Thanks mainly to the shale revolution, oil production in the U.S. hit a 28-year high last month while imports were at their lowest levels since 1995. Consequently, prices have fallen 15% since June, and Saudi Arabia has cut production by 400,000 barrels a day — providing further evidence that OPEC no longer has the power to set prices.
Author: Bud Weinstein
Mr. Chairman and Members of the Committee, my name is Bernard Weinstein and I am the Associate Director of the Maguire Energy Institute at Southern Methodist University (SMU) and an adjunct professor of business economics at SMU’s Cox School of Business. Thank you for this opportunity to speak to you today.
Despite a slight contraction during the first quarter of this year, the American economy has been expanding slowly but steadily since the end of the “Great Recession.” And America’s newfound[...]