US oil production continue to increase

Since US oil producers do not have the same high overhead of most OPEC producers who are burdened by having to subsidize government spending in most cases, its makes money at the current price in many US formations.  The growth in US production is likely to continue and actually increase as Trump administration policies reduce the tax burden.

What is needed for the US to become more self-sufficient in energy production is to get refineries that can handle the light crude being produced from many of the shale wells.  Even when US production offsets the import of oil the market will still be effected by OPEC to some extent, but it is clearly not in OPEC's interests to start another suicidal predatory pricing scheme.

Right now, OPEC is still treading water as inventories remain high.


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