the source of 51% of U.S. petroleum imports in the first 10 months of 2021, compared with 8% from the Persian Gulf. * By contrast, the Gulf states supplied more than 30% of American petroleum imports in 2008. Free idea for an international relations professor: Assign an essay question on how the changing economics of energy could affect America's stance in Middle Eastern diplomacy. The impact on geopolitics extends to a potential Russian invasion of Ukraine. Disruptions to European energy supplies would have a less direct effect on the U.S. than they might have in an earlier era. The bottom line: When oil prices spike, it's no longer a problem for overall growth--but because energy is a global market, it still means pain for American consumers and the sitting administration. Go deeper Nathan Bomey, author of Closer 1 hour ago - Economy & Business FBI sounds alarm as QR code usage soars Expand chart Data: Insider Intelligence; Chart: Jacque Schrag/Axios The pandemic has accelerated the usage of QR codes, taking them from niche status to an essential tool for businesses and marketers. * Look no further than Sunday's Super Bowl commercial of nothing but a floating QR code sending users to the website of Coinbase. By the numbers: 76 million Americans scanned a QR code in 2021, up 44% from 2019, according to eMarketer. * That's expected to rise to 100 million by 2025. Of note: During the pandemic, many restaurants have replaced physical menus with QR codes that diners scan to peruse food and drink options. * Marketers are now poised to embrace the "gamification" of QR codes, encouraging users to scan them to get deals, product details and reviews, according to eMarketer. Yes, but: Law enforcement officials are sounding the alarm about the risks. Threat level: The FBI issued an alert in January warning Americans that cybercriminals "are tampering with QR codes to redirect victims to malicious sites that steal login and financial information." * If you're scanning a physical code, make sure it hasn't been tampered with. For example, watch out for "a sticker placed on top of the original code," the FBI advises. The bottom line: QR codes can be helpful. But don't click unless you've verified that the source is legitimate -- and make sure the site is authentic once you reach your digital destination. Erin Doherty 2 hours ago - Politics & Policy One in five Gen Z adults identifies as LGBTQ, Gallup finds Expand chart Data: Gallup; Chart: Baidi Wang/Axios One in five Gen Z adults identify as LGBTQ -- and that number is only expected to go up, according to a Gallup poll released Thursday. Why it matters: People who identify as LGBTQ could make up 10 to 15% of the adult population "in the not too distant future" as Gen Z and millennials comprise of an increasing share of the adult population, Jeff Jones, the author of the Gallup poll, told Axios. Go deeper (1 min. read) Shawna Chen Updated 2 hours ago - Politics & Policy Judge orders Trump, children to testify in New York probe Former President Donald speaks to a crowd a rally at the Montgomery County Fairgrounds on Saturday, Jan. 29, 2022 in Conroe, Texas. Photo: Sergio Flores/Anadolu Agency via Getty Images A judge has ordered former President Trump and his two oldest children, Ivanka and Donald Trump Jr., to testify in New York's civil investigation into his business. Why it matters: New York Attorney General Letitia James (D) has alleged that Trump Organization used "fraudulent and misleading asset valuations to obtain economic benefits." Go deeper (1 min. read) News worthy of your time. 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