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U.S., a fossil fuel leader, getting outflanked on advanced energy

oil pumps in field
Pump jacks at an oil well and fracking site in California's San Joaquin Valley. Photo: Citizens of the Planet / Education Images / UIG via Getty Images

The U.S. is set to surpass Saudi Arabia — and possibly Russia — as an oil producer this year, and has set new records for total fossil fuel production. Yet the U.S. is losing ground in the race to dominate fast-growing advanced energy markets, particularly in light of the White House's decision to impose 30% tariffs on solar panel imports — grabbing a larger slice of a shrinking pie through trade barriers while other countries capture new opportunities.