Exploding US oil production has transformed one of the world’s leading oil consumers into one of its leading producers as well – in fact, North Dakota alone produces a million barrels of oil per day. US production now rivals oil giants Saudi Arabia and Russia, largely thanks to innovative drilling that has unlocked oil and natural gas deposits trapped in shale rock.
US production has cushioned oil markets from geopolitical strife in the Middle East and Ukraine, and are pushing down gas prices. Analysts expect gasoline could slide below $3.00 a gallon before the end of the year.