There’s a reason a recent report said that the US would be the biggest oil exporter in a few years. We’re close to seeing a tidal wave of oil along with lots of natural gas unleashed on the market. Add in Ford and GM’s move into electric cars and gasoline will be available beyond normal supplies unless they start closing refineries.
Excellent observations, oil prices may creep up but to suggest that oil prices will spike to 100 or 120 dollars a barrel seems fairly unlikely. Also, lots of natural gas out there. Also, more and more merchant ships are burning LNG, so less demand for bunker fuel.
I’ve been attending economic conferences for several years and that story is more than true. Bakken, Eagle Ford, and ...name escapes me...the biggest find in us history is.west texas....??? Either way, yes, the US has more oil and gas than we need, and can be self sufficient and export. Plus, it’s on dry land, which is cheaper. Additionally, we have the infrastructure in place to distribute.