The $4.75 per gallon sign I saw at a gas station on Santa Monica Boulevard two weeks ago still stings, even though the price has since dropped to $3.90. (A steal!) It stings even more knowing that the International Energy Agency said Monday that the U.S. would likely overtake Russia to become the world’s largest oil producer by 2023, the result of crude production predicted to reach 12.1 million barrels per day. That’s a big deal for the world’s oil markets. The U.S. didn’t export crude by law until late 2015, but the IEA predicts it will export 4.9 million barrels per day by 2023. Canada, Brazil, and Norway—none of which are in OPEC—are also expected to grow oil output. Sounds like a lot, doesn’t it? And yet global oil demand is expected to surpass 100 million barrels per day next year. (So much for peak oil.) That growth […]