Heard on the Street: Booming U.S. oil production has altered the world energy landscape, but it can’t plug a hole of the size created by the weekend attack on Saudi Arabia
America’s bountiful shale deposits have displaced worries about the far larger oil reserves and production of the Middle East. This weekend was a reminder of just how crucial the region remains.
Saudi Arabia’s forced shutdown of over half of its crude production, some 5% of world supply, should be short but shocking. Energy traders had become complacent about geopolitical risk in part because massive shale plays, particularly the Permian Basin in West Texas and New Mexico, have driven growth in world oil production.
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