The United States and its allies now have a supply cushion at a time when political turmoil in Venezuela, Libya and Nigeria is threatening to interrupt flows to markets. Instead, the rise has been muted, and gasoline at the pump remains below $2.60 a gallon across most of the United States. Nothing like the current situation was foreseen in late 2014, when rising domestic production began weighing on global oil prices. Prices fell below $40 a barrel, as the Saudis and their allies hoped to drive American operations out of business by making shale drilling uneconomical. Their biggest obstacle is the United States.

Source: New York Times January 28, 2018 17:48 UTC