OPEC’s Clash With U.S. Oil Is Nearing Its Day of Reckoning

 

  • Strategy of cartel has helped to deplete half surplus stocks
  • Bolstering prices is emboldening American shale-oil drillers

The clash between OPEC and America’s oil industry is reaching a day of reckoning.

The U.S. shale revolution is on course to be the greatest oil and gas boom in history, turning a nation once at the mercy of foreign imports into a global player. That seismic shift shattered the dominance of Saudi Arabia and the OPEC cartel, forcing them into an alliance with long-time rival Russia to keep a grip on world markets. Continue reading