[Source](https://www.city-journal.org/article/esg-investing-funds-energy-economy) > The ESG investing mania has largely subsided, but its legacy has been costly—and not only to Americans’ investment portfolios. As capital got diverted from profitable energy projects into “green” ventures with low returns and high political risk, drilling for new oil supplies slowed, refineries shuttered, and the United States remained vulnerable to global supply shocks. In 2023, the U.S. still imported 8.51 million barrels of oil per day. At an average price of $70 per barrel, that’s more than $217 billion in annual lost domestic energy value. > Note that even modest increases in domestic oil supply could have a favorable macroeconomic impact. Studies suggest that for every $10 increase in the price per barrel of oil, GDP growth is reduced by 0.1 to 0.3 percentage points. Higher energy prices hurt households, suppress economic activity, and widen our fiscal gap—all of which will increasingly matter as the nation grapples with a staggering $36 trillion national debt.