The Growing Significance of American Oil

Nice summary from Fox Business on the growing importance of American oil production:

The U.S. is becoming an increasingly dominant player in the global oil industry, and according to the International Energy Agency (IEA), this trend will continue, with the Paris-based organization forecasting the U.S. will overtake Russia to become the world’s largest oil producer by 2023.
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The U.S. shale oil boom has resulted in a new supply of low-cost, high-quality oil, and BHP is looking to shed a number of U.S. assets, including fields in the Permian basin near Midland, Texas. According to Andrew Lebow, a senior partner at Commodity Research Group, Permian basin assets are about as prime real estate as you could have in the U.S. when it comes to oil assets.

He likened them to, “Park Avenue, in terms of New York real estate.”