By David Fessler Over the past three days, the Wuhan coronavirus panic has caused the oil market – along with countless others – to nosedive.
But I’m not expecting crude to rebound sharply with the others…
The reason? It goes back to how the U.S. innovated its way into oil independence – and drove OPEC to the brink.
Leaving OPEC in the Dust
For decades, OPEC controlled world oil prices. The U.S. had to import nearly all of its crude oil.
From 2000 through 2010, U.S. crude oil production averaged only about 5.5 million barrels per day (bpd).
But at about the same time, U.S. petroleum engineers developed a …read more
