Don’t miss Greg Ip’s column in the Wall Street Journal Feb. 22, 2018, on increasing oil production in the United States and its implications. The article is behind a paywall. If you are not a subscriber (as I have been for 50 years), your library card might do the trick.
Here is Ip’s money graph:
The rise in U.S. oil production, thanks to shale, is nothing short of spectacular. The federal Energy Information Administration projects that daily output, which was the highest since 1972 last year, will rise to a new record of 10.6 million barrels this year. BP PLC’s latest world energy outlook predicts the U.S. will account for 18% of world oil and related liquids output in a little over two decades, well ahead of second-place Saudi Arabia at 13%.