This page looks at U.S. consumption and production of commodities over time in light of the supply shock from Russia. The left chart shows the percentage of consumer spending that's spent on energy and food. Over the decades, the U.S. consumer has spent less of their wallets on energy and food. This means consumers should be more insulated from price hikes today than they were in the 1970s. Moreover, the U.S. has become a huge producer of oil. The right-hand chart shows net imports of oil as a share of GDP. In 2020, the U.S. was actually a net exporter of oil. This underscores that the U.S. is much less reliant on foriegn supply of oil than during past oil supply shocks. Oil is still a global commodity and Americans will see fuel prices go higher due to reduced global supply, but we do seem to be in a better position to weather this shock than historically.