U.S. shale has provided that much-needed insulation against global price shocks that were previously inevitable when the Middle East caught geopolitical fire.
The Arab oil embargo from 1973 is a painful memory for those who lived through it. It was the reason for creating the Strategic Petroleum Reserve in the United States and the International Energy Agency as means of, if not shielding oil-consuming countries, then at least cushioning any future blow. The U.S. shale revolution changed all that, and it changed it radically. The U.S. has gone from a top importer to the top producer, even as it continues importing quite substantial amounts of crude.
imports most of the foreign oil it needs from Canada, so supply shocks are quite unlikely. The more important fact when it comes to supply—and price—shocks is that while no single member of OPEC produces as much as the U.S., together they still account for a pretty solid portion of global oil supply. Just the three top-producing members—Saudi Arabia, Russia, and Iraq—pump a combined fifth of global oil. Interestingly, the share of those three is roughly equal to the combined share of U.S.
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