The new reality of world oil supply that has recently emerged explains why panic remains unlikely with current conditions. And central to this reality is the radically new role played by the U.S., one that will not wither or weaken anytime soon. What does this mean for the global market? Two things: that the world has gained a massive new source of supply, while dropping a longtime source of imports. The overall effect has been to keep the market better supplied than in the past. Another effect has been to eliminate worries about the world running out of oil.
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