Surging U.S. Shale Production Upending Global Oil Trade

⚡️ “U.S. ramping up oil production” https://t.co/qqs7dDhila
— Reuters Business (@ReutersBiz) January 16, 2018

Reuters: U.S. oil industry set to break record, upend global trade

HOUSTON (Reuters) - Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago.

And this new record, expected within days, likely won’t last long. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer.

The economic and political impacts of soaring U.S. output are breathtaking, cutting the nation’s oil imports by a fifth over a decade, providing high-paying jobs in rural communities and lowering consumer prices for domestic gasoline by 37 percent from a 2008 peak.

Fears of dire energy shortages that gripped the country in the 1970s have been replaced by a presidential policy of global “energy dominance.”

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WNU Editor: So much for peak oil happening now .... and if it was not for this U.S. production .... I just shudder on what the price for oil would be today.