The geopolitics of oil are complicated, but last year’s oil crash isn’t. There’s one reason above all others for the drop in prices: The U.S. oil boom. Last year was the biggest spike in U.S. oil production since at least 1900, according to a new analysis by the Energy Department. U.S. production jumped by 1.2 million barrels per day in 2014, to 8.7 million barrels per day. That was the biggest expansion in U.S. crude since record-keeping began in 1900 (which makes it a pretty good bet for the biggest expansion ever). Here’s a chart going back to 1960, published today by the U.S. Energy Information Administration . Annual Change in U.S. Oil Production (1960-2014) Source: U.S. Energy Information Administration, Petroleum Supply Monthly The world’s oil supply is outpacing demand in the most uncomfortable way for the oil industry. Some blame OPEC, or Saudi Arabia specifically, for not slowing production. But as […]