You’ve heard of the Fracking Revolution. You may also know that your fuel bill is a little lower than it was in the 2000s.
But man oh man, the picture is much bigger than that. The Middle East, Europe, Russia, South America, and the foreign policy of the United States may be substantially different–for decades to come–than they would have been without the Revolution.
So yeah. Big deal.
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Notes:
https://www.cnbc.com/2016/07/05/us-oil-reserves-surpass-those-of-saudi-arabia-and-russia.html
https://tradingeconomics.com/russia/gdp
http://www.macrotrends.net/1369/crude-oil-price-history-chart
https://en.wikipedia.org/wiki/List_of_countries_by_oil_production
https://www.eia.gov/dnav/ng/hist/n9050us2a.htm
https://geopoliticalfutures.com/shale-oil-another-layer-us-power/
https://geopoliticalfutures.com/one-way-russia-can-retaliate-us-sanctions/
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