There has always been a close link between U.S. oil production, international prices and OPEC, so it should come as no surprise that North America’s shale drillers find themselves locked in a battle with Saudi Arabia over prices and market share. Until the 1950s, the United States accounted for more than half of all global oil production. Big finds such as Oklahoma’s Glenn Pool (1905) and the East Texas field (1930) drove oil price changes around the rest of the world. Since the 1970s, the United States has been a net importer, and international prices have tended to drive changes in U.S. exploration and production. Drilling and output in major oil-producing states have been closely correlated with the rise and fall in real oil prices. And nowhere has the relationship been […]