[major-pelham]

booming U.S. oil production from the shale revolution creating an epic supply glut that recently sent oil prices below $30 a barrel
‘
Great news! My nit is this quote. It wasnt the US supply that did that it was the Saudi actions (and others) to also increase production that made the price so low trying to effect a kill shot on the nascent US industry. Friends like that, committing economic suicide, who needs enemies?

[thackney]

It wasnt the US supply that did that it was the Saudi actions (and others) to also increase production that made the price so low trying to effect a kill shot on the nascent US industry.

In the past 5 years:
US production grew by 75% (4.1 mmbpd)
Russia Production grew by 13% (1.2 mmbpd)
Saudi Arabia Production grew by 5% (0.5 mmbpd)

http://www.eia.gov/beta/international/data/browser/#?ord=CR&cy=201506&v=H&vo=0&so=0&io=0&start=201006&end=201506&vs=INTL.57-1-RUS-TBPD.Q~INTL.57-1-SAU-TBPD.Q~INTL.57-1-USA-TBPD.Q&c=000000000000000000000000000000000000000500000002&pa=00000000000000000000000000000000002&f=Q&ug=g&ct=0&tl_type=p&tl_id=5-Q&s=

In the past 3 years:
US production grew by 51% (3.2 mmbpd)
Russia Production grew by 2% (0.2 mmbpd)
Saudi Arabia Production grew by 3% (0.3 mmbpd)