In seven years the US is expected to become the No. 1 producer of crude oil.

http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html

How big of a surprise is this to you? And what does this mean for the future?

 

It will be interesting to see if this actually "insulates" the U.S. from supply disruptions in the Middle East, or if big oil companies will continue to jack prices up every time a mullah says, "boo."

That said, I think energy independence has long been a goal of U.S. policy makers on both sides of the aisle, so I fully expect both sides to bitch about it the day it happens.

 

Not much, honestly, in terms of consumer price at the pump. Not unless the government takes over some of the oil companies and regulates prices. Price gets high enough and there might be public support for that.

 

Shouldn't be that surprising, given that the link is 11 months old.

 

I have no idea if this will really happen, but if it does, we'll find a way to screw it up.

 

We've actually INCREASED oil production the last several years? But... but... but....I thought it had come to a crashing halt and was plummeting ever since ... "that guy" ...

... well, you know....

 

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

 

We can have oceans and oceans of oil, give ourselves oil baths, fill our Olympic swimming pools with oil.

Won't do us any good if we can't refine it.

That choke point in the supply chain is easily gamed by the oil companies, and that will forever keep gas prices high.

 

Somalia with palaces.

 

Sunni version of Iran after the Sauds are overthrown.

 

I wouldn't be surprised if the oil companies paid the mullahs to say boo or make all kinds of blood-curdling threats. Got to protect those profits.

 

Good point. John D. Rockefeller didn't become the richest man in history by actually bringing the oil out of the ground.