Article today on yahoo by a Morgan Korn. Would be nice but not sure its possible or perhaps its wishful thinking or propaganda good news. Says fracing etc will allow US to overtake Saudi production in mid term then Saudi becomes largest producer again. For all i know its possible but it could be that the success that fracing had for nat gas is being extrapolated to oil and that would be unlikely. So the good news is US to become energy independent again and net exporter of oil again. Regardless price of oil has to remain high or go higher to make this happen. From the daily ticker, sounds korny to me.
I do believe oil consumption has leveled off, for now and pehaps for the next few years. Certainly this news has the potential to talk down the price of oil, which for the economy is not a bad think. If we can get opec to cut prices it would help the economy. time will tell. very interesting.