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.
Tagged: oil production
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[...]
Despite the war-like hostility of the Obama administration to the traditional carbon based energy that fueled the industrial revolution, the entrepreneurship and modern technology of America’s private economy is producing a boom in oil and gas production that is overwhelming President Obama.