Supply complacency

09/01/2014
Complacency comes easily in the US when the price of crude oil sags while hostilities jar the Middle East, while Russia tests Western resolve over Ukraine, and while China rattles its neighbors with territorial claims. The temptation is strong to think growing supplies of oil and gas from unconventional resources in North America make the US invulnerable to market disturbance. That belief is dangerous. New North American supplies would not, for example, make the sudden loss of oil from Saudi Arabia inconsequential. The kingdom lately has produced 10 million b/d of crude, 11% of global oil supply. The market couldn't lose that much oil without an economically damaging price surge. In the U...
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