America's resurgence in energy thanks to shale oil is nothing to scoff at. For the fist time in decades, we are seeing a reversal of our energy fortunes. So yes, we do have a right to be excited about it, but making proclamations that compare us to Saudi Arabia may just be a bridge too far.
Saudi Arabia's dominant position in the global oil market isn't because the country produces the most oil, but because of the oil it can produce but chooses not to. This spare production capacity enables the country to adjust production to levels that stabilize prices and cover for short-term reductions in production from places like Libya that have struggled to restart its oil production.
Will America ever reach swing producer status? It's not very likely. Tune in to the video below to find out why it will be next to impossible for the U.S. to ever reach that status, and why Saudi Arabia will remain a dominant player in the oil space.
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