Sheik down in US shale

The US is the new Saudi Arabia, the world’s swing producer of oil. I don’t know how many times I have read that over the past few months, but it seems to be the consensus view.There is some truth in it. The big difference between shale oil and deep-water developments, for example, is that shale development timeframes are short. Now that the transport infrastructure is in place, it can take less than 12 months to drill a well and start pumping oil versus up to 10 years for a large offshore project. An estimated 3,000 wells have been drilled but not...

The US is the new Saudi Arabia, the world’s swing producer of oil. I don’t know how many times I have read that over the past few months, but it seems to be the consensus view.

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