4 ms·
The US's massive increase in production in 2018 seems to be a pretty natural outcome of the free market. Oil prices go up. Mind-bogglingly huge investments go
by danielvf 8y ago
The US's massive increase in production in 2018 seems to be a pretty natural outcome of the free market.
Oil prices go up. Mind-bogglingly huge investments go into getting previously impossible-to-get oil out of the ground. These techniques get cheaper through scale, experience, and innovation. Now it's possible to profitably use them at medium prices.
(However, in 2014 the US ended a 40 year ban on exporting crude oil. We also would not have seen this boom without a return to more free market on oil.)