If current domestic oil production trends continue, the U.S. will soon pass both Russia and Saudi Arabia to become the world's largest producer of oil by 2020. This would be a historic change, with both economic and political impact. Virtually no expert anticipated that U.S. oil production would hit a 15-year high. "Peak Oil" writers, where are you now?
In all fairness to those skeptics, many unforeseen factors have contributed to this development, but there are still industry observers that think that this trend might still not develop. Costly new government regulations on "fracking," lower oil prices, and global economic contraction could still slow U.S. production.
However, it looks like the oil locomotive has left the station, and is picking up speed. I, for one, would not want to be the politician or regulator that tries to slow it down. Given the realities of American political life, that is not going to happen.
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