Totally agree. The US, thanks to private sector fracking innovations, is the ultimate swing producer and, as oil prices rise, will expand production as fast as possible to meet demand.
Fracking innovation is moving at breakneck speed with efficiencies and production per well increasing as costs are falling. At even just $100 a barrel American production would increase very quickly and America will end up even more energy dominant than it is already.
Woe to OPEC.
Shale oil is not sufficient for many refineries, those that produce diesel or heavy fuel oils. They need Canadian oil sands, heavy crude from Venezuela, or alternative heavy oil sources for economic operation.